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Sen. Josh Hawley, R-Mo., is urging President Donald Trump’s Justice Department to investigate the nation’s top credit-scoring company for abusing its “monopoly” over the industry.
The Fair Isaac Corporation (FICO) has repeatedly raised prices in recent years and secured massive profits while facing little competition, Hawley wrote in a letter to Assistant Attorney General Gail Slater Friday, adding that former President Joe Biden’s administration had ignored his earlier calls for scrutiny.
“FICO dominates the business-to-business credit scoring market with a roughly 90% market share. It enjoys a sweetheart deal from the federal government wherein its credit scores are required for loans originated with multiple government entities. But FICO has abused its government-granted market power,” Hawley wrote.
“FICO has exploited working Americans with its monopoly power for too long,” he added to Slater, who runs the DOJ’s antitrust division. “Antitrust scrutiny from your office is warranted.”
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Sen. Josh Hawley, R-Mo., is calling on President Donald Trump’s administration to open an antitrust investigation into the nation’s top credit-scoring company. (Tom Williams-Pool/Getty Images / Getty Images)
FICO did not immediately respond to a request for comment on the potential investigation from Fox News Digital.
EXPERTS WARN HIDDEN RISKS OF BUY NOW, PAY LATER
Hawley’s request comes weeks after Trump’s administration filed its first antitrust lawsuit, seeking to block a big tech acquisition.
‘The Big Money Show’ co-hosts discuss buy now, pay later spending options and the impact it will now have on your credit score.
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That action seeks to block Hewlett-Packard Enterprise from acquiring rival wireless local area network tech provider, Juniper Networks, in a $14 billion deal.