FICO Loses The Battle On Credit ScoresCategory: Real Estate News | Permalink Published: Tuesday, May 18, 2010 Credit scoring is very important to the mortgage process. Behind the situation, a battle is rampaging over who can place claim to that process. The Fair Isaac Corp (FICO) was rejected a new trail concerning what it claims to undoubtedly be its trademark; the act of rating an individual's credit on a scale of 300-850. However, VantageScore Solutions, the credit rating provider established by America's three main credit reporting corporations -- Equifax, Experian and TransUnion -- effectively argued that the system that rates credit on a scale between 501-990 is not in breach of the FICO trademark. Ann Montgomery, who is the presiding U.S. district judge in Minnesota, went even further and requested for FICO's trademark to be invalidated in her judgment. Her verdict addressed the jury's ruling stating, "Indeed, the jury's verdict was a wholesale, unambiguous rejection of Fair Isaac's central theory of the case -- i.e., that one can legitimately claim trademark protection in the numerical range for credit scores." CEO of VantageScore Solutions, Barrett Burns, also stated that the court's conclusion proves it's longstanding accusation that FICO's claims are "meritless" and "at every step, VantageScore has prevailed against Fair Isaac's claims." According to Craig Watts, a director of public affairs at FICO, they have every intention of appealing. He said that FICO strongly disagrees with Judge Montgomery's decision. "Nothing has changed as a result of this order," he said, "the defendants have not been held accountable for copying what it took FICO 20 years to build and consumers will continue to be victims of big-budget ad campaigns that trick them into buying knock-off scores that they think are genuine FICO scores lenders use to make decisions." Other Recent ArticlesCall Us Today!
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About This Page: Credit scoring is very important to the mortgage process. Behind the situation, a battle is rampaging over who can place claim to that process. The Fair Isaac Corp (FICO) was rejected a new trail concerning what it claims to undoubtedly be it's trademark; the act of rating an individual's credit on a scale of 300 to 850.
