Credit Reporting Agency Sues Experian and CoreLogic for Monopolization
Today, a Florida-based credit reporting agency filed a class action against Experian and CoreLogic, the largest credit report reseller, alleging they violated the antitrust laws.
The plaintiff, Credit Bureau Services, Inc., Oakland Park, Florida, alleges Experian and CoreLogic acted to deny it and smaller credit agencies access to Experian's mortgage credit information for tri-merged mortgage credit reports. Banks and investors require such reports to extend credit for home mortgages.
The complaint alleges Experian and CoreLogic were partners in the Credco mortgage credit reporting business some years ago when Experian "agreed to eliminate up to 87% of CoreLogic's rivals" is exchange for CoreLogic's help to "maintain Experian's monopoly in mortgage credit information ..." The complaint states that the number of qualified suppliers of mortgage credit reporting agencies has declined to fewer than 100 today.