Credit Reporting Agency Sues Experian and CoreLogic for Monopolization
Today, a Florida-based credit reporting agency filed a class action against Experian, the national consumer credit data repository, and CoreLogic, Inc., the nation’s largest credit report reseller, alleging they violated the antitrust laws.
The plaintiff alleges Experian and CoreLogic acted to deny 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.
The plaintiff company is Credit Bureau Services, Inc, Oakland Park, Florida, is acting on behalf of all mortgage credit report resellers separated from Experian as a result of the violation.