Fair Isaac Corp. agreed to dismiss Equifax Inc. as a defendant in a lawsuit the business analytics provider filed against the three national credit reporting companies and VantageScore LLC, Fair Isaac and Equifax said Tuesday.
In a telephone interview, Fair Isaac vice president of global scoring Lisa Nelson said the lawsuit dismissal made sense so as not to inhibit plans the companies have to work together.
The companies also said Tuesday the companies will jointly market and sell new FICO analytic products using Equifax's consumer credit information and Fair Isaac's scoring capabilities.
Fair Isaac is the developer of the widely used FICO credit score.
The companies added that they are working on the FICO 08 model for Equifax customers.
The suit Equifax is being dismissed from was a federal antitrust lawsuit Fair Isaac filed in October 2006. It claimed Equifax, Experian Information Solutions Inc. and TransUnion LLC, along with their jointly owned VantageScore Solutions LLC, were engaging in unfair and anticompetitive practices with the launch and marketing of the VantageScore credit score model.
Fair Isaac said at the time that VantageScore was harming its own FICO credit score brand and goodwill.
Nelson said Tuesday the suit is "still a very important issue" to Fair Isaac, and dropping Equifax from the suit doesn't diminish Fair Isaac's intent to pursue it.
She also said Equifax has stopped the unfair practices for which Fair Isaac had pursued the suit against it.
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