Local business briefs

Updated: March 4, 2008 - 7:59 PM

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Credit-report firms must face antitrust suit

The three U.S. credit-reporting companies, TransUnion, Equifax Inc. and Experian Group Ltd., must face claims that their new consumer credit-scoring system violates U.S. antitrust law, a judge in Minneapolis has ruled. U.S. District Judge Ann Montgomery denied a request by the companies to dismiss part of a suit filed by Fair Isaac Corp., a Minneapolis firm that sells the competing FICO scoring system. Fair Isaac claims a joint venture launched by the three companies to collaborate on marketing the VantageScore system in 2006 gives them too much control over consumer credit scoring.

BLOOMBERG NEWS

Seagate increases estimate of profit

Seagate Technology, the disk-drive maker that employs about 3,000 people in Bloomington and Shakopee, is lifting the outlook for its current quarter because it is selling more high-end, high-profit hard drives than it expected. The company forecast earnings for its fiscal third quarter of 63 cents to 67 cents per share, up from an earlier forecast of 57 cents to 61 cents per share. Seagate still expects total quarterly revenue of $3.2 billion to $3.3 billion, according to a filing with the Securities and Exchange Commission. Seagate shares rose $1.09, or 5 percent, to close at $22.91.

ASSOCIATED PRESS