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FICO

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"FICO" redirects here. For the credit score, see FICO score.

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FICO
Company typePublic company (NYSE: FICO)
Founded1956
Headquarters Minneapolis, Minnesota
Key people
Dr. Mark N Greene CEO
ProductsFICO score, Blaze Advisor, Triad, Capstone, Falcon, Debt Manager
Websitewww.fico.com

Fair Isaac Corporation (NYSE: FICO) provides analytics and decision making services—including credit scoring[1]--that help financial services companies[citation needed] make complex, high-volume decisions.[1]

History

A pioneer credit score company, FICO was founded in 1956 as Fair, Isaac and Company by engineer Bill Fair and mathematician Earl Isaac.[2] Selling its first credit scoring system two years after the company's creation,[2] sales of similar systems soon followed and in 1987 FICO went public.[2] That year also saw the introduction of the first general-purpose FICO score, when BEACON debuted at Equifax.[2]

Although renamed Fair Isaac Corporation in 2003,[2] the company is popularly known as FICO.[3]

Location

FICO relocated its headquarters in 2004 from San Rafael, CA, where the company first started in 1956, to Minneapolis, Minnesota United States[4] and has offices in Asia Pacific, Australia, Brazil, Canada, China, India, Korea, Malaysia, Singapore, Spain, United Kingdom, and the USA. Its main hubs of operation include Minneapolis, MN, San Rafael, CA, and San Diego, CA.[5]

Products and Services

  • Decision Management applications, which use Decision Management software to automate, improve and connect decisions based on proprietary analytic models and user-defined strategies. Each of these solutions is built with the analytics, data, decision strategies and process flow for a particular vertical industry and decision area, such as fraud control or credit account management.
  • Analytics, including predictive models, optimization and portfolio analytics. These analytics - whether delivered as standalone custom engagements or embedded in our applications - bring new precision to decisions.
  • Decision Management tools, which give businesses the ability to create their own decision management applications and models. FICO's tools include business rules management, model development and decision optimization.
  • Scoring solutions, which deliver powerful predictions of consumer behavior to help businesses make faster, more profitable decisions. Among these analytic products is the FICO® score, which drives billions of credit and marketing decisions a year, and is recognized as the standard measure of US consumer credit risk.
  • Professional services. FICO's deep decision area experience and technical expertise to help individual clients solve unique business challenges, and get more value from FICO tools and solutions.[6]

FICO score

Main article: FICO score

A measure of credit risk, FICO scores are available through all of the major consumer reporting agencies in the United States and Canada: Equifax; Experian; TransUnion; and PRBC.[7]

Clients

FICO generally provides its products and services to very large businesses and corporations across a number of fields: Banking, Insurance, Retail / Consumer Goods, Health Care & Life Sciences.[8] FICO's client summary:

  • Nine of the top 10 companies in the Fortune 500.
  • Two-thirds of the top 100 banks in the world.
  • 90 of the 100 largest financial institutions in the U.S., and all the 100 largest U.S. credit card issuers.
  • More than 300 personal and commercial lines insurers in North America and Europe, including the top 10 US personal lines insurers.
  • 100+ retailers and general merchandisers, including half of the top 50 U.S. retailers.
  • 150+ healthcare and life sciences companies, including 8 of the world's top 10 pharmaceuticals companies.[6]


See full Client List.

See also

References

  1. ^ a b About Us FICO Official Site
  2. ^ a b c d e History FICO Official Site
  3. ^ Main page FICO Official Site
  4. ^ Worldwide Locations FICO Official Site
  5. ^ http://www.fico.com/en/Company/Careers/Pages/locations.aspx
  6. ^ a b http://www.fico.com/en/Company/Pages/about.aspx
  7. ^ Fair Isaac and PRBC Team Up to Enhance Credit Risk Tools Used by Mortgage Industry, Yahoo! Finance, November 14, 2007.
  8. ^ http://www.fico.com/en/Company/Pages/client-list.aspx
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