Company:FICO

From HandWiki
Short description: Credit score services company
Fair Isaac Corporation
FICO
TypePublic company
IndustryComputer
Founded1956; 68 years ago (1956) (as Fair, Isaac, and Company)
HeadquartersBozeman, Montana, U.S.
Area served
Worldwide
Key people
  • William Lansing
  • (CEO)[1]
  • Bill Fair
  • (co-founder)
  • Earl Isaac
  • (co-founder)
ProductsFICO Score
ServicesComputer software
RevenueIncrease US$1.295 billion (2020)
Increase US$295.97 million (2020)
Increase US$236.41 million (2020)
Total assetsIncrease US$1.606 billion (2020)
Total equityIncrease US$331.08 million (2020)
Number of employees
3,305 (December 31, 2022)
Websitewww.fico.com

FICO (legal name: Fair Isaac Corporation), originally Fair, Isaac and Company, is a data analytics company based in Bozeman, Montana, focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956.[2] Its FICO score, a measure of consumer credit risk,[3] has become a fixture of consumer lending in the United States.

In 2013, lenders purchased more than 10 billion FICO scores and about 30 million American consumers accessed their scores themselves.[4] The company reported a revenue of $1.29 billion dollars for the fiscal year of 2020.[5]

History

FICO was founded in 1956 as Fair, Isaac and Company by engineer William R. "Bill" Fair and mathematician Earl Judson Isaac.[6] The two met while working at the Stanford Research Institute in Menlo Park, California.[7] Selling its first credit scoring system two years after the company's creation,[8] FICO pitched its system to fifty American lenders.[9]

FICO went public in July 1987[10] and is traded on the New York Stock Exchange.[6] The company debuted its first general-purpose FICO score in 1989.[3] FICO scores are based on credit reports and "base" FICO scores range from 300 to 850,[3] while industry-specific scores range from 250 to 900.[11]

Lenders use the scores to gauge a potential borrower's creditworthiness.[12]

Fannie Mae and Freddie Mac first began using FICO scores to help determine which American consumers qualified for mortgages bought and sold by the companies in 1995.[13]

Name changes

Originally called Fair, Isaac and Company (hence the abbreviation FICO), this name was changed to Fair Isaac Corporation in 2003.[8]

Headquarters moves

Originally based in San Rafael, California, FICO moved its headquarters to Minneapolis, Minnesota, in 2004, a few years after Minnesota resident Thomas Grudnowski took over as CEO.[14] In 2013, it moved its headquarters to San Jose, California, a year after CEO William Lansing joined.[15] In 2016 it opened an office in Bozeman, Montana which later became its headquarters.[16]

Acquisitions

  • DynaMark 1992[17]
  • Risk Management Technologies 1997[18]
  • Prevision 1997[19]
  • Nykamp Consulting Group 2001[20]
  • HNC Software 2002[21]
  • NAREX 2003[22]
  • Diversified Healthcare Services 2003[23]
  • Seurat (2003)[24]
  • London Bridge Software 2004[25]
  • Braun Consulting 2004[26]
  • RulesPower 2005[27]
  • Dash Optimization 2008[28]
  • Entiera 2012[29]
  • Adeptra 2012[30]
  • CR Software 2012[31]
  • Infoglide 2013[32]
  • InfoCentricity 2014[33]
  • Karmasphere 2014[34]
  • TONBELLER AG 2015[35]
  • QuadMetrics 2016[36]
  • GoOn 2018[37]
  • EZMCOM 2019[38]

Operations

FICO is headquartered in Bozeman, Montana and it has additional U.S. locations in San Jose, California; Roseville, Minnesota; San Diego; San Rafael, California; Fairfax, Virginia; and Austin, Texas .[39]

The company has international locations in Australia , Brazil , Canada , China , Germany , India , Italy, Japan , Korea, Lithuania, Poland , Malaysia, the Philippines , Russia , Singapore, South Africa , Spain , Taiwan, Thailand, Turkey and the United Kingdom .[39]

FICO score

See also: Criticism of credit scoring systems in the United States

A measure of credit risk, FICO scores are available through all of the major consumer reporting agencies in the United States : Equifax, Experian, and TransUnion.[40] FICO scores are also offered in other markets, including Mexico and Canada ,[41] as well as through the fourth U.S. credit reporting bureau, PRBC.[42]

References

  1. ↑ "FICO shuffles executive ranks under new CEO". Twin Cities Business. 25 April 2012. http://www.twincities.com/ci_20481216/fico-shuffles-executive-ranks-under-new-ceo. 
  2. ↑ "How FICO became 'the' credit score". finance.yahoo.com. 2013-12-12. https://finance.yahoo.com/news/fico-became-credit-score-100000037.html. 
  3. ↑ 3.0 3.1 3.2 Ann Carrns (10 May 2012). "Is That Credit Score a FICO, or a FICO 8?". New York Times. http://bucks.blogs.nytimes.com/2012/05/10/is-that-credit-score-a-fico-or-a-fico-8/. 
  4. ↑ Evan Nemeroff (7 March 2014). "New FICO Scoring Model Coming This Summer". National Mortgage News. http://www.nationalmortgagenews.com/news/technology/new-fico-scoring-model-coming-this-summer-1041282-1.html. 
  5. ↑ Transcribers, Motley Fool (2020-11-10). "Fair Isaac Corp (FICO) Q4 2020 Earnings Call Transcript" (in en). https://www.fool.com/earnings/call-transcripts/2020/11/10/fair-isaac-corp-fico-q4-2020-earnings-call-transcr/. 
  6. ↑ 6.0 6.1 Dean Foust; Aaron Pressman (2008-02-06). "Credit Scores: Not-So-Magic Numbers". Bloomberg.com. http://www.businessweek.com/stories/2008-02-06/credit-scores-not-so-magic-numbers. 
  7. ↑ Jennifer Bjorhus (2013-01-04). "Fair Isaac moving its HQ back to California". http://www.startribune.com/business/185665572.html. 
  8. ↑ 8.0 8.1 About Us | FICO — FICO official Web site
  9. ↑ Adriene Hill (2014-04-22). "A brief history of the credit score". http://www.marketplace.org/topics/your-money/how-i-learned-stop-worrying/brief-history-credit-score. 
  10. ↑ "Notice of Annual Meeting of Stockholders of Fair, Isaac and Company, Incorporated". December 30, 1996. https://investors.fico.com/node/13956/html. 
  11. ↑ "What is a FICO score?". Fair Isaac Corporation. http://www.myfico.com/credit-education/credit-report-credit-score-articles/. 
  12. ↑ Ann Carrns (2012-05-03). "Report Finds Improvement in Credit Scores". http://bucks.blogs.nytimes.com/2012/05/03/report-finds-improvement-in-credit-scores/. 
  13. ↑ "North American Credit Scoring & Reporting". benbest.com. 2009-12-04. http://www.benbest.com/business/credit.html. 
  14. ↑ Dan Fost (11 May 2004). "Fair Isaac moving its hub / Most company executives already set up in Minnesota". SFGate. http://www.sfgate.com/business/article/Fair-Isaac-moving-its-hub-Most-company-2760210.php. 
  15. ↑ Pete Carey (4 January 2013). "FICO moves headquarters to San Jose". Mercury News. http://www.mercurynews.com/ci_22307524/fico-moves-headquarters-san-jose. 
  16. ↑ "Silicon Valley Analytics Pioneer FICO Announces Expansion in Bozeman, Montana" (in en). https://www.fico.com/en/newsroom/silicon-valley-analytics-pioneer-fico-announces-expansion-bozeman-montana. 
  17. ↑ "FICO consolidating operations in Roseville". twincities.com. 2012-06-22. http://www.twincities.com/ci_20918752/fico-consolidating-operations-roseville. 
  18. ↑ "RMT Merges with Fair, Isaac". July 1997. http://www.contenthouse.com/rmt/newspg/radrscp/fi-mergr.htm. 
  19. ↑ "Bruce D D'Ambrosio". buy-sell-econtent.com. Archived from the original on 2016-03-04. https://web.archive.org/web/20160304185359/http://www.buy-sell-econtent.com/2011/Speakers/BruceDAmbrosio.aspx. 
  20. ↑ "Fair, Isaac to acquire Nykamp Consulting". 2001-12-12. http://www.bizjournals.com/sanjose/stories/2001/12/10/daily24.html. 
  21. ↑ "Fair Isaac merging with HNC Software". 2002-04-30. http://www.sfgate.com/business/article/Fair-Isaac-merging-with-HNC-Software-2844440.php. 
  22. ↑ "Narex sold for $10M". 2003-07-28. http://www.bizjournals.com/denver/stories/2003/07/28/daily7.html. 
  23. ↑ "Fair Isaac Acquires Diversified HealthCare". 2003-09-19. http://articles.latimes.com/2003/sep/19/business/fi-rup19.6. 
  24. ↑ "California firm buys Seurat". 2003-10-06. http://www.bizjournals.com/charlotte/stories/2003/10/06/daily7.html. 
  25. ↑ "Fair Issac offers $166m for London Bridge Software". 2004-04-26. http://www.stockmarketwire.com/article/345520/Fair-Issac-offers-166m-for-London-Bridge-Software.html. 
  26. ↑ "Fair Isaac and Braun Consulting Announce Acquisition Agreement". 2004-09-24. http://www.information-management.com/news/1010825-1.html. 
  27. ↑ "Fair Isaac Acquires RulesPower Technology to Advance Business Rules Capabilities". 2005-09-28. http://www.information-management.com/news/1038322-1.html. 
  28. ↑ "Fair Isaac Acquires Dash Optimization, Bringing Increased Power". https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aB0dtBZx6z.k. 
  29. ↑ Howard Pankratz (2012-05-09). "Denver-based Entiera acquired by FICO". http://www.denverpost.com/ci_20582831/denver-based-entiera-acquired-by-fico. 
  30. ↑ "FICO completes $115M acquisition of Adeptra". finance.yahoo.com. Yahoo!. September 10, 2012. https://finance.yahoo.com/news/fico-completes-115m-acquisition-adeptra-175112495.html. 
  31. ↑ Ed Stych (2012-11-26). "FICO buys collections and receivables software company". http://www.bizjournals.com/twincities/news/2012/11/26/fico-buys-cr-software.html. 
  32. ↑ "Infoglide Software acquired by credit score giant FICO". 2013-04-04. http://www.bizjournals.com/austin/blog/abje_news/2013/04/infoglide-software-acquired-by-credit.html. 
  33. ↑ "FICO Set to Acquire InfoCentricity". 2014-03-14. http://www.nasdaq.com/article/fico-set-to-acquire-infocentricity-analyst-blog-cm335560. 
  34. ↑ "FICO Adds Big Data Analytics for Hadoop to FICO Analytic Cloud". 2014-05-16. http://www.marketwatch.com/story/fico-adds-big-data-analytics-for-hadoop-to-fico-analytic-cloud-2014-04-16. 
  35. ↑ "FICO Acquires TONBELLER". http://www.fico.com/en/FICO-acquires-TONBELLER. 
  36. ↑ "FICO Will Offer Enterprise Security Score for Organizations". http://www.fico.com/en/newsroom/fico-will-offer-enterprise-security-score-for-organizations-06-14-2016. 
  37. ↑ "FICO Acquires GoOn to Advance Growth in Brazil". https://www.fico.com/en/newsroom/fico-acquires-goon-to-advance-growth-in-brazil. 
  38. ↑ "FICO Acquires EZMCOM". https://www.fico.com/en/ezmcom-faq. 
  39. ↑ 39.0 39.1 "Office Locations". http://www.fico.com/en/about-us/locations/. 
  40. ↑ Credit Reporting Agencies — FICO official Web site
  41. ↑ "FICO Score for International Markets". FICO. 2017. http://www.fico.com/en/products/fico-score-international-markets. 
  42. ↑ Fair Isaac and PRBC Team Up to Enhance Credit Risk Tools Used by Mortgage Industry — FICO official Web site

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