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FICO

March 16, 2024

For other uses, see FICO (disambiguation).

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.

Fair Isaac Corporation
FICO's former headquarters in San Jose
FICO
Company 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
Revenue US$1.295 billion (2020)
US$295.97 million (2020)
US$236.41 million (2020)
Total assets US$1.606 billion (2020)
Total equity US$331.08 million (2020)
Number of employees
3,305 (December 31, 2022)
Websitewww.fico.com

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 edit

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 edit

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

Headquarters moves edit

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 edit

  • 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 edit

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 edit

Main article: Credit score in the United States § 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 edit

  1. ^ "FICO shuffles executive ranks under new CEO". Twin Cities Business. 25 April 2012. Retrieved 21 October 2014.
  2. ^ "How FICO became 'the' credit score". finance.yahoo.com. 2013-12-12. Retrieved 2018-08-25.
  3. ^ a b c Ann Carrns (10 May 2012). "Is That Credit Score a FICO, or a FICO 8?". New York Times. Retrieved 21 October 2014.
  4. ^ Evan Nemeroff (7 March 2014). "New FICO Scoring Model Coming This Summer". National Mortgage News. Retrieved 21 October 2014.
  5. ^ Transcribers, Motley Fool (2020-11-10). "Fair Isaac Corp (FICO) Q4 2020 Earnings Call Transcript". The Motley Fool. Retrieved 2021-05-04.
  6. ^ a b Dean Foust; Aaron Pressman (2008-02-06). . Bloomberg.com. Archived from the original on August 14, 2012. Retrieved 2014-11-02.
  7. ^ Jennifer Bjorhus (2013-01-04). "Fair Isaac moving its HQ back to California". Star Tribune. Retrieved 2014-11-02.
  8. ^ a b About Us | FICO — FICO official Web site
  9. ^ Adriene Hill (2014-04-22). "A brief history of the credit score". Retrieved 2014-11-02.
  10. ^ "Notice of Annual Meeting of Stockholders of Fair, Isaac and Company, Incorporated". FICO.com. December 30, 1996. Retrieved June 13, 2023.
  11. ^ "What is a FICO score?". MyFICO.com official website. Fair Isaac Corporation. Retrieved 2016-11-11.
  12. ^ Ann Carrns (2012-05-03). "Report Finds Improvement in Credit Scores". Retrieved 2014-11-02.
  13. ^ "North American Credit Scoring & Reporting". benbest.com. 2009-12-04. Retrieved 2015-05-13.
  14. ^ Dan Fost (11 May 2004). "Fair Isaac moving its hub / Most company executives already set up in Minnesota". SFGate. Retrieved 21 October 2014.
  15. ^ Pete Carey (4 January 2013). "FICO moves headquarters to San Jose". Mercury News. Retrieved 21 October 2014.
  16. ^ "Silicon Valley Analytics Pioneer FICO Announces Expansion in Bozeman, Montana". FICO. Retrieved 2022-09-21.
  17. ^ "FICO consolidating operations in Roseville". twincities.com. 2012-06-22. Retrieved 2014-10-30.
  18. ^ . July 1997. Archived from the original on 2016-03-04. Retrieved 2014-10-30.
  19. ^ . buy-sell-econtent.com. Archived from the original on 2016-03-04. Retrieved 2015-05-14.
  20. ^ "Fair, Isaac to acquire Nykamp Consulting". 2001-12-12. Retrieved 2014-10-30.
  21. ^ "Fair Isaac merging with HNC Software". 2002-04-30.
  22. ^ "Narex sold for $10M". 2003-07-28. Retrieved 2014-10-30.
  23. ^ "Fair Isaac Acquires Diversified HealthCare". Los Angeles Times. 2003-09-19. Retrieved 2014-10-30.
  24. ^ "California firm buys Seurat". 2003-10-06. Retrieved 2014-10-30.
  25. ^ "Fair Issac offers $166m for London Bridge Software". 2004-04-26.
  26. ^ "Fair Isaac and Braun Consulting Announce Acquisition Agreement". 2004-09-24. Retrieved 2014-10-30.
  27. ^ "Fair Isaac Acquires RulesPower Technology to Advance Business Rules Capabilities". 2005-09-28. Retrieved 2014-10-30.
  28. ^ "Fair Isaac Acquires Dash Optimization, Bringing Increased Power". Bloomberg News. Retrieved 2014-10-30.
  29. ^ Howard Pankratz (2012-05-09). "Denver-based Entiera acquired by FICO". Retrieved 2014-10-30.
  30. ^ "FICO completes $115M acquisition of Adeptra". finance.yahoo.com. Yahoo!. September 10, 2012. Retrieved 4 November 2014.
  31. ^ Ed Stych (2012-11-26). "FICO buys collections and receivables software company". Retrieved 2014-10-30.
  32. ^ "Infoglide Software acquired by credit score giant FICO". 2013-04-04. Retrieved 2014-10-30.
  33. ^ "FICO Set to Acquire InfoCentricity". 2014-03-14. Retrieved 2014-10-30.
  34. ^ "FICO Adds Big Data Analytics for Hadoop to FICO Analytic Cloud". 2014-05-16. Retrieved 2014-10-30.
  35. ^ . Archived from the original on 2015-06-07. Retrieved 2015-05-21.
  36. ^ "FICO Will Offer Enterprise Security Score for Organizations". Retrieved 2016-11-02.
  37. ^ "FICO Acquires GoOn to Advance Growth in Brazil". Retrieved 2016-11-02.
  38. ^ "FICO Acquires EZMCOM". Retrieved 2019-10-02.
  39. ^ a b . Archived from the original on 2014-11-04. Retrieved 2014-10-30.
  40. ^ Credit Reporting Agencies — FICO official Web site
  41. ^ "FICO Score for International Markets". fico.com. FICO. 2017.
  42. ^ Fair Isaac and PRBC Team Up to Enhance Credit Risk Tools Used by Mortgage Industry — FICO official Web site

External links edit

  • Official website  
  • Business data for Fair Isaac Corporation:
    • Bloomberg
    • Google
    • Reuters
    • SEC filings
    • Yahoo!
  • How Does FICO Calculate a Score?

March 16, 2024
fico, other, uses, disambiguation, legal, name, fair, isaac, corporation, originally, fair, isaac, company, data, analytics, company, based, bozeman, montana, focused, credit, scoring, services, founded, bill, fair, earl, isaac, 1956, score, measure, consumer,. For other uses see FICO disambiguation 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 Fair Isaac CorporationFICO s former headquarters in San JoseTrade nameFICOCompany typePublic companyTraded asNYSE FICOS amp P 500 componentIndustryComputerFounded1956 68 years ago 1956 as Fair Isaac and Company HeadquartersBozeman Montana U S Area servedWorldwideKey peopleWilliam Lansing CEO 1 Bill Fair co founder Earl Isaac co founder ProductsFICO ScoreServicesComputer softwareRevenueUS 1 295 billion 2020 Operating incomeUS 295 97 million 2020 Net incomeUS 236 41 million 2020 Total assetsUS 1 606 billion 2020 Total equityUS 331 08 million 2020 Number of employees3 305 December 31 2022 Websitewww wbr fico wbr comIn 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 Contents 1 History 1 1 Name changes 1 2 Headquarters moves 2 Acquisitions 3 Operations 4 FICO score 5 References 6 External linksHistory editFICO 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 edit Originally called Fair Isaac and Company hence the abbreviation FICO this name was changed to Fair Isaac Corporation in 2003 8 Headquarters moves edit 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 editDynaMark 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 editFICO 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 editMain article Credit score in the United States 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 edit FICO shuffles executive ranks under new CEO Twin Cities Business 25 April 2012 Retrieved 21 October 2014 How FICO became the credit score finance yahoo com 2013 12 12 Retrieved 2018 08 25 a b c Ann Carrns 10 May 2012 Is That Credit Score a FICO or a FICO 8 New York Times Retrieved 21 October 2014 Evan Nemeroff 7 March 2014 New FICO Scoring Model Coming This Summer National Mortgage News Retrieved 21 October 2014 Transcribers Motley Fool 2020 11 10 Fair Isaac Corp FICO Q4 2020 Earnings Call Transcript The Motley Fool Retrieved 2021 05 04 a b Dean Foust Aaron Pressman 2008 02 06 Credit Scores Not So Magic Numbers Bloomberg com Archived from the original on August 14 2012 Retrieved 2014 11 02 Jennifer Bjorhus 2013 01 04 Fair Isaac moving its HQ back to California Star Tribune Retrieved 2014 11 02 a b About Us FICO FICO official Web site Adriene Hill 2014 04 22 A brief history of the credit score Retrieved 2014 11 02 Notice of Annual Meeting of Stockholders of Fair Isaac and Company Incorporated FICO com December 30 1996 Retrieved June 13 2023 What is a FICO score MyFICO com official website Fair Isaac Corporation Retrieved 2016 11 11 Ann Carrns 2012 05 03 Report Finds Improvement in Credit Scores Retrieved 2014 11 02 North American Credit Scoring amp Reporting benbest com 2009 12 04 Retrieved 2015 05 13 Dan Fost 11 May 2004 Fair Isaac moving its hub Most company executives already set up in Minnesota SFGate Retrieved 21 October 2014 Pete Carey 4 January 2013 FICO moves headquarters to San Jose Mercury News Retrieved 21 October 2014 Silicon Valley Analytics Pioneer FICO Announces Expansion in Bozeman Montana FICO Retrieved 2022 09 21 FICO consolidating operations in Roseville twincities com 2012 06 22 Retrieved 2014 10 30 RMT Merges with Fair Isaac July 1997 Archived from the original on 2016 03 04 Retrieved 2014 10 30 Bruce D D Ambrosio buy sell econtent com Archived from the original on 2016 03 04 Retrieved 2015 05 14 Fair Isaac to acquire Nykamp Consulting 2001 12 12 Retrieved 2014 10 30 Fair Isaac merging with HNC Software 2002 04 30 Narex sold for 10M 2003 07 28 Retrieved 2014 10 30 Fair Isaac Acquires Diversified HealthCare Los Angeles Times 2003 09 19 Retrieved 2014 10 30 California firm buys Seurat 2003 10 06 Retrieved 2014 10 30 Fair Issac offers 166m for London Bridge Software 2004 04 26 Fair Isaac and Braun Consulting Announce Acquisition Agreement 2004 09 24 Retrieved 2014 10 30 Fair Isaac Acquires RulesPower Technology to Advance Business Rules Capabilities 2005 09 28 Retrieved 2014 10 30 Fair Isaac Acquires Dash Optimization Bringing Increased Power Bloomberg News Retrieved 2014 10 30 Howard Pankratz 2012 05 09 Denver based Entiera acquired by FICO Retrieved 2014 10 30 FICO completes 115M acquisition of Adeptra finance yahoo com Yahoo September 10 2012 Retrieved 4 November 2014 Ed Stych 2012 11 26 FICO buys collections and receivables software company Retrieved 2014 10 30 Infoglide Software acquired by credit score giant FICO 2013 04 04 Retrieved 2014 10 30 FICO Set to Acquire InfoCentricity 2014 03 14 Retrieved 2014 10 30 FICO Adds Big Data Analytics for Hadoop to FICO Analytic Cloud 2014 05 16 Retrieved 2014 10 30 FICO Acquires TONBELLER Archived from the original on 2015 06 07 Retrieved 2015 05 21 FICO Will Offer Enterprise Security Score for Organizations Retrieved 2016 11 02 FICO Acquires GoOn to Advance Growth in Brazil Retrieved 2016 11 02 FICO Acquires EZMCOM Retrieved 2019 10 02 a b Office Locations Archived from the original on 2014 11 04 Retrieved 2014 10 30 Credit Reporting Agencies FICO official Web site FICO Score for International Markets fico com FICO 2017 Fair Isaac and PRBC Team Up to Enhance Credit Risk Tools Used by Mortgage Industry FICO official Web siteExternal links editOfficial website nbsp Business data for Fair Isaac Corporation BloombergGoogleReutersSEC filingsYahoo How Does FICO Calculate a Score Retrieved from https en wikipedia org w index php title FICO amp oldid 1169673650, wikipedia, wiki, book, books, library,

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