FICO (Fair Isaac Corporation), originally F air, I saac and Co mpany, is a data-based analysis company in San Jose, California focuses on credit rating services. The company was founded by Bill Fair and Earl Isaac in 1956. Its FICO score, a measure of consumer credit risk, has become a consumer lending tool in the United States.
In 2013, lenders bought more than 10 billion FICO scores and about 30 million American consumers accessed their own scores.
Video FICO
History
FICO was founded in 1956 as Fair, Isaac and Company by engineer William Fair and mathematician Earl Isaac. The two met while working at the Stanford Research Institute in Menlo Park, California. Selling the first credit assessment system two years after the company was founded, FICO installed its system to fifty American lenders.
FICO went public in 1986 and traded on the New York Stock Exchange. The company debuted the first general purpose FICO score in 1989. The FICO score is based on the FICO credit report and the "basics" FICO score ranges from 300 to 850, while industry-specific scores range from 250 to 900.
Lenders use scores to measure the credit worthiness of potential borrowers.
Fannie Mae and Freddie Mac first started using FICO scores to help determine the American consumers who qualified for mortgages purchased and sold by the company in 1995.
Rename
Originally called Fair, Isaac and Company (hence the acronym FICO), the name was changed to Fair Isaac Corporation in 2003. The company changed its name to FICO in 2009.
Mobile headquarters
Originally based in San Rafael, California, FICO moved its headquarters to Minneapolis, Minnesota, in 2004. In 2013, it moved back to California and is currently based in San Jose, California.
Maps FICO
Acquisitions
- DynaMark 1992
- Technology Risk Management 1997
- Prevision 1997
- Nykamp Consulting Group 2001
- The 2002 HNC Software
- NAREX 2003
- Diversified Healthcare Services 2003
- Seurat (2003)
- London Bridge Software 2004
- Braun Consulting 2004
- RulesPower 2005
- Optimization Dashboard 2008
- Entiera 2012
- Adeptra 2012
- CR 2012 Software
- Infoglide 2013
- InfoCentricity 2014
- Karmasphere 2014
- TONBELLER AG 2015
- QuadMetrics 2016
Operation
FICO is headquartered in San Jose, California, and has additional locations in the US in Roseville, Minnesota; San Diego; San Rafael, California; Fairfax, Virginia; New York City and Austin, Texas.
The company has international locations in Australia, Brazil, Canada, China, Germany, India, Italy, Japan, Korea, Lithuania, Poland, Malaysia, Philippines, Russia, Singapore, South Africa, Spain, Taiwan, Thailand, Turkey and UK Kingdom.
FICO Score
The size of credit risk, FICO scores available through all major consumer reporting agencies in the United States: Equifax, Experian, and TransUnion. FICO scores are also offered in other markets, including Mexico and Canada, as well as through the fourth US credit reporting bureau, PRBC.
See also
- Mark N. Greene
References
External links
- Official website
Source of the article : Wikipedia
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