Fair Isaac Corporation, commonly known as FICO, is a renowned data analytics company based in the United States. Established in 1956 by Bill Fair and Earl Isaac, FICO's original mission was to improve business performance through data and analytics. The company is publicly traded and considered an industry leader in the analytic software space.
The name “FICO” is synonymous with credit scoring models in the U.S, with the FICO Score being a standard measure used by lenders to determine an individual's credit risk. Approximately 90% of top lenders in the US rely on FICO scores for credit decisioning. It is a numerical rating that ranges from 300 (indicative of high risk) to 850 (indicative of low risk), allowing lenders to assess the risk associated with providing financing.
However, FICO's services and solutions have significantly expanded over the years, beyond just credit scores. FICO serves multiple sectors and industries, including financial services, health care, insurance, and retail, amongst many others.
FICO's suite of products includes the Decision Management Suite (DMS), a platform integrating analytic tools for decisions across customer life cycles. There are analytics and decisioning software for fraud detection, cybersecurity, debt management, marketing, and sales. Furthermore, FICO is also a pioneer in AI and machine learning solutions, making institutions more efficient and customer-centric.
Every year, FICO solutions are used by thousands of businesses worldwide to make better decisions that drive growth, build stronger customer relationships, reduce costs, and minimize risk. The company operates in more than 25 countries globally and has over 3,400 employees dedicated to ensuring that firms can empower their digital transformations through FICO's analytic prowess.
In keeping with its commitment to innovation, FICO continually invests in research and development to extend its portfolio of patented technologies. As of today, FICO holds over 195 US and foreign patents on technologies that increase profitability, customer satisfaction, and growth for businesses.
Despite changing times and evolving business scenarios, FICO remains steadfast in its dedication to leveraging data in pursuit of better business outcomes, proving its mettle as a leading analytics software firm. The company's contribution to credit risk modeling and other analytics-based decision-making strategies has revolutionized the financial services industry and continues to help shape its future.