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Fair Isaac Launches Global FICO Score

  • Tuesday, September 28, 2004 11:00AM IST (5:30AM GMT)
Building Upon Proven FICO Scoring Technology, New Score Brings State-of-the-Art Credit Risk Management to Countries Using Many Kinds of Credit Bureau Data
Minneapolis, United States:  Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, Monday announced the worldwide launch of the Global FICO(R) score. For the first time, businesses operating outside the U.S., Canada, U.K. and South Africa can use Fair Isaac's dominant FICO(R) credit risk scoring technology to significantly improve the quality of their lending decisions. Global FICO score rank-orders consumers according to their credit risk and is consistently scaled across credit bureaus and across national borders. Lenders in countries where FICO scores are not yet available can use Global FICO score to leverage available bureau data in automated, accurate credit decisions. Multinational companies can use Global FICO score as a common risk measure across diverse markets, without regard for the credit bureau or country where the scores are calculated. "Lenders of all kinds will find that the Global FICO score opens the door to new opportunities for quick expansion while still controlling and monitoring their risk," said Ron Totaro, vice president of Global Scoring Solutions for Fair Isaac. "Businesses can use Global FICO score to improve decisions throughout the customer credit lifecycle, from marketing initiatives through account approvals, to full portfolio management. The new score also may help financial service providers comply with Basel II and other regulatory requirements." Global FICO score meets a significant need today because in many countries, credit bureau scores are not available. Wide variances in the depth, breadth and consistency of credit bureau data makes such score development difficult. Fair Isaac has overcome this problem by building into its Global FICO scoring formula a flexible but comprehensive library of variables to extract predictive value from the widest range of available credit data. The company has also developed and validated preconfigured software that intelligently interprets available credit data for consistent assessment of risk. Use of preconfigured software additionally helps clients implement the scoring solution quickly. Global FICO score is already being implemented by lenders in Poland, Sweden and Mexico, and additional interest has been confirmed in a range of other countries across Europe, Asia-Pacific and Latin America. Over time, the Global FICO score will be available in any country where robust credit bureau data is available, except in the U.S., Canada, U.K. and South Africa, where Fair Isaac credit scores are already available. About Fair Isaac Fair Isaac Corporation (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company's predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power billions of mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies. Through the www.myfico.com Web site, U.S. consumers use the company's FICO(R) scores, the standard measure of credit risk, to manage their financial health. For more information about Global FICO score, please contact Fair Isaac at info@fairisaac.com or +44 (0)870 420 3675. Statement Concerning Forward-Looking Information Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac, including statements regarding its new Global FICO score, and the benefits to be derived from this offering, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including any unforeseen technical difficulties related to the implementation, use and functionality of the offering, the risks that customers will not perceive material benefits from the offering, failure of the product to deliver the expected results, the possibility of errors or defects in the offering, regulatory changes applicable to the use of consumer credit and other data, and other risks described from time to time in Fair Isaac's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2003, and quarterly report on Form 10-Q for the period ended June 30, 2004. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac's results could differ materially from Fair Isaac's expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements. Fair Isaac, Global FICO and FICO are trademarks or registered trademarks of Fair Isaac Corporation, in the United States and/or in other countries.

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