Fair Isaac Corporation - FICO STOCK NEWS

FICO is hosting a free Score A Better Future™ Fundamentals credit education event for teens in Harrison, NJ on August 19, 2024. This event is part of FICO's 'Fields of Financial Empowerment' tour, in partnership with the U.S. Soccer Foundation and Chelsea FC Women. The workshop aims to provide students with knowledge about financial health, credit, and the FICO® Score, used by 90% of top US lenders.

Following the workshop, attendees can watch the Chelsea FC Women x Gotham FC Women's match for free. The event combines financial literacy education with the excitement of women's soccer, celebrating the rising prominence of women's sports globally. FICO's program is designed to help teens understand how FICO® Scores impact their financial health and develop good financial habits.

FICO's latest global consumer fraud research reveals that Thai consumers have low tolerance for inefficient digital experiences when opening financial accounts. Key findings include:

• 63% expect to answer 10 questions or less for a personal bank account application
• 26% will abandon if asked more than 5 questions
• 20% will give up after 10 minutes
• 1 in 3 have stopped or reduced use of existing accounts due to complex identity checks
• 39% have abandoned personal loan applications due to time-consuming processes

The study highlights the need for financial institutions to streamline processes while balancing security concerns. Ease of use and speed are top priorities for digital applications, but in-branch security is still valued highly.

FICO reported strong Q3 fiscal 2024 results, with revenues of $447.8 million, up from $398.7 million in the prior year. GAAP EPS was $5.05, slightly down from $5.08, while Non-GAAP EPS increased to $6.25 from $5.66. Scores revenues grew 20% to $241.4 million, driven by a 27% increase in B2B revenue. Software revenues rose 5% to $206.4 million, with Software Annual Recurring Revenue up 10% year-over-year. The company raised its full-year guidance, projecting revenues of $1.7 billion and Non-GAAP EPS of $23.16. FICO's CEO highlighted strong adoption of FICO 10 T and FICO Platform, contributing to significant growth across the business.

FICO, a global analytics software leader, has achieved Cloud Security Alliance (CSA) Security, Trust & Assurance Registry (STAR) Level 1 and Level 2 certifications. This recognition solidifies FICO's status as a trusted cloud provider and demonstrates its commitment to security and transparency.

The CSA STAR program is a publicly accessible registry that documents the security and privacy controls of cloud computing offerings. It ensures cloud service providers can maintain data confidentiality, integrity, and availability. FICO's achievement reflects its dedication to delivering a secure cloud environment for clients and adhering to key principles of transparency, rigorous auditing, and harmonization of standards.

Ben Nelson, FICO's chief cybersecurity officer, expressed pride in the recognition, stating it validates their commitment to client data security. Jim Reavis, CEO of CSA, praised FICO for exceeding rigorous standards and setting an industry benchmark for secure cloud computing.

FICO (NYSE:FICO), a leading predictive analytics and decision management software company, has announced a new $1 billion stock repurchase program on July 30, 2024. This program, approved by FICO's Board of Directors, follows the completion of the company's previous stock repurchase program that ran from January 2024 to July 2024. The new program is open-ended, allowing FICO to repurchase its shares from time to time in both the open market and through negotiated transactions. This move demonstrates FICO's confidence in its financial position and commitment to enhancing shareholder value.

FICO, a global analytics software leader, is hosting three free credit education events in Charlotte on August 6th, 2024. These include a Score A Better Future™ (SABF) workshop for adults and two Score A Better Future Fundamentals events for teens. The events aim to enhance participants' understanding of financial health, credit, and the FICO® Score.

In collaboration with Chelsea FC and the U.S. Soccer Foundation, participants will receive free tickets to the Chelsea vs Real Madrid match. Congresswoman Alma Adams will attend the teen event. The initiative is part of FICO's 'Fields of Financial Empowerment' tour, addressing the need for improved financial literacy across the United States.

FICO has partnered with the National Association of Minority Mortgage Bankers of America (NAMMBA) to enhance community lending in underrepresented communities. This collaboration aims to increase the number of lenders obtaining NAMMBA's Certified Community Lender (CCL®) certification, a prestigious designation awarded to less than 5% of mortgage professionals.

FICO will contribute its Score A Better Future™ credit education curriculum to the CCL certification program, helping mortgage professionals better understand credit and prepare clients for homeownership. The partnership focuses on serving diverse communities, including minorities, women, and the LGBTQ+ community, with over 50 million millennials becoming eligible for homeownership in the next decade.

As an Elite Partner, FICO is also a Title Sponsor for NAMMBA CONNECT 2024 in Orlando, FL, from August 21-23, 2024. This initiative aims to transform the mortgage industry and support sustainable homeownership in diverse communities.

FICO, a global analytics software leader, is hosting two free credit education events in Columbus on August 3rd, 2024: Score A Better Future™ (SABF) for adults and Score A Better Future Fundamentals for teens. These events aim to enhance participants' understanding of financial health, credit, and the FICO® Score. In collaboration with Chelsea FC and the U.S. Soccer Foundation, attendees will receive free tickets to the Chelsea vs Manchester City match at Ohio Stadium.

The events are part of FICO's 'Fields of Financial Empowerment' tour, addressing the need for improved financial literacy across the United States. Congresswoman Joyce Beatty, co-chair of the Financial Literacy and Wealth Creation Caucus, will attend the pregame ceremony to support the initiative. The workshops will cover key components of the FICO Score, strategies for improving financial health, and debunk myths surrounding credit scores.

The FICO UK Credit Card Market Report for May 2024 reveals typical seasonal patterns in spending and balance management, but with signs of financial stress. Credit card spending decreased by 2.9% from April to May, averaging £805, while average balances fell 0.3% month-on-month but remained 6.3% higher than May 2023. Notably, cardholders missing one payment increased by 8.4% from April to May, and cash withdrawals on credit cards rose by 2.2%, indicating potential financial strain. The report highlights that missed payments have been trending upward since August 2022, with significant year-on-year increases across one, two, and three missed payment categories. Average balances for missed payments remain higher year-on-year, potentially due to inflation.