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Fair Isaac Corporation (FICO) delivers essential analytics solutions powering credit scoring and risk management worldwide. This dedicated news hub provides investors and professionals with timely updates on FICO’s strategic initiatives, financial performance, and industry leadership.
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FICO has launched the FICO® Score Mortgage Simulator, a new analytic tool designed for mortgage professionals to help potential borrowers understand how different credit decisions could affect their FICO Scores. The simulator enables lenders to run various credit scenarios, such as paying off loans or reducing credit card balances, to project potential score changes and their impact on loan eligibility. Xactus is the first technology partner to implement this tool, which uses actual FICO Score algorithms to provide dynamic credit scenario planning and enhance consumer experience by offering actionable recommendations for better loan terms and mortgage qualification.
Atlantic Bay Mortgage Group has adopted FICO® Score 10 T for mortgages not sold to Fannie Mae or Freddie Mac. The new scoring system incorporates trended credit bureau data to assess consumer credit behavior over time, rather than at a single point. According to FICO, the Score 10 T can increase mortgage approval rates by up to 5% without additional credit risk, or reduce default risk and losses by up to 17% at a 680 cutoff. Informative Research will supply Atlantic Bay with the new credit scores, enabling them to serve a broader range of customers, including first-time and underserved borrowers.
FICO, a global analytics software leader, has scheduled its fourth quarter fiscal 2024 financial results announcement for November 6, 2024, after market close. The company will host a conference call at 5:00 p.m. Eastern time on the same day. The presentation will be accessible via webcast on FICO's investor website, with a replay available through November 6, 2025.
FICO has formed a strategic partnership with Tata Consultancy Services (TCS) to deliver advanced optimization and decision management solutions globally. TCS will utilize FICO® Platform, a low-code/no-code solution, to create industry-specific solutions powered by real-time analytics and AI. An initial focus is 'truck roll' optimization, which has already shown success with Traxión of Mexico, achieving 40% reduction in empty trips and $5M annual savings. The partnership will also address climate-related business risks through predictive modeling and develop solutions for telecommunications and media sectors, focusing on reducing churn and optimizing costs.
FICO's UK Credit Card Market Report for August 2024 reveals concerning trends in consumer credit behavior. Average credit card spending increased to £835 (+2.3% month-on-month), while payment-to-balance ratios declined by 3.2% to 36.6%. Average balances rose to £1,825 (+1.2% month-on-month, +5.4% year-on-year). Notably, accounts with missed payments increased significantly year-over-year across all delinquency categories. Only 44% of customers use direct debit for payments, with newer customers showing declining adoption. While cash usage increased 1.3% month-on-month to 3.5%, it remains 4.2% lower than August 2023.
FICO and U.S. Senator Mark Warner are continuing their partnership to host the Virginia Financial Empowerment Series, offering free credit education workshops in Norfolk and Portsmouth, Virginia, on October 29 and 30, 2024. The series, part of FICO's Score A Better Future™ program, aims to enhance financial literacy throughout Virginia.
Two workshops are scheduled: one for individuals and small business owners on October 29, focusing on improving FICO® Scores, and another on October 30 specifically for small business owners, addressing how credit can support business growth. The events will provide information on FICO® Scores, lending decisions, and steps for improving financial health. Attendees can also receive free credit counseling from Money Management International (MMI).
The workshops are organized in collaboration with local partners Mustard Seed Place and the Metropolitan Business League, emphasizing the importance of financial education in achieving financial wellness.
FICO, a global analytics software leader, is set to host a booth at the Las Vegas Asian Night Market on October 19, 2024, from 5PM to 11PM at the College of Southern NV, Charleston Campus. This initiative, in partnership with the Asian Community Development Council (ACDC), aims to bridge financial literacy gaps in the Asian American, Native Hawaiian, and Pacific Islander (AANHPI) communities.
At FICO's booth, attendees will find educational resources on improving credit health, understanding FICO® Scores, and developing strong financial habits. Visitors can learn how to obtain their FICO® Scores for free and schedule consultations with Money Management International. The event will also feature a raffle for NASCAR Cup Series tickets.
The Asian Night Market celebrates AANHPI culture while supporting local businesses, with vendors retaining 100% of their profits and net proceeds from ticket sales supporting community services.
FICO's latest analysis reveals that the average U.S. FICO® Score remains at 717, one point lower than a year ago. Key factors impacting the score in 2024 include:
1. Missed payments rising: Over 18% of the population had a past-due payment on one or more credit accounts in the last year, up 5% from April 2023.
2. Consumer debt increasing: Average credit card utilization grew to 35%, up 3% from April 2023 and 6% from April 2020.
3. New credit activity slowing: 44% of the population opened at least one new credit account in the prior 12 months, down from 45.5% in April 2023.
These trends suggest economic pressures are affecting household finances, with high interest rates and consumer prices contributing to increased missed payments and debt levels.
FICO, a global analytics software leader, has partnered with iSON Xperiences, Africa's largest business process outsourcing solutions company, to bring FICO's customer management capabilities to 15 African countries. This collaboration will integrate FICO's decisioning technology with iSON Xperiences' BPO & CX solutions, enabling businesses to better manage customers across their lifecycle.
iSON Xperiences will provide African banks, insurers, retailers, telecommunications providers, and other firms with FICO-powered solutions that enhance customer acquisition, management, and debt collection. These solutions will combine data, analytics, machine learning, and AI with human expertise to create meaningful customer interactions.
The partnership aims to help clients maximize customer value through data-driven innovation, focusing on understanding and predicting customer behavior and needs, and automating decisions based on these insights.
FICO has been named Teradata's 2024 Industry ISV Partner of the Year at the Teradata Possible event in Los Angeles. This recognition highlights the partnership between the two companies in creating AI-powered decision automation and optimization solutions for various industries. Their collaboration has resulted in advanced offerings for:
1. Financial services: Real-time payments fraud protection
2. Healthcare: Decision automation for complex medical claims
3. Retail, manufacturing, and transportation: Real-time forecasting and modeling for supply chain resiliency
The partnership aims to help businesses streamline processes, reduce costs, stop fraud, and accelerate innovation. Both companies emphasize the importance of trusted data and innovation in delivering business value and mitigating risk for their customers.
