May 17, 2007 |
With sub-prime home loans going south at an alarming rate, is it time to revise a basic tool that lenders frequently use: the credit score. Fair Isaac Corp., which developed the FICO formula that credit bureaus use to determine credit scores, is expected to announce today that it will revamp its formula. The three-digit FICO score is widely used by lenders to gauge a borrower's ability to repay debt. It also helps creditors determine the interest rate and repayment terms of a loan.
November 5, 2006 |
Question: I recently moved here from abroad and was turned down for a rental because I have no FICO score. What is a FICO score, and how do I get one? Answer: The FICO score was developed by Fair, Isaac and Co. in 1956. It is applied to virtually every loan or financial request and rates the credit worthiness of an applicant. Generally, a FICO score falls between 300 and 850. A score below 600 indicates a bad credit risk, while above 713 is considered good credit.
August 14, 2005 |
What constitutes a "good" credit score, anyway? The answer, as for so many of life's questions, is: It depends. Until a week ago, I was under the impression that there was a score that separates good borrowers from bad. In fact, I thought it was 620 on an 850-point scale, because a major mortgage lender had told me so. I dutifully put this number in print, which provoked arguments among readers who said, no, absolutely not, the "good" number was 660. You must be crazy, others said: It's 680.
August 8, 2004 |
About 50 million Americans don't have enough credit to get credit, but that may change as a result of a scoring system recently launched by Fair Isaac Corp., the Minneapolis-based developer of consumer credit scores. Fair Isaac has developed an "extended" score that will pull information about people from nontraditional sources, such as payday lenders, rent-to-own furniture retailers and deposit accounts.
September 19, 2003 |
Fair Isaac Corp. purchased Diversified HealthCare Services Inc. in a deal that Fair Isaac expects will add $20 million to fiscal 2004 revenue, the company said. Terms weren't disclosed. San Ramon, Calif.-based Diversified provides medical bill review products and services for workers' compensation insurers. A survey of six analysts by Thomson First Call projects Fair Isaac will have $722 million in revenue for the fiscal year ending September 2004. Fair Isaac shares rose 51 cents to $59.
April 30, 2002 |
Software company Fair, Isaac & Co. said it would buy smaller rival HNC Software Inc. for more than $700 million, strengthening business in analytical products including credit card fraud detection. HNC, based in San Diego, develops software that predicts patterns of human behavior from databases that track transaction histories. Some of its major customers include financial institutions such as JP Morgan Chase, telephone companies including AT&T Corp. and retailers such as Wal-Mart Stores Inc.