Profile of FICO, a Major Credit Rating System
FICO stands for Fair Isaac Corporation. This is a company that now uses numerical scores to help determine credit rating.
This company was founded by Bill Fair along with help from Earl Isaac, a mathematician. When FICO started out they provided consulting services and counseled businesses as far as management is concerned.
The FICO credit score that you hear about has become one of the number one credit scoring systems in the world. It is the most used and recognized credit rating system used by bank lenders and unsecured debt companies.
A Bit of History
The Fair Isaac Corporation was first established in 1956. In 1958, FICO started to build credit scoring systems. The first launching of this rating system took place in 1970.
In 1975 was when the first scoring system was used to determine whether or not a person was a high risk financially to bank lenders and other consumer creditors.
The FICO Company has achieved much more regarding building and implementation of credit rating systems since its inception. In 2008, for example the Fair Isaac Corporation released Debt Manager 7.
Actually, the name of Fair Isaac Corporation is officially changed to FICO as of 2009. However, this is the same company that had always existed.
Today FICO has branched out. They now do large scale and small business consulting all around the world. They have a global presence and are well-known just about anywhere, helping both businesses and consumers.
One area of decision making the formerly-named Fair Isaac Corporation deals with today is helping small companies and large corporations make sound investment decisions. Of course, FICO also helps determine what investments companies can even make in the first place.
The FICO company also provide the following:
- Fraud, collections, and recoveries counseling
- Analytics consultations
- Customer strategy assistance
FICO also shows businesses how to achieve a return on an investment. In the process, a long-term financial plan helps improve an overall commercial or professional organization.
In addition to consultation, this very influential corporation provides teaching and training. This education is extended to clients and partners of the FICO organization.
Classes and seminars are offered to all clients and associates interested in learning all aspects of project management and consulting. They also provide group workshops and trainer-to-trainer programs.
All this is done by FICO, one of the worlds leading credit rating establishers. They more than just maneuver numbers, in that they encourage professionalism in individuals and businesses.