Factual Data and Fair Isaac Team Up to Help Businesses Explain the FICO Scores They Use to Make Key Decisions
New Score-Explanation Tools Developed to Help Mortgage Brokers, Lenders, Employers and Landlords Steer Applicants Toward Better Credit Health
LOVELAND, Colo. and SAN RAFAEL, Calif., July 1, 2002 -- Factual Data Corp. (Nasdaq: FDCC) and Fair Isaac Corporation (NYSE: FIC) today announced an agreement to create services for Factual Data customers that provide new access to expert analysis of their applicants' FICO(R) credit risk scores.
Selected Factual Data customers will be offered a score analysis with each FICO score and credit report they receive, appropriate for sharing with the consumer to help him/her better understand the FICO score used in the transaction. Customers also will be able to refer their applicants to a co-branded Web site where Fair Isaac will offer additional score insights and interactive tools, such as a score simulator for "what if" sessions designed to help applicants better understand how to improve their FICO scores over time.
"We are teaming up with Fair Isaac to answer a growing business need," said Dave Vinson, chief sales officer of Factual Data. "Today many consumer-facing business people use FICO scores when making important decisions but they can't explain the scores or credit scoring to the applicants who are impacted. This can be awkward and frustrating. The services we are planning with Fair Isaac will help our customers to better assist their applicants so they can understand their FICO score and the impact that their credit habits have on their score."
Sue Simon, vice president of myFICO at Fair Isaac, said, "Factual Data's new service will help remove the mystery for business people who are not experts on FICO scores. Just as important, it will give applicants a better understanding of their credit rating, helping them become better credit users and improve their credit health over time. People with deeper questions about their score or credit potential will be referred to our co-branded Web site for more guidance."
Leading bankers agree there is a strong need for this information. "One of the most insidious dilemmas consumers face is not understanding the impact of their FICO scores," said Jim Poole, senior vice president of The Savannah Bank, located in Savannah, Georgia. "The service proposed by Factual Data and Fair Isaac will offer an informative and interactive set of tools that provide consumers with comprehensive information they can use to enhance their borrowing power."
Factual Data currently provides decisioning information to 15,000+ banks, mortgage companies, apartment complexes, businesses, employers and other companies. Fair Isaac developed the industry-standard FICO score which is used to make billions of credit decisions each year including more than 75 percent of mortgage loan originations.
About Factual Data Corp.
Factual Data Corp. provides a wide range of customized information services to businesses across the United States that assist them in making critical decisions, such as determining whether to make a mortgage or other loan, offer employment, accept new tenants, or enter into a business relationship. Factual Data specializes in providing customized mortgage credit reports and other mortgage related services, consumer credit reports, employment screening, resident screening, and commercial credit reports.
Factual Data's customers include mortgage lenders and independent mortgage brokers, consumer lenders, employers, property managers, and other business customers desiring information regarding creditworthiness and other matters. Factual Data is an industry leader in delivering its service offerings over the Internet and in utilizing technology and customer service to provide its services with the speed, reliability, accuracy and customization that industry participants increasingly demand. Factual Data markets its services through its website, http://www.factualdata.com, and nationally through offices located in major metropolitan areas. Factual Data's common stock trades on the Nasdaq National Market(R) under the symbol "FDCC." For more information visit http://www.factualdata.com.
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 more than 25 billion 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 http://www.myFICO.com Web site, consumers use the company's FICO(R) scores, the standard measure of credit risk, to manage their financial health. As of August 5, 2002, the business of HNC Software Inc., a leading provider of high-end analytic and decision management software is part of Fair Isaac. For more information, visit http://www.fairisaac.com.
"Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward looking statements that involve a number of risks and uncertainties. Factual Data's actual results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to, changes in interest rates; strength of market demand for Factual Data's services; the effects of seasonality in the housing market; competition; the success of Factual Data's consolidation plan; Factual Data's ability to manage growth; Factual Data's ability to successfully develop and market new services, and political and military uncertainties. Please refer to documents that Factual Data Corp. files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac 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 myFICO(SM) offering, market acceptance of the offering, the risks that customers will not perceive material benefits from the offering, failure of the offering to deliver the expected results, the possibility of errors or defects in the offering, the company's ability to recruit and retain key technical and managerial personnel, the maintenance of its existing relationships with key alliance partners, competition, regulatory changes applicable to the use of consumer credit and other data, a lengthy sales cycle for our products, 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, 2002, and Form 10-Q for the period ended March 31, 2003. 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, FICO, myFICO and HNC are trademarks or registered trademarks of Fair Isaac Corporation, in the United States and/or in other countries. Other product and company names herein may be the trademarks of their respective owners.
SOURCE Factual Data Corp.
Web Site: http://www.myFICO.com