Monday, September 29, 2014

FICO Announces Licensing Agreement with MicroBilt for FICO Expansion Scores | Business Wire

MINNEAPOLIS–(BUSINESS WIRE)–FICO (NYSE:FICO), the leading provider of analytics and decision


management technology, announced today that MicroBilt Corporation,


Kennesaw, GA, will be the exclusive licensee of the FICO® Expansion®


score. Under the agreement, MicroBilt, a provider of risk management


information and services to small and medium-size enterprises, has the


rights to use FICO’s scoring model in the United States to calculate and


sell FICO Expansion scores to lenders and businesses that grant credit.


FICO developed the FICO Expansion score to help lenders assess the


credit risk of an estimated 50-70 million U.S. consumers who have either


no traditional credit history or “thin” credit bureau files. This


diverse population includes students, senior citizens and recent


immigrants. The scoring model bases the score on a variety of


non-traditional credit data such as subscription memberships, deposit


account activity and utility histories. The resulting scores have the


same 300-850® score range as the traditional FICO® score and


can be used to complement the traditional score. As a result, businesses


and financial institutions can grant credit confidently to responsible


consumers who are capable of meeting their obligations but lack


established credit histories.


Under the terms of the agreement, FICO will retain ownership of the FICO


Expansion score model and its development, and the data sources


underlying the FICO Expansion score will not change. The licensing


agreement will streamline the process for businesses to obtain scores


for credit applicants through MicroBilt. MicroBilt will obtain the


underlying data directly from the providers, enabling the firm to


process applications seamlessly that might benefit from the inclusion of


non-traditional credit data. In addition, MicroBilt has direct links to


the three major credit bureaus, which means clients can get both the


traditional FICO score and the FICO Expansion score from a single


source, without the need for multiple connections and complex workflows.


“Small and medium-size businesses have been hard hit by the recession.


They need to be able to extend credit to thin and no-file consumers to


build sales, move inventory and add jobs,” said Walt Wojciechowski, CEO


of MicroBilt. “The FICO Expansion score evaluates the most comprehensive


set of non-traditional credit data in the market, making it the most


reliable indicator of creditworthiness in the absence of traditional


credit history. Our agreement with FICO will benefit our clients and


their customers alike. It will accelerate the strategy we have been


following since our acquisition of PRBC last year: becoming the premier


provider of alternative credit servicers to companies serving un-banked


America.”


“MicroBilt was our first reseller of the FICO Expansion Score, and its


strong relationships with lenders are a major factor in broadening the


score’s appeal in the market,” said Robert Duque-Ribeiro, vice present


and general manager of Scoring for FICO. “We are extending this


partnership because MicroBilt’s market focus will provide additional


convenience and support to clients who want to extend credit to thin and


no-file consumers.”


About MicroBilt


MicroBilt Corporation is the single source and preferred provider of


decision critical information that responsibly assists businesses in


reducing risk and managing their business. MicroBilt provides online


access to consumer and commercial credit bureau data with automated


decisioning and collection services. MicroBilt also offers additional


data products, which include a basic person search, criminal conviction,


bankruptcy, liens, judgments, motor vehicle, employment background and


bank history reports at www.MicroBilt.com


or through a direct interface utilizing their systems integration tool


kit. For more information visit www.microbilt.com.


About FICO


FICO (NYSE:FICO) transforms business by making every decision count.


FICO’s Decision Management solutions combine trusted advice, world-class


analytics and innovative applications to give organizations the power to


automate, improve and connect decisions across their business. Clients


in 80 countries work with FICO to increase customer loyalty and


profitability, cut fraud losses, manage credit risk, meet regulatory and


competitive demands, and rapidly build market share. FICO also helps


millions of individuals manage their credit health through the www.myFICO.com


website. Learn more about FICO at www.fico.com.


Statement Concerning Forward-Looking Information


Except for historical information contained herein, the statements


contained in this news release that relate to FICO or its business 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 the


success of the Company’s Decision Management strategy and reengineering


plan, the maintenance of its existing relationships and ability to


create new relationships with customers and key alliance partners, its


ability to continue to develop new and enhanced products and services,


its ability to recruit and retain key technical and managerial


personnel, competition, regulatory changes applicable to the use of


consumer credit and other data, the failure to realize the anticipated


benefits of any acquisitions, continuing material adverse developments


in global economic conditions, and other risks described from time to


time in FICO’s SEC reports, including its Annual Report on Form 10-K for


the year ended September 30, 2008, and its quarterly report on Form 10-Q


for the period ended June 30, 2009. If any of these risks or


uncertainties materializes, FICO’s results could differ materially from


its expectations. FICO disclaims any intent or obligation to update


these forward-looking statements.


FICO, FICO Expansion, and 300-850 are trademarks or registered


trademarks of FICO, in the United States and/or in other countries.


Other product and company names herein may be trademarks or registered


trademarks of their respective owners.






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