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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