SANTA ANA, CA—October 10, 2011—CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that CoreLogic® Credco and FICO—the leading provider of analytics and decision management technology—signed an agreement to develop new credit risk scoring solutions for the U.S. mortgage industry. The new scoring solutions will leverage the unique data assets within the CoreLogic CoreScoreTM Credit Report announced last week, along with FICO’s industry-leading analytic expertise, to provide lenders increased visibility into borrower credit behavior and future credit risk.
“Lenders today need as much actionable consumer information as possible so they can safely grow origination volumes and avoid future losses,” said Greg Pelling, vice president of Scoring and Analytics for FICO. “CoreLogic’s unique data allows us to lever FICO’s deep analytic expertise and industry-standard mortgage score to create the consumer credit risk insights lenders need in today’s volatile market and for the future.”
The first credit scoring solution will combine the unique data contained in the CoreScore Credit Report with the industry-standard FICO® 8 Mortgage Score, producing a sharper, predictive view of the consumer. Future solutions will build on the first, leveraging application data to deliver additional loan level insight and support more intelligent and consistent lending decisions.
“By blending the unique data from CoreLogic with the analytic expertise of FICO, we will be able to deliver a new and more predictive credit score with our recently launched CoreScore Credit Report,” said Tim Grace, senior vice president of Product Management and Analytics for CoreLogic. “Together, this new credit report and credit score will provide the mortgage industry with increased visibility into consumer credit behavior and improved credit risk analysis. We envision this score as the first in a series of new scoring solutions that FICO and CoreLogic will create for use in the mortgage industry and beyond.”
For more information on the partnership and scoring solutions, stop by and see CoreLogic and FICO at the Mortgage Bankers Association 98th Annual Convention & Expo in Chicago, Illinois, October 9 – 12, 2011.
FICO (NYSE: FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company’s groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO’s innovative solutions include the FICO® Score — the standard measure of consumer credit risk in the United States — along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world’s top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com.
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CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CORELOGIC, the stylized CoreLogic logo and CREDCO are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.
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