MINNEAPOLIS—May 3, 2011—FICO (NYSE:FICO), a leading provider of analytics and decision management technology, today announced that it has extended a multi-year agreement with Equifax (NYSE: EFX) Canada to distribute the BEACON® Score to lenders and other businesses in Canada. The renewed agreement also sets out a commitment for the two firms to work together to release an updated version of BEACON® and to develop other innovative analytic solutions for the Canadian credit market.
“FICO Scores have been a critical part of the lending process in Canada for over 20 years,” said Greg Pelling, Vice President of Scores for FICO. “The long-standing partnership has been important to us, to the country’s banks and to the consumer economy. The extension of our distribution agreement ensures that the Canadian market will continue to benefit from stability, trust and choice when it comes to credit scoring.”
“BEACON® has served our Canadian customers well,” said Bill Stanwick, Vice President of Marketing for Equifax Canada. “Together with FICO, we’ll work to ensure that Canadian lenders have continuous access to BEACON® for making their business decisions.”
The newest version of BEACON® is expected to become available in the Canadian market later this year and will incorporate many of the latest FICO analytic advances.
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, the company leverages one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
Businesses – large and small – rely on Equifax for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools and much more. We empower individual consumers to manage their personal credit information, protect their identity and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. operates in the U.S. and 15 other countries throughout North America, Latin America, Europe and Asia. Equifax’s common stock is traded on the New York Stock Exchange under the symbol EFX.
BEACON® is a registered trademark of Equifax Canada Inc. in Canada.
About the FICO® Score
With over 10 billion FICO® Scores used worldwide to empower lenders to make credit decisions, the FICO® Score has become the standard measure of credit risk worldwide. FICO® Scores are used today in more than 20 countries on five continents, as well as all of the top 50 U.S. financial institutions and both the 25 largest U.S. credit card issuers and auto lenders. The latest FICO® Score version has already been adopted by more than 3,500 lenders worldwide.
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. FICO: Make every decision count™.
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, 2010, and its last quarterly report on Form 10-Q for the period ended December 31, 2010. 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 and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.
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