Fair Isaac Corporation (NYSE:FIC), the leading provider of
analytics and decision management technology, today announced a
multi-year agreement with Korea Credit Bureau (KCB), the Republic of
Korea's premier provider of consumer credit information. KCB will
market and sell Fair Isaac's industry-proven Global FICO(R) score,
enabling lenders in that nation to sharpen their evaluation of
consumer risk, streamline decision processes and increase
profitability.
Global FICO score rank-orders consumers according to their credit
risk. Designed to be consistently scaled across credit bureaus and
across national borders, Global FICO score has established the global
standard for consumer credit risk assessment. The Fair Isaac
technology underlying the Global FICO scoring model enables quick
deployment in any country that has robust credit bureau data. Korea
Credit Bureau plans to provide Global FICO scores to financial
institutions and credit lenders starting in early 2007.
"Our alliance with Korea Credit Bureau opens a new chapter for
lenders in the Republic of Korea who serve the consumer credit
market," said Ron Totaro, vice president of Global Scoring at Fair
Isaac. "Global FICO score provides a way for lenders throughout the
country to quickly implement highly predictive risk assessment
solutions. By gaining better control of risk, they also can speed up
decision processes and increase their profits."
"Our member lenders founded the Korea Credit Bureau to improve the
quality of credit data in this market by sharing both positive and
negative data as advanced countries do," said Buhmsoo Choi, Ph.D. and
senior vice president of the credit evaluation department at Korea
Credit Bureau. "We expect that credit data of KCB will become more
powerful by being combined with Fair Isaac's proven, world-class
analytic science. By using Global FICO credit risk scores, it is
anticipated that lenders will be able to more accurately determine a
consumer's credit risk and can tailor their credit offerings to every
risk profile."
Fair Isaac developed its Global FICO score technology using
knowledge and experience it gained from analyzing a wide range of
credit data over many years. By addressing a variety of predictive
variables, the score technology accommodates a broad range of bureau
configurations and available data.
Global FICO(R) score may also assist lenders to meet their Basel
II and other regulatory compliance requirements. The scores are
complementary to custom application and behavior models, and can be
used alongside internal scores at all stages in the credit lifecycle
to improve decisions throughout the lending process, from marketing
and account origination to full portfolio management.
About Korea Credit Bureau
Korea Credit Bureau, which evaluates the creditworthiness of
individual consumers in a comprehensive manner as a premier credit
bureau in Korea, was established with the participation of 19 leading
financial institutions as shareholders in the Republic of Korea.
Unlike competing data providers, KCB, as the first-ever comprehensive
credit bureau in Korea, is collecting not only negative data such as
delinquency, but also a variety of positive data. KCB is aimed at
consolidating the credit infrastructure of a society under the slogan
of the "Common Asset of Korea Credit Business," and furthermore
becoming the world-class "Best Practice CB." For more information,
visit www.koreacb.com.
About Fair Isaac
Fair Isaac Corporation (NYSE:FIC) makes decisions smarter. The
company's solutions and technologies for Enterprise Decision
Management give businesses the power to automate more processes, and
apply more intelligence to every customer interaction. Through
increasing the precision, consistency and agility of their decisions,
Fair Isaac clients worldwide increase sales, build customer value, cut
fraud losses, manage credit risk, reduce operational costs, meet
changing compliance demands and enter new markets more profitably.
Founded in 1956, Fair Isaac powers hundreds of billions of decisions
per year in financial services, insurance, telecommunications, retail,
consumer branded goods, healthcare and the public sector. Visit Fair
Isaac online at www.fairisaac.com.
Fair Isaac Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements
contained in this press release that relate to Fair Isaac, including
statements regarding its Global FICO(R) score, and the relationship
described herein, and the benefits to be derived from the offering,
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 offering, the risks that
customers will not perceive material benefits from the offering,
failure of the product to deliver the expected results, the
possibility of errors or defects in the offering, regulatory changes
applicable to the use of consumer credit and other data, and other
risks described from time to time in Fair Isaac's SEC reports,
including its Annual Report for the year ended September 30, 2006, and
quarterly report on Form 10-Q for the period ended December 31, 2006.
Forward-looking statements should be considered with caution. 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, Global FICO and FICO 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
trademarks or registered trademarks of their respective owners.
