Fair Isaac Rolls Out Global Credit Scoring Technology
Fair Isaac Corp. is rolling out a Global FICO score that seeks to expand credit scores all around the world. The company said that businesses operating outside the U.S., Canada, U.K. and South Africa, where credit scores are widely used, will now be able to use Fair Isaac's FICOcredit risk scoring technology to make lending decisions. Fair Isaac said the Global FICO score rank-orders consumers according to their credit risk and is consistently scaled across credit bureaus and across national borders.
It acknowledged that the depth, breadth and consistency of credit bureau data makes such score development difficult, saying it overcame the problem by building into its Global FICO scoring formula a flexible but "comprehensive library of variables to extract predictive value from the widest range of available credit data."