Friday, May 25, 2012

Fair Isaac is FICO™

A company called Fair Isaacs takes information from the credit reports at any of the three major credit bureaus and then uses a proprietary algorithm to reduce dozens of pages or more into one single number called a credit score. It does not do this for free. Every time someone pulls your credit score, they pay. They may pay a lot or they may pay a little depending upon their agreement with Fair Issac, but they do pay. You can’t give something that costs you money for free unless you have another way to make more money than you are paying out.

Update: Read here about an opt-in service Credit Karma review credit monitoring as a free additional service.
There are multiple reasons for thinking this service isn’t legitimate, but the main one is that credit scores are not free.
Credit scores are not free for you, they are not free for banks, they are not free for car dealers, they are not free for anyone. Credit scores are the “why didn’t I think of that” invention of the century where personal lending is concerned.

The Goals of our Identity Theft Services are to:

  • remove the negative accounts associated with your credit report, name, and financial contacts;
  • prevent future id theft through complex credit monitoringsoftware and allow you to continue building positive credit.
We do not believe in placing a fraud alert on your credit reports, preventing future activity, is a solution -  Just like we wouldn’t suggest welding all your windows and doors shut to stop unwelcomed visitors – Unless you have no plans of ever going outside.

The Falcon Credit Management of today is a specialized company of professionals dedicated to providing a wide-range of high-quality financial, credit & debt restructuring services to individuals and businesses. Our goal is to raise our clients to the point where they use credit and debt to their advantage while improving their entire financial situations – Just like major corporations.


A Premier Full Service Credit & Debt Management Company

 

Falcon Credit Management is the first and only company in Nevada to receive the covered service provider, credit service organization and debt adjuster licenses enabling them to provide full service credit and debt management and restructuring services. The Nevada Limited Liability Company is unique in that it addresses all aspects of a portfolio for consumers and businesses including: bankruptcy counseling, loan modification, credit worthiness, debt settlement, Independent Foreclosure Review, and life coaching to assist with the relationship and emotional consequences of financial hardship/responsibility.



Learn more about FICO® scores

FICO® Economic Impact Index

Make credit risk decisions that adjust to anticipated changes in macro-economic conditions.
Learn more about FICO® Economic Impact Index

FICO® Credit Capacity Index™

Improve your risk assessment by measuring the ability of consumers to handle additional debt.
Learn more about FICO® Credit Capacity Index™

FICO Expansion® Score

Assess the risk of consumers without FICO® scores by analyzing alternative data
Learn more about FICO Expansion® Score

Additional Credit Scores

FICO® Bankruptcy Scores

Identify which accounts are most likely to result in bankruptcy losses.
Learn more about FICO® Bankruptcy Scores

FICO® Revenue Scores

Identify which revolving credit accounts will generate the most revenue.
Learn more about FICO® Revenue Scores

Credit Scoring Services

FICO® Score Trends

Drive strategy improvements with semiannual FICO® score trend reporting, including by region, loan product and credit lifecycle.

FICO® PreScore® service

Execute more profitable prescreening campaigns using FICO credit bureau score delivery, strategy consulting and campaign analytics.

Health Care Scores

FICO® Medication Adherence Score

Improve program planning and resource allocation by predicting a patient’s risk of medication non-adherence.

Insurance Scores

FICO® Insurance Risk Scores

Assess the risk of insurance applicants or policyholders, based on rich credit reporting agency data.
Learn more about FICO® Insurance Risk Scores

Consumer Empowerment

myFICO® service

Help your customers manage their financial health with education and products from our online myFICO® service.
Learn more about myFICO® service

Mortgage Recovery Initiative

FICO® Mortgage Risk Analyzer

Identify your mortgage customers who are in greatest need of assistance, before they have accelerated into delinquency status.

FICO® Mortgage Response Analyzer

Identify the best methods for reaching your mortgage customers for maximum response and success, in order to make your remediation campaigns more successful.

FICO® Mortgage Portfolio Optimization

Make the best possible match of loan product offers to your at-risk customers, to meets their needs while preserving loan portfolio value.

FICO, Falcon, Credit Capacity Index and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.


About FICO
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™.
(This is bullshit, though, because the people I know who are great with money have a worse score than those who are idiots with money. You can get a high score using credit cards often, but paying interest all of the time makes you an idiot.)
For FICO news and media resources, visit www.fico.com/news.




FICO now holds 122 U.S. and foreign patents, and has 98 patent applications pending in the United States and other countries.



“FICO has an air of solidity,” commented Dana Wiklund, research director at Financial Insights. “It stands for predictive power and analytical consistency – ideas that for many years have resonated strongly with the financial services industry.”
About FICO™
FICO™ (NYSE:FIC) 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.comwebsite.

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