Fair, Isaac and Callcredit Issue 'Wake Up Call' to UK Consumer Credit Agencies; Lenders Gain Access to 'Gold Standard' Credit Scores for First Time.Business Editors SAN RAFAEL San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. , Calif. and LEEDS, UK--(BUSINESS WIRE)--March 6, 2001 The competitive heat for a slice of the UK's burgeoning (pound)120 million ($180 million) consumer credit market is about to be turned up dramatically through a new strategic partnership announced today in the UK and the US Fair, Isaac and Company, Inc. (NYSE NYSE See: New York Stock Exchange :FIC FIC First International Computer FIC Fogarty International Center (John E. Fogarty International Center for Advanced Study in the Health Sciences; National Institutes of Health) FIC Fellowship for Intentional Community ), the US-based architect of the top-rated FICO FICO See: Financing corporation (R) score, and Callcredit, a new consumer credit reference agency in the UK, said today their partnership will be the UK's first to deliver consumer credit scores directly over the Web to lenders throughout the UK This strategic move by Callcredit provides this newcomer to the well-established UK consumer credit market with a running start. It will introduce the scores in June as a key element of its service, which will gain the company quick market share and visibility. The UK's credit reference market is among the country's fastest-growing industries, with some 140 million credit applications processed annually. Currently, the UK's consumer credit reference agency market is dominated by two US-based giants, Equifax and Experian -- both of which offer their own proprietary credit scores to lenders in the UK However, with Fair, Isaac's scores widely acknowledged as the "gold standard" in the US and accounting for upwards of 75 percent of all US mortgage decisions, it is expected that Callcredit's new offering will present a formidable challenge to the UK market. Tom Grudnowski, Fair, Isaac's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , had this to say about his company's new partnership: "Precision is paramount when making important decisions concerning an individual's creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. . And Fair, Isaac has an impressive track record of bringing insight and intellect to these decisions, which allows us to create the most accurate prediction of how an individual will handle credit. We are delighted to be working with Callcredit to make this capability widely available in the UK" Fair, Isaac, which has serviced UK clients since the mid-1980s, is now deepening its focus on the UK credit market as part of its global expansion strategy. Callcredit's Managing Director, David Coates, said, "Callcredit intends to revolutionise the consumer credit market by offering UK lenders a flexible, speedy and cost effective service. We know from our experience that they have been requesting FICO scores FICO Score A standard credit score which makes up a substantial portion of a credit report that credit bureaus sell to lenders so they can asses an applicant's credit risk and whether to extend them credit. on UK bureau reports for several years as these are recognized as the best scoring capabilities. With this package as an integral part of our product offering, we are extremely excited about Callcredit's future prospects." About Fair, Isaac Fair, Isaac is a global provider of customer analytics and decision technology. Widely recognised for its pioneering work in credit scoring Credit scoring A statistical technique that combines several financial characteristics to form a single score to represent a customer's creditworthiness. , Fair, Isaac revolutionized the way lending decisions are made. Today the company helps clients in multiple industries increase the value of customer relationships. Fair, Isaac has made the Forbes list of the top 200 US small companies eight times in the last nine years. For more information, visit www.fairisaac.com, email info@fairisaac.com or call 1-800-999-2955. About Callcredit Callcredit (www.callcredit.plc.uk) is a new consumer credit reference agency created as a partnership between Dun & Bradstreet, the world's leading supplier of business to business products, and Skipton Building Society The Skipton Building Society is the seventh largest mutual lending and savings organisation (known as a building society) in the United Kingdom.[1] The Society was established in 1853 in Skipton, North Yorkshire. The headquarters are still in Skipton. , the UK's 6th largest building society and a recognised force in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. arena. This radical new business will revolutionise the credit reference industry by creating additional choice and by offering significant value to clients. Committed to utilizing newly developed technology, including Web-based solutions, Callcredit will provide innovative, flexible, speedy and cost-effective solutions to their clients. Note to Editors: Fair, Isaac and FICO are registered trademarks of Fair, Isaac and Company, Inc., in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and/or in other countries. Other product and company names herein may be the trademarks or registered trademarks of their respective owners. |
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