Fair Isaac Corp - FICO STOCK NEWS

The Federal Housing Finance Agency (FHFA) has approved the use of FICO® Score 10 T by Fannie Mae and Freddie Mac for conforming mortgages. This new score enhances predictive power for lenders, potentially increasing mortgage originations by up to 5% and reducing default risk by 17%. FICO Score 10 T utilizes trended credit bureau data, providing a historical view of credit management. This advancement aims to improve lending decisions while maintaining stability in scoring criteria.

FICO reports inconsistent consumer behavior in the UK credit card market during summer 2022, showcasing a 14% year-on-year increase in average sales. The average total sales were £790 in June and July, rising to £810 in August. However, missed payments show a concerning trend with a steep increase in cardholders missing multiple payments, suggesting financial distress among consumers. Cash sales on credit cards surged by 6.7% in June, highlighting dependence on credit. Lenders are advised to engage with consumers showing signs of financial difficulty.

FICO (NYSE:FICO) has approved a new stock repurchase program allowing up to $500 million in buybacks of its common stock. This program follows the completion of a previous buyback initiative that ran from January 2022 to October 2022. The new program is open-ended, enabling shares to be repurchased in the open market and through negotiated transactions, potentially increasing shareholder value and confidence in FICO's future performance.

Naomi Palmer, a fraud consultant at FICO, received the silver award for ‘Team Player of the Year’ at the Women in Credit Awards 2022 held on September 21 in London. With seven years of experience in the UK credit industry, Palmer has positively impacted over 40 FICO clients worldwide, enhancing fraud management systems. Her expertise includes developing fraud detection rules that help banks navigate complex regulatory environments and adapt to new payment challenges.

FICO has announced its independent judging panel for the 2023 FICO Decisions Awards, which recognizes businesses utilizing analytics and decision management technology for improved outcomes. Nominations are open until October 28, 2022, across ten categories including AI, Machine Learning, and Fraud Management. The winners will be revealed on January 26, 2023, during FICO World in Hollywood, Florida, on May 16-19, 2023. FICO aims to honor significant contributions from diverse global leaders in various industries.

FICO will host a free financial education webinar titled 'Score A Better Future' on September 29, 2022. The event features experts including Lynnette Khalfani-Cox and Nadja Vital, focusing on the significance of FICO® Scores in homeownership. Participants will learn about mortgage options, score requirements, and receive free credit reports and coaching via Operation HOPE. This initiative aims to improve financial literacy and empower attendees in their home-buying journeys.

FICO (NYSE: FICO) announced that SIMAH has won the 2022 FICO® Decisions Award for its efforts towards financial inclusion in Saudi Arabia. The introduction of the FICO® Score has allowed millions of Saudis to access loans since its launch in 2011. SIMAH's collaboration with lenders and consumer education initiatives have improved credit access, demonstrating a positive impact on financial inclusion. The FICO® Score's predictive capabilities have enabled lenders to expand their portfolios by accurately assessing borrowers, allowing them to tap into previously underserved markets.

FICO has been awarded eleven new patents focusing on fraud, AI/ML, and digital decisioning, increasing its portfolio to 208 active patents and 83 pending applications. These patents enhance FICO's technologies for ethical AI and machine learning, aimed at improving decision-making systems. Innovations include advanced fraud detection methods and analytics solutions integrated into their product offerings like FICO® Falcon® Fraud Manager and FICO® Siron® Anti-Financial Crime Solutions. FICO continues to solidify its position as a leading AI innovator in the financial services sector.