Editing FICO (section)

== History ==
FICO was founded in 1956 as Fair, Isaac and Company by engineer William R. "Bill" Fair and mathematician [[Earl Isaac|Earl Judson Isaac]].<ref name="businessweek">{{Cite news|url=http://www.businessweek.com/stories/2008-02-06/credit-scores-not-so-magic-numbers|archive-url=https://web.archive.org/web/20120814173235/http://www.businessweek.com/stories/2008-02-06/credit-scores-not-so-magic-numbers|url-status=dead|archive-date=August 14, 2012|title=Credit Scores: Not-So-Magic Numbers|date=2008-02-06|author=Dean Foust|author2=Aaron Pressman|newspaper=Bloomberg.com|access-date=2014-11-02}}</ref> The two met while working at the [[SRI International|Stanford Research Institute]] in [[Menlo Park, California]].<ref name="startribune">{{Cite web|url=http://www.startribune.com/business/185665572.html|title=Fair Isaac moving its HQ back to California|date=2013-01-04|author=Jennifer Bjorhus|website=[[Star Tribune]] |access-date=2014-11-02}}</ref> Selling its first credit scoring system two years after the company's creation,<ref name=hist>[https://www.fico.com/en/about-us#our_history About Us&nbsp;{{!}} FICO]&nbsp;— FICO official Web site</ref> FICO pitched its system to fifty American [[Creditor|lenders]].<ref name="marketplace">{{Cite web|url=http://www.marketplace.org/topics/your-money/how-i-learned-stop-worrying/brief-history-credit-score|title=A brief history of the credit score|date=2014-04-22|author=Adriene Hill|access-date=2014-11-02}}</ref>

FICO went [[public company|public]] in July 1987<ref>{{Cite web |date=December 30, 1996 |title=Notice of Annual Meeting of Stockholders of Fair, Isaac and Company, Incorporated |url=https://investors.fico.com/node/13956/html |access-date=June 13, 2023 |website=FICO.com}}</ref> and is traded on the [[New York Stock Exchange]].<ref name=businessweek /> The company debuted its first general-purpose FICO score in 1989.<ref name=nytimes /> FICO scores are based on credit reports and "base" FICO scores range from 300 to 850,<ref name=nytimes /> while industry-specific scores range from 250 to 900.<ref>{{Cite web |url=http://www.myfico.com/credit-education/credit-report-credit-score-articles/ |title=What is a FICO score? |website=MyFICO.com official website |publisher=Fair Isaac Corporation |access-date=2016-11-11}}</ref>

Lenders use the scores to gauge a potential borrower's creditworthiness.<ref name="nytimes2">{{Cite web | url=http://bucks.blogs.nytimes.com/2012/05/03/report-finds-improvement-in-credit-scores/|title=Report Finds Improvement in Credit Scores|date=2012-05-03|author=Ann Carrns|access-date=2014-11-02}}</ref>

[[Fannie Mae]] and [[Freddie Mac]] first began using FICO scores to help determine which American consumers qualified for mortgages bought and sold by the companies in 1995.<ref>{{Cite web|url=http://www.benbest.com/business/credit.html|title=North American Credit Scoring & Reporting |publisher=benbest.com |date=2009-12-04 |access-date=2015-05-13}}</ref>

===Name changes===
Originally called Fair, Isaac and Company (hence the abbreviation FICO), this name was changed to Fair Isaac Corporation in 2003.<ref name=hist/>

===Headquarters moves===
Originally based in [[San Rafael, California]], FICO moved its headquarters to [[Minneapolis, Minnesota]], in 2004, a few years after Minnesota resident Thomas Grudnowski took over as CEO.<ref>{{Cite web | url = http://www.sfgate.com/business/article/Fair-Isaac-moving-its-hub-Most-company-2760210.php | title = Fair Isaac moving its hub / Most company executives already set up in Minnesota | author = Dan Fost | date=11 May 2004 | access-date = 21 October 2014 | publisher = SFGate}}</ref> In 2013, it moved its headquarters to San Jose, California, a year after CEO William Lansing joined.<ref name=mercurynews>{{cite news | url = http://www.mercurynews.com/ci_22307524/fico-moves-headquarters-san-jose | title = FICO moves headquarters to San Jose | author = Pete Carey | date = 4 January 2013 | access-date = 21 October 2014 | newspaper = Mercury News}}</ref> In 2016 it opened an office in Bozeman, Montana which later became its headquarters.<ref>{{Cite web |title=Silicon Valley Analytics Pioneer FICO Announces Expansion in Bozeman, Montana |url=https://www.fico.com/en/newsroom/silicon-valley-analytics-pioneer-fico-announces-expansion-bozeman-montana |access-date=2022-09-21 |website=FICO |language=en}}</ref>