FICO, the company that assigns credit scores, has moved their headquarters from Minneapolis to San Jose, California. The company was originally founded in 1956 in Menlo Park, California.
FICO plays a huge role in consumer lending – including who is approved for credit cards – by providing credit scores for consumers based on a formula they developed.
Credit scores are used by banks, credit card issuers, insurance companies, government agencies, landlords and employers to measure a person’s creditworthiness. FICO scores take into account credit behavior including payment history, types of credit utilized, debt-to-credit ratio, and other factors when assigning credit scores to consumers.
Why the move?
FICO said the reason for relocating is to increase the company’s profile in the world of technology. They currently have 90 employees at the new San Jose site and plan to add engineers and analysts in the coming months.
Their move from Minneapolis to the Silicon Valley – home of tech giants like Google, Apple, and Yahoo!– was so they could “more readily build upon our company’s deep talent pool, collaborate with other big thinkers in the world’s premier technology hub, and provide our customers worldwide with powerful innovations that will help them compete more effectively in the era of Big Data,”according to Will Lansing, CEO of FICO.