On May 4, the company received a patent for a credit score estimation system that helps consumers understand their credit scores and how to take action to improve their credit scores. The invention includes a score estimating tool, a best action simulation tool, an easy error correction tool, and a score improvement tool. In April FICO received a patent for an invention that analyzes healthcare reimbursement claims, using a probability-based sequencing model. This invention improves the identification of potentially fraudulent or abusive healthcare providers. This invention was developed to be part of the FICO(TM) Insurance Fraud Manager system, the basis of FICO’s partnerships with the largest healthcare management organizations in the United States.

Three other recent FICO patents address the problem of fraud. Manager system, which protects some 65% of the world’s credit cards. In the general area of analytic innovation, FICO was awarded a patent for a new method for simulating an analytic value chain. This invention uses analytics to determine how to optimize the profit of a portfolio of credit accounts by selectively extending credit line increases to individuals, based on simulation and development of “learning strategies.”  FICO’s other new patents are for a system that enables the configurable exchange of messages between software applications, and for a decision engine that facilitates the submission, receipt, and evaluation of a credit application in ASP mode.

FICO now holds 92 patents. The company filed for 4 more patents in the past few months, and currently has about 160 patent applications pending in the United States and other countries.  Source:  FICO Press Release

BIIA Newsletter May II – 2010 Issue