TORONTO, August 8th, 2018 – Equifax® Canada today announced that it has extended a long-standing partnership with FICO to distribute FICO® Scores to lenders and other businesses in Canada. Building on a partnership of nearly 30 years, the agreement renews a commitment that the two firms will continue working together to develop new innovative analytic solutions for the Canadian market.
As part of this renewed agreement, credit scores which have been previously distributed under the brand name BEACON®, will now be delivered under the FICO brand name as FICO® Scores based on Equifax Data. FICO Score 8 based on Equifax Data, which was previously called BEACON 9.0, will continue to leverage Equifax mortgage data. It will also continue to provide substantial improvement in predictive power compared to prior scores.
“Our continued relationship with FICO underscores Equifax Canada’s dedication to delivering innovative insights to the Canadian market,” said Lisa Nelson, president of Equifax Canada. “The FICO Score has served Canadian customers well, and continuing to offer it as part of our product suite ensures we are providing a comprehensive selection of scores that empower our customers to make better business decisions.”
“The extension of this agreement ensures that the Canadian market will continue to benefit from one of the most predictive, trusted credit scoring tools for risk management,” said Kevin Deveau, Vice President and Managing Director, FICO Canada. “The FICO Score is a critical part of the lending process in Canada.”
Equifax is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs 10,800 employees worldwide.