Fair Issacs a Brief HistoryOne needs to look at Fair Issacs the company as part of the education process of credit repair. Upon learning how they started and grew you will gain insight asto why this whole process is in place and how it will affect you. Fair Issacs How it all startedFair Issacs or Fair Issac Corporation was started in 1956 originally going by the name of Fair, Issac and Co. Inc. by two gentlemen by the name of William R. Fair and Earle J. Issac. The mission in mind was to help businesses make better decisions. These two were well equipped to realize that dream as they had met and worked together at Stanford Research Institute.There they performed operations research projects for the military which involves advanced analytic methods to improve decisions (or lots of complicated math to predict an expected outcome of a decision). So taking these skills into the private sector would be natural for anyone with an entrepenurial spirit and these two did have that spirit as a look at their company will show! ************************************************************* As their web site says...Bill Fair being an engineer and Earle Issac a mathematician started their company with only $400.00 each and a principle that data used intelligently can improve business decisions. They needed a computer to get their system up and going. At that time computers were huge and not plentiful. They started by borrowing the use of a computer from Standard Oil during non peak hours. Their first employee was Earle Follet who was already experienced in analyzing credit. ONWARD THEY WENT ************************************************************** Once the system was in place, they sent letters to 50 of the major credit grantors to explain the scoring system.
Beating the pavement and cold calling potential customers was the order of the day.
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