Living in a World run on Credit
Credit cards. For some they add convenience and for others they bring nothing but sorrow. The society we live in today runs on credit, and often, your credit score means everything. It evaluates your potential risk as a consumer and defines your ability to obtain things of value. The modern day FICO® Score is the best-known and most widely used score available here in the United States. “The FICO® Score is a number that summarizes your credit risk. Lenders use it to make credit decisions, such as the interest rate you get when you apply for a loan” (www.myfico.com)1. Your comprehensive FICO® score is a simple summary of risk as perceived by banks and lenders. It is based on several factors including your ability to make on-time payments, the length of your credit history and the capacity of credit used. The higher your FICO® score, the better deals you get. Simple.
“The FICO® Score is a number that summarizes your credit risk. Lenders use it to make credit decisions, such as the interest rate you get when you apply for a loan.”
Patent Rank as a FICO® Score
The Patent Rank system is direct parallel of the FICO® Score. Like FICO®, we take into account several components of a patent, evaluate them on a defined scale, and give you a score that expresses value. This score is both comprehensive and relevant in nature. It looks at all of the important characteristics of a patent such as quality, quantity, present value and predicted future value just to name a few. Also similar to FICO®, a Patent Rank is evaluated on a specified scale. This scale is based on the entire United States Patent and Trademark Office (USPTO) patent network just like FICO® is based on the entire U.S. credit network. Doing this ensures that you receive an accurate score that is relative to all other patents within the network. Knowing your Patent Rank opens up countless doors and provides incredible opportunities. It helps you make informed decisions. It helps you find information faster. It clears up confusion to avoid making mistakes. In its most basic form, Patent Rank produces results.
Patent Rank is the FICO score of the patenting world
We believe that comparing Patent Rank to FICO® explains our system in a relevant and easy to understand manner. Credit scores are decisive in today’s economic society, and so is Patent Rank in the world of intellectual property and entrepreneurial innovation. “Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO® Score to make consumer credit decisions” (www.myfico.com)1. Just like FICO®, Patent Rank will soon be the used by some of the largest U.S. financial institutions to make more informed decisions. We anticipate that one day Patent Rank will become part of the business vernacular among inventors, investors, lawyers, and in boardrooms. Bottom line – understanding your Patent Rank will help you make more informed decisions.
Patent Rank is the FICO® score for patents. Don’t you want to know what yours is?
1myFICO. Fair Isaac Corporation, n.d. Web. 23 April 2013.