Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  KALUSTIAN JAMES M
 2. Date of Event Requiring Statement (Month/Day/Year)
05/04/2006		 3. Issuer Name and Ticker or Trading Symbol
FAIR ISAAC CORP [FIC]
(Last)
(First)
(Middle)
901 MARQUETTE AVE., SUITE 3200		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice President
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

MINNEAPOLIS, MN 55402		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
No non-derivative securities owned 0
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) 12/20/2006(1) 12/19/2012 Common Stock 20,000 $ 43.58 D  
Non-Qualified Stock Option (right to buy) 06/09/2006(2) 06/08/2015 Common Stock 10,000 $ 35.59 D  
Non-Qualified Stock Option (right to buy) 11/10/2005(3) 11/14/2014 Common Stock 26,500 $ 32.01 D  
Incentive Stock Option (right to buy) 01/01/2001(4) 08/10/2006 Common Stock 106 $ 83.74 D  
Incentive Stock Option (right to buy) 02/08/2002(5) 02/08/2009 Common Stock 4,180 $ 40.56 D  
Incentive Stock Option (right to buy) 01/17/2004(6) 07/17/2007 Common Stock 4,932 $ 12.45 D  
Incentive Stock Option (right to buy) 02/08/2002(5) 02/08/2009 Common Stock 12,540 $ 40.56 D  
Incentive Stock Option (right to buy) 01/30/2005(7) 07/30/2008 Common Stock 4,180 $ 35.05 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
KALUSTIAN JAMES M
901 MARQUETTE AVE.
SUITE 3200
MINNEAPOLIS, MN 55402		       Vice President  

Signatures

/s/ Nancy E. Fraser, Attorney-in-fact 05/12/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This option vests in four equal installments commencing on December 20, 2006.
(2) This option vests in four equal installments commencing on June 9, 2006.
(3) This option vests in four equal installments commencing on November 10, 2005.
(4) This option vests in three equal installments commencing on January 1, 2001.
(5) This option vests in five equal installments commencing on February 8, 2002.
(6) This option vests in four equal installments commencing on January 17, 2004.
(7) This option vests in four equal installments commencing on January 30, 2005.

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