SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                             -----------------------

                                    FORM 8-K




                      CURRENT REPORT PURSUANT TO SECTION 13
                 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


         DATE OF REPORT (date of earliest event reported): MAY 15, 1998


                             Commission File Number
                                     0-16439



                      FAIR, ISAAC AND COMPANY, INCORPORATED
             (Exact name of registrant as specified in its charter)




           DELAWARE                                              94-1499887
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)


              120 North Redwood Drive, San Rafael, California 94903
               (Address of principal executive offices)    (Zip Code)

       Registrant's telephone number, including area code: (415) 472-2211




ITEM 5. Other Events


As of May 15,1998, the Company entered into a synthetic lease agreement to lease
undeveloped land in San Rafael, California and improvements comprising the first
phase of an office  complex  facility to be constructed on the land. A synthetic
lease  is  asset-based  financing  structured  to  be  treated  as a  lease  for
accounting purposes but as a loan for tax purposes.  The office complex facility
is intended to accommodate the future growth of the Company.

The Company had exercised an option ("the  Option") to purchase the  undeveloped
land in December,  1997,  at an  approximate  cost of $9.35 million plus certain
other  costs  incurred  by the seller as defined  in the Option  agreement.  The
Option  was  assigned  to the  lessor in  connection  with the  synthetic  lease
transaction.  The lessor under the synthetic  lease has committed to spend up to
$55 million for the purchase of the land and construction of this first phase of
the facility, and the Company will act as construction agent for the lessor. The
lease term begins as of May 15, 1998 and continues thereafter for five years for
the land and,  when they are  constructed,  will  incorporate  the buildings and
other  improvements  that will comprise the first phase of the facility.  Rental
payments  will  commence  on  completion  of  construction.  The  completion  of
construction is expected to occur in January, 2001. With the approval of lessor,
the  Company may extend the lease term for up to three  one-year  periods or one
three-year  period.  The  Company has the option  either to purchase  the entire
facility at a purchase price approximating lessor's then accumulated total costs
or only certain  portions of the facility at a pre-set price, at any time during
the term or the Company can re-market the facility to a third party.



                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.





                                           FAIR, ISAAC AND COMPANY, INCORPORATED


DATE: June 12, 1998




                      By:             /s/ PETER L. MCCORKELL
                          ----------------------------------------------------
                                          Peter L. McCorkell
                                          Senior Vice President, 
                                          Secretary and General Counsel

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