Consumer awareness of their credit and FICO® Scores has never been higher. Whether planning to buy a car, home or head to college, millions of consumers know and manage their credit score. Now financial inclusion innovation is on the horizon that will change the dynamic of the lender and customer relationship. Empowering consumers to have greater control over the information that is being used in credit risk management and enabling a deeper dialogue to help both parties make better financial decisions.
Earlier this week from Money 20/20, FICO, Experian, and Finicity announced a new credit score called UltraFICO™ Score. With UltraFICO™ Score, a consumer securely grants permission or ‘opts-in’ to contribute information such as checking, savings and money market account data, which can be compiled by Finicity and combined with consumer credit information from Experian to provide an enhanced view of positive financial behavior. The UltraFICO™ Score includes factors such as length of bank account history and consistency in maintaining positive balances. In addition, to traditional credit report information. Consumers who are relatively new to credit with limited history or those with previous financial distress that are getting back on their feet stand to benefit the most from this new score.
The UltraFICO™ Score will launch as a pilot program in early 2019. The pilot is designed to validate and assess the score with lenders as well as consumers across a broad spectrum including banks and FinTechs.
For more information regarding this groundbreaking partnership and new score, read the recent Wall Street Journal cover story: FICO Plans Big Shift in Credit-Score Calculations. Watch Good Morning America give the highlights of the new score for consumers. Hear firsthand the excitement surrounding the new UltraFICO Score on YouTube.
Lastly lenders and consumers can learn more by visiting: www.fico.com/en/products/ultrafico-score or www.fico.com/ultrafico.
