With the UltraFICO™ Score, consumers are empowered to contribute their checking, savings and money market account data to enhance their FICO® Score, providing an unprecedented and broader view for lenders to assess creditworthiness. The new scoring algorithm adjusts the existing FICO® Score given the additional insight offered by the consumer permissioned demand deposit account (DDA) data. In the case of traditionally unscorable consumers, it will generate an UltraFICO™ Score if its minimum scoring criteria is met. This new approach can help lenders broaden access to credit for the underbanked, make better decisions for those consumers who are near score cutoffs, or serve new customers who may not have a standard FICO® Score. By simply and securely linking a consumer’s demand deposit accounts, the UltraFICO™ Score can enhance their FICO® Score based on indicators of financial behaviors that have shown to correlate with credit repayment, such as: Length of time accounts have been open Recency and frequency of bank transactions Evidence of consistent cash on hand History of positive account balances
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