UltraFICO™ Score

UltraFICO™ Score

The consumer-powered score. See where it can take your business.

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Product Details

The UltraFICO™ Score provides a new dimension of insight that unlocks the potential of millions of consumers with positive financial profiles that extend beyond their traditional credit report. Now consumers are empowered to contribute their checking, savings and money market account data (Demand Deposit Account data – DDA) to enhance their FICO® Score, providing an unprecedented and broader view for lenders to assess credit worthiness. Attract new customers and take a fresh approach to serving your base, reinventing your customer credit experience as Smart and Inclusive.

Many consumers are still locked out of mainstream credit, including 79 million Americans who have lower scores (680 or below) and 53 million Americans without enough data on the credit bureau record for a reliable FICO® Score to be generated.

Seven out of 10 consumers in the U.S. who exhibit sound financial behavior in their checking and savings accounts see an UltraFICO™ Score that is higher than their traditional FICO® Score.

The UltraFICO™ Score algorithm adjusts the existing FICO® Score given the additional insight offered by the consumer permissioned DDA data.

This new approach helps lenders broaden access to credit for young or immigrant applicants building a credit profile as well as those reestablishing their financial standing following distress.

Lenders can make better decisions for those consumers who are near score cut-offs or unscorable consumers with an UltraFICO™ Score.

SMART

  • Differentiate and compete more effectively by matching the best credit offer to the consumer in a crowded marketplace.
  • Compliant reason codes reflect the demand deposit account data used for the score calculation, just like any other FICO® Score. 
  • Trust the same level of rigor and integrity as other FICO® Scores.  The new score is designed to reflect the same odds-to-score relationship to easily incorporate into lending strategies.

INCLUSIVE

  • Expand your customer base by making responsible credit offers to consumers who appeared below established credit thresholds or were previously invisible using traditional credit information alone. 
  • Attract credit builders or thin file / young applicants – the self-employed, gig-economy workers or immigrant entrepreneurs – and build lasting loyalty with new customer segments.
  • Give them a second chance - identify credit rebuilders that may have suffered financial distress but are recovering and represent lower credit risk than past credit information may suggest.

INNOVATIVE

  • Gain the benefit of unprecedented risk insight driven by integrating cash flow dynamics into a consumer credit score.
  • The FICO model considered tens of millions of records across many lending institutions to empirically quantify the relationship between how a consumer manages their Demand Deposit accounts and credit risk.
  • Innovate your credit strategy and customer experience, with secure, authoritative DDA data and trusted analytics for a more comprehensive understanding of the consumer’s financial profile.

UltraFICO™ Score algorithm adjusts the existing FICO® Score given the additional insight offered by the DDA data.

For many consumers with no score, UltraFICO™ Score will generate a new score.

How the UltraFICO™ Score Works:

  1. Once the consumer accepts, a score inquiry is made to Experian.
  2. In a digital origination environment, the consumer is directed to a secure site to answer questions about their existing DDA banking relationships. 
  3. Once the consumer selects their accounts and permissions access, Finicity compiles their summarized DDA transactions and sends to Experian. Experian hosts the scoring algorithm developed by FICO. The new UltraFICO™ Score consumes the DDA data obtained thru Finicity in addition to a traditional credit data housed at Experian. 
  4. The UltraFICO™ Score algorithm creates an adjusted FICO® Score given the additional insight offered by the DDA data (or in the case of unscorable consumers will generate a new UltraFICO™ Score if minimum scoring criteria are met).
  5. This score is then transmitted by Experian to the lender along with reason codes reflecting the data used for score calculation, just like any other FICO® Score. Additionally, DDA related predictive characteristics are provided.

Reinvent the consumer credit experience and see where it can take your business.

  Secure Data Aggregation: Finicity applies best in class third-party information security certifications for financial data, including PCI and SOC2. Adoption of, tokenized authentication methods and Durable Data FDX API standards adds even greater security.

‌  Trusted DDA Data: For the first time, consumers can incorporate their checking and savings account histories for greater precision in a national scoring system.

  Differentiation: Gain unprecedented risk insight driven by integrating cash flow dynamics into a consumer credit score, for faster, more competitive and profitable lending decisions.

‌  Customer Opportunity: Provide greater engagement and transparency with a more inclusive credit decision process and build lasting loyalty.

‌  The Trusted Standard: The UltraFICO™ Score follows the same blue-print design as the traditional FICO® Score and is engineered for easy adoption and interpretation.

The UltraFICO™ Score will initially be available through a small group of lenders as part of a limited pilot phase for consumers who cannot currently access credit or, in certain cases, could be eligible for better terms.

This initial pilot phase is designed for fine-tuning of the deployment of the score. As we complete the pilot phase, the UltraFICO™ Score will be more broadly available.

If you are interested in participating in this pilot or learning more please contact us to receive news and updates on availability.

Resources

Money 20/20 Keynote - New Frontiers in Credit Risk Scoring

Will Lansing, FICO CEO is joined by partners Experian and Finicity to discuss the future of consumer-permissioned data. As a participant in the credit decisioning world, learn how you can embrace more consumer interaction and control, to i...

Thought leaders discuss consumer permissioned data in scoring

Industry thought leaders, Finicity, Experian and FICO discuss the potential of consumer contributed data in credit scoring to responsibly improve the credit score process and reach more consumers.

Big Shift Could Help Boost FICO Credit-Score Calculations

Credit scores for decades have been based mostly on borrowers' payment histories. That is about to change. Fair Issac Corp, creator of the widely used FICO credit score, plans to roll out a new scoring system in early 2019 that factors ...

LendIt Keynote: Analytic Innovations Using Consumer Permissioned Data

If you missed the LendIt Fintech USA 2019 event, you can catch the keynote video here featuring FICO CEO Will Lansing and Alex Lintner at Experian discussing how consumer permissioned data will help lenders to responsibly and securely exte...