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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.
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:
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.
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