UltraFICO™ Score

UltraFICO™ Score

The consumer-powered score. See where it can take you.

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Product Details

The UltraFICO™ Score is the latest innovation from FICO, a pioneer in pursuing new and alternative data to responsibly improve the credit score process and reach more consumers. With the UltraFICO™ Score, consumers are empowered to contribute their checking, savings or money market account data to be leveraged by the score, providing an unprecedented and broader view for lenders to assess credit worthiness.

Many consumers are still locked out of mainstream credit, including 79 million Americans who have sub-prime scores (680 or below) and 53 million Americans with not enough data on record for a FICO® Score to be generated.

Seven out of 10 consumers who exhibit responsible financial behavior in their checking and savings accounts could improve their score with the UltraFICO™ Score.

The UltraFICO™ Score adds bank transaction data with consumer consent to recalibrate an existing FICO® Score to help lenders broaden access to credit for the underbanked, make better decisions for those consumers who are near score cut offs, or in the case of an unscorable consumer to generate an UltraFICO™ Score.

Through real-time financial data aggregation, lenders can take a customer-centric approach to safely serving consumers, reinventing the credit experience as smart and inclusive.

SMART

  • Innovate with secure and authoritative DDA data and trusted analytics for a more comprehensive understanding of the consumer’s financial profile.
  • Compete more effectively by matching the best credit offer to the consumer in a crowded marketplace
  • Trust the same level of rigor and integrity as other FICO® Scores. The UltraFICO™ Score is designed to reflect the same odds-to-score relationship and framework to easily incorporate into lending strategies.

INCLUSIVE

  • Attract the underbanked – the self-employed, millennials, immigrant entrepreneur, migrant savers and remitters – and use credit as the anchor for long-term customer.
  • Expand your lending base by making responsible credit offers to consumer financial activity that were previously invisible using traditional credit information alone.
  • Give them a second chance - identify those consumers that may have suffered financial distress but are recovering and represent lower credit risk than older credit information may suggest.

INNOVATIVE

  • Gain the benefit of unprecedented risk insight driven by innovation of integrating cash flow dynamics into a consumer credit score.
  • Compliant reason codes are generated reflecting the deposit account data used for score calculation, just like any other FICO® Score.
  • Provide consumers with their UltraFICO™ Score and an explanation of the decision so they can improve the management of their checking and savings accounts, and see their score go up over time.

Consumers give permission to enable data aggregator, Finicity, to access the same financial information made available on-line by their banks but not available in a traditional credit bureau file. The UltraFICO™ Score is implemented through Experian to be more easily integrated into a lender’s operational work flows.

A lender would invite a consumer who is in the process of applying for credit to participate in the UltraFICO™ Score scoring process. The consumer may have been unscorable with the traditional FICO® Score due to sparse or stale credit bureau data or if the consumer had a FICO® Score that fell below the score threshold for a desired product or credit terms.

  • The 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

With the UltraFICO™ Score, you are empowered to enhance your score by leveraging checking and savings account data in the score you build. If you have a low score or no score at all, you have a chance to increase your score based on data you share.

The process is easy as 1-2-3

Reinvent the consumer credit experience
With the UltraFICO™ Score, consumers are empowered to enhance their score by leveraging positive checking and savings account data in the score they build.

‌  REAL-TIME FINANCIAL DATA AGGREGATION: Lenders can take a customer-centric approach to serving their customer base, reinventing their credit experience as Smart and Inclusive.

‌  TRUSTED DATA: Consumers’ checking and savings account information – which is not included in a consumer’s traditional credit file – can improve the predictive power of our credit score for more consumers.

  INNOVATION & ACCESS: The UltraFICO™ Score is the latest innovation from FICO, a pioneer in pursuing new and alternative data to responsibly improve the credit score process and reach more consumers.

‌  TRUSTED, INDEPENDENT STANDARD: FICO has been the independent, trusted leader in credit scoring for decades.

‌  MODERNIZE: Through a new digitized dimension of DDA data for faster, more competitive and better credit decisions.

‌  PRODUCTIVITY: Boost conversion rates and reduce incomplete applications while staff focuses on more challenging cases.

‌  CONSUMER ENGAGEMENT: Provide greater transparency of the financial information that is being used in credit decisions.

‌  COMPATIBILITY: The UltraFICO™ Score follows the same general blue-print as the traditional FICO® Score and is designed to be scaled the same.

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

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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.

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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...
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FICO Plans Big Shift in Credit-Score Calculations, Potentially Boosting Millions of Borrowers

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 ...