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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.
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.
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.
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