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A Seismic Shift in Credit Scoring

Consumers are more empowered to shape their lives and lifestyles using a vast array of digital tools that are now available at the tap of their phone screens.

While digital tools and solutions have made it possible for consumers to be better informed about their credit scores and profiles, they haven’t been able to directly influence their score. Until now.

The recently announced UltraFICO™ Score, created using consumer contributed data in conjunction with FICO, Experian and Finicity, is a landmark event in credit scoring.  It’s a fundamental shift in the collection of credit related data that brings the consumer directly into the scoring process. In short, it further empowers consumers to use their personal financial data for their benefit. Read more about the UltraFICO™ Score in the announcement here or in the The Wall Street Journal here.

The process starts with a consumer securely permissioning the use of their financial data that is commonly found in monthly statements of checking, savings and money market accounts.  That data can be used to provide visibility into financial management behaviors that may improve their score and provide better access to credit. The UltraFICO™ Score includes factors such as length of bank account history and consistency in maintaining balances, in addition to traditional credit report information.  

This information wasn’t previously available to be used for scoring and its inclusion now allows consumers to provide reliable, historical data for a better informed credit score.  In some cases it provides enough data that those previously unscored or under-scored can be scored for the first time. Millions of consumers with limited credit history will benefit from improved access to mainstream financial products.

Consumers are now able to influence their credit score through their demonstration of everyday sound financial management  habits. They can put their financial data to use in finding lower interest rates or better credit offers and in some cases can become credit-worthy for the first time thanks to the extra data found in their checking, savings and money market accounts.