New Credit Scoring Model Would Boost Scores

A new credit scoring model could have major impacts on the credit scores of Americans, says HousingWire's Kelsey Ramirez.
UltraFICO, would look at more than just information reported to the three credit-reporting firms, Experian, Equifax and TransUnion. It would go deeper still and look at the consumer’s banking data, including their checking and savings accounts, in order to see how the applicant manages their money. FICO explained that its new model will help expand access to credit.
The consumer will grant permission to contribute information from their bank statements, including the length of time accounts have been open, frequency of activity and evidence of saving. The information will be electronically read by Finicity and combined with consumer credit information from Experian. The three companies estimate the new model will provide the most benefit to consumers with credit scores in the upper 500s and lower 600s.
FICO said it will launch UltraFICO’s pilot program in early 2019.

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