The launch of a new “ultra” credit score said to have the potential to improve credit access for the majority of Americans was announced by Experian, FICO and Finicity at the Money 20/20 USA conference. The new score will launch as a pilot early in 2019 and should become available to lenders by midyear.
The new UltraFICO Score, according to the firms, “leverages account aggregation technology and distribution capability from Experian and Finicity to help consumers improve access to credit by tapping into consumer-contributed data, such as checking, savings and money market account data, that reflects responsible financial management activity.”
Consumers grant permission for the firms to get access to information from bank statements, including how long accounts have been open, the frequency of activity and evidence of saving. Finicity electronically reads those statements and combines the data with consumer credit information from Experian “to provide an enhanced view of positive financial behavior.”