FICO Announces New System for Determining Credit Scores
October 23, 2018
FICO, one of the nation’s leading credit score companies, has announced plans for a new system that will take into account how potential borrows manage their finances. The new program is called UltraFico, and it will factor banking history, such as how long accounts have been open and any evidence of savings activity, into a potential borrower’s overall credit score.
The new system may result in increased scores for people who have a limited credit history or have had financial troubles in the past. FICO announced that close to 4 million consumers may see their credit scores increase by 20 points or more.
The new UltraFICO score is slated to be available to lenders starting in mid-2019.