Another New Credit Score May Not Help You
Credit Scoring Improvements
Credit card issuers want accurate ways to assess risk while opening credit lines to potential new customers. The credit scoring system they choose plays a huge role.
In recent years, both the VantageScore and Fair Isaac Corporation (FICO) systems have released newer versions expected to help consumers who are fiscally responsible but have little or no credit history to judge. The newest such scoring system, UltraFICO, is a joint effort from FICO, the credit reporting agency Experian, and the financial data sharing and management company Finicity.
The UltraFICO pilot program was announced at the October Money 20/20 USA conference in Las Vegas, with an expected launch date of early 2019.
What makes UltraFICO different? Like other scoring system improvements, it uses financial information that isn't normally reported to the credit reporting agencies. U...
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