New FICO Score Type Announced-The UltraFICO Score
FICO, Experian and Finicity announced a new type of FICO Score – the UltraFICO Score – that may give consumers the ability to have their banking history help them earn credit approvals. This is according to an October 22, 2018 article in bankrate.com by Matthew Goldberg.
This news could mean an automatic upward shift in credit scores for millions of consumers. Credit unions using credit scores to price or approve credit may need to adjust their modeling until the full impact of the changes is known.
TCT’s Credit Migration modeling helps credit unions manage the risk in their loan portfolios.