How can you take advantage of UltraFICO?
- Its a opt in credit model that uses information from your checking, savings, or money market accounts to supplement data already in your credit report.
Target Audience - Those with thin files or little credit history - People trying to rebuild after personal financial crisis - Individuals with credit scores in the high 500's low 600's
Example account history - No Overdraft - Average savings of $400
When can consumer expect to see UltraFICO model?
- Next year it will be piloting and not all lenders will be using UltraFICO