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Experian®, FICO® and Finicity® announced a new credit score today during the Money 20/20 USA conference. The new score, called UltraFICO™ Score, 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.
Agreed – the formula needs fix ’n – but, IMO they still do not factor in the impact of balance paid in full each month. Someone with a $5000 credit limit may buy close to that much in a month – and pay it off. That is very different from the person who rolls it over and pays interest. A snapshot in time measures utilization to generate a credit score. It does not measure velocity. Theoretically there is a simple fix – and it is not asking for higher credit limits!
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