Introducing UltraFICO: FICO Plans Big Shift in Credit-Score Calculations

[Anonymous]

I'm not feeling this UltraFICO thing. Credit scores have never been attached to your income level. With this, if they have the option to monitor your cash/checking history...it seems like income can definitely come into play. Things like this always start off as "optional" then next thing you know, it's not.

[Anonymous]

If anyone here is unable to view the full WSJ article (due to not having a subscription) you can find a similar piece here:

https://www.foxbusiness.com/personal-finance/want-a-higher-scredit-score-soon-your-cash-could-help

[pizza1]

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@gdale6 wrote:

No one ever gets permission to see whats in my bank accounts for anything other than a mortgage and any bank giving anyone this info readily is fired. I keep next to nothing in such accounts. I will not be shaved when the powers that be come for a percentage of everyones money.

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@gdale6, I agree with you totally. Thats just an invasion of my privacy even futher!  I dont see CU's adopting this idea, but I would also think that the lenders would HAVE to get permission from the consumer first before implementing this, or at least send out a notice to opt out, and then watch as everyone scrambles to withdrawl their monies. Now I understand why my grandfather stashed $1000's in his house! LOL. 

[gdale6]

Some clarification on the matter

https://www.nakedcapitalism.com/2018/10/fico-gets-creative-with-credit-scores-to-facilitate-getting-...

[bourgogne]

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@gdale6 wrote:

Some clarification on the matter

https://www.nakedcapitalism.com/2018/10/fico-gets-creative-with-credit-scores-to-facilitate-getting-...

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Thanks for this.  so interesting to read board members comments.  I understand the concept of wishing or not liking something but does everyone have the concept down that we have no choice?  I have to laugh at privacy comments, that sort of went out the door with equifax fiasco and EWS.  your cell tells anyone with authority where you are, amazon and other portals track your spending patterns, etc.  after reading the link I posted on what other countries do in the way of vetting credit I feel lucky as to what we have in the us.  gauging savings or employment makes no sense to me, a medical issue or losing a job can take care of both in one swift pass.  credit history and age are another story.  be glad you are in the us, at least as far as credit goes.  imo

[pizza1]

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@gdale6 wrote:

Some clarification on the matter

https://www.nakedcapitalism.com/2018/10/fico-gets-creative-with-credit-scores-to-facilitate-getting-...

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That was a good read as well! Lots of perspectives ont his...still not a fan. 

[blindambition]

That was the most honest assessment on this ridiculous model @gdale6. Can anyone say bailout???
Great article by Naked Capitalism.

[CreditCuriosity]

EWS already provides some of this info banks that use EWS are BofA, Cap1 among others(without consumers permission)..Incse people don't already know EWS shows monthly balances, overdrafts, etc.. Should be interesting although I don't see it going maintsream as you would have to get all the banks/cu's etc to buy off on this IMO for it to work.  I guess it takes the whole providing tax returns argument out of the mixture though if it was to ever catch on..  I just don't see it going main stream as a millionaire in a bank can still be a dead beat with regards to credit or just the opposite.  Many other thoughts but not going to really think about it as will take years to adopt if ever adopted imho.

[Anonymous]

FICO has put out this webpage with some brief info on the new score.  Apparently more information will be released by FICO’s CEO this week in Vegas at the Money 20/20 Conference

https://www.fico.com/ultrafico/

[CreditCuriosity]

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@Anonymous wrote:

FICO has put out this webpage with some brief info on the new score.  Apparently more information will be released by FICO’s CEO this week in Vegas at the Money 20/20 Conference

https://www.fico.com/ultrafico/

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From that overview it isnt meant to replace IMO the traditional FICO models.  Appears for people starting out with credit more-so although things can certain change.  Also isnt clear if just Experian will have the ultra fico or will be all 3 scores?