Here is a list of resources for credit reports:


The UltraFico Score

Credit bureaus

Fair Isaac Corporation, the creator the FICO credit score, has announced a new credit scoring system coming in early 2019. The new FICO score will factor in how consumers manage their checking, savings and money market accounts. This new score will be called the UltraFICO score.

Currently the FICO credit score does factor in how consumers manage their banking accounts or any income related information.

Why is this happening? Lenders are looking for new customers. Since lenders evaluate customers based on their credit score, taking into account how a consumer manages his/her checking and savings account, may help increase his/her credit score.

What does this mean for consumers? Consumers with a credit score in the upper 500s or lower 600s, who handle their bank accounts responsibly, are likely to see a 20-point increase in the new score according to Fair Isaac. Specifically, consumers who carry an average balance of $400 in their account and have not overdrawn their accounts in the prior three months, will see the increase. This boost in score may help the consumer gain access to credit.