We’re glad to be the ones who provide the good news to you, mostly in our present panorama where it’s very stressful to assess a good credit score with so many debts and bills to pay, even a single mistake can disturb your whole efforts. And the great update is this: The Fair Isaac Corporation, creators of the FICO score that every American handle, has announced a new scoring method called UltraFICO, a more precise tool and one that’ll help millions of families who currently have bad credit scores.
The announcement was made in early October 2018, a disclosure that needs to be communicated massively since most companies and even government bureaus tend to rely on FICO scores every year. And there is more, the launch is expected to happen this year, in April.
The Real Move
Did you know that your actual FICO score does not measure your bank account moves whether if they are checking or savings accounts? What it does is to look out for what you do with proven lenders such as credit cards, college, car loans, and many other items.
On the other hand, your UltraFICO score will monitor your banking behavior reviewing every metric that resulted from payments, money market accounts, micro-transactions, account history, account balance and more.
“Do you regularly pay your bills through your bank account? If you don’t, you may want to start, since that will be considered too.” Said Nathan Danus, an executive from DebtHelper.com in a press conference at the start of 2019.
Now, more than ever before, showing a responsible behavior will improve your credit score in major ways since these agencies will have a closer look at what you do with the assigned responsibilities of every credit history. And don’t worry about a thing, because UltraFICO scores won’t come to replace the standard FICO platform.
The world of credit reports will now be divided between those who have come with a well-developed credit history and those who don’t have it but instead possess a consistent banking history. It is estimated that nearly 15 million consumers who don’t have a FICO score will surely receive an UltraFICO this same year.
If you want to know more about this new system of credit reporting and personal finances, or even want to overhaul your actual score, don’t hesitate in calling us right now at (888) 870-5766, or if you want to talk directly with one of our online assistants click here.