I'm not sure how that info would help banks if they already can see how much is going in and out. Nor is it really anyone's business where I spend my money. (Other than my own bank for fraud prevention reasons, obviously.)

Hopefully that part doesn't ever get implemented, or if it does, is also opt-in.

It's a way for those who don't have much of a credit file to be able to use other financial transactions (banking activity) to proxy what their credit might look like.

They are making the assumption that people who don't bounce checks, or get overdrawn, or rack up lots of fees etc. could be good credits IF they were eventually extended credit.

It's an idea, but not a particularly new one.

There are Chinese non bank lenders who are using 1800 types of variables in their lending, mostly driven off cell phone data and social media information (!).

For example someone who is considered trustworthy might get their outbound phone calls picked up on the first ring - so that becomes a positive score in that kind of credit model.

Someone who is trying to borrow money in a city that they do not live (via geospatial phone tracking) might get a negative mark for that attribute.

Some of the firms there were starting with real blue sky and decided not to use cramped Western style lending decision trees.

Pretty cool actually, and they are also less used to privacy.

So those kinds of lenders require that prospective borrowers connect their phone to their system for total download.

Shouldn't get too excited over this: https://twocents.lifehacker.com/dont...sco-1829963998

https://www.consumerreports.org/cred...-credit-score/

Bottom line is Fair Issac has been got at by those screaming about "equality" and so forth in that certain persons (for various and sundry reasons) have weak, poor or even none existent FICO scores. There have been various efforts to push things like timely rent, utility and other bills to be included in FICO scores to help such disadvantaged persons.

As linked article makes clear, those with good to excellent FICO scores have no need of this new "Ultra" or whatever product, and really ought to stay clear.

Businesses in USA already have access to large amounts of personal consumer data, with few to very lenient federal or local laws as to what they can do with that information. Privacy laws in this nation are famously weak, especially when compared to say the EU nations. Thus am in no mood to give Fair Issac or anyone else yet more data from my personal business.

Personally those with weak credit histories largely are the same ones who treat their checking accounts like check cashing places anyway. Much of what is deposited on each payday is gone soon after checks clear. They also tend to rack up over draft and maintenance fees (such as failing to keep required minimum balances), and so forth.

Finally have learned nothing from the past fiscal/credit crisis? Certain people just shouldn't be let loose with credit; especially after proving time and time again they only get into trouble by over extending themselves.

Banks and or credit card companies along with other lenders however might just love this new "UltraFICO". It will be like shooting fish in a barrel. They will extend credit often with high APR to those almost guaranteed to run up and maintain balances. Throw in a couple of late fees per year and you've got accounts that are an easy revenue stream.

Presumably this behavior would show up in the UltraFICO score. It's really the bank's fault if they still decide to lend given that, but maybe the high APRs will still make it worthwhile for them.

From what one has read it seems this new innovation by Fair Isaac is geared towards those needing a twenty or so bump in FICO score to obtain credit/loan and or a better rate. In exchange for surrendering their personal banking information FA will use whatever formula they've devised to see what if any goosing of score will result.

Suppose if someone is that desperate for a car, personal or whatever loan and or better credit card they cannot wait for the natural cycle of credit score improvement to play out, this *might* be of some use. Still can't really see a huge market.

Between Credit Card Act of 2009 and various actions by Congress/federal and or local governments credit agencies have cut down on how long bad things can harm one's credit report/score. Tax and other lien reporting, medical bills, paid collection accounts, and so forth all have had a good part of their previous sting lessened.

What this new product tells me is that much of the low hanging fruit is gone. That the well of good to excellent credit market has been tapped out. Those who fit that bill have all the credit they want/need and or have no problems getting more. Even those with average to sub-prime are well enough represented. That just leaves one major market left to make money upon; those with weak to not so bad credit.

FA has long rolled out another new product (FICO 9) with very mixed results: https://www.moneyunder30.com/fico-9

Personally have had great luck so far keeping my bank accounts from being hacked, this despite several credit cards having information on file for payment information. See no need to give either CC companies or reporting agencies yet more access to my personal financial business.