Borrowers to See New FICO Scoring System

Borrowers to See New FICO Scoring System

Goal is to account for a borrower's cash transactions and banking history

When it comes to our credit score, Americans are doing better than ever.

Since bottoming out with an average FICO Score of 686 in October 2009 – one year after the stock market crash of 2008 – scores have risen steadily since, including for the past 8 years.

Currently, the average FICO score in the U.S. has reached 704, a new record that will hopefully continue to rise.

New Credit Score Coming in 2019

In the fall of 2018, FICO, Experian, and Finicity announced a new credit score called UltraFICO Score, which is when the consumer – you and me – agrees to contribute information from our checking, savings and money market accounts in order to provide an “enhanced view” of our financial behavior.