FICO announced this week a new way that they will be calculating credit scores beginning in pilot at the start of next year with the intention of being rolled out to all lenders by summer 2019. The new scoring system takes into account the way people manage their bank accounts and money market accounts in conjunction with how they pay back loans and credit cards. This FICO Score will be referred to as an UltraFICO Score and can be requested by the person whose credit is being pulled. The person can also indicate which accounts they want to have considered in the calculation; checking, savings or money market.


The factors being accounted for to determine a “good bank account” are the average account balance and the overdraft history in addition to the number of deposits versus withdrawals, length of time accounts are open and how often bills are paid out of the accounts. FICO has said that they estimate that seven people out of every 10 who have responsible bank account behavior can improve their score by using the UltraFICO scoring system.

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