New credit reporting option could raise your credit score

Local News

A new credit reporting option could help boost your credit score. 

For decades, your FICO score was based on payment history with loans and credit cards. Now, you can let scoring agencies into your online bank accounts to show your bill-paying history and how you manage cash accounts such as money markets, checking and savings accounts. 

Once agencies take a look, you’ll be assigned a new UltraFICO score. That number could make you eligible for credit cards, personal loans and other debt. 

The new scoring system could help if you are contesting a FICO score, or want to use it to broaden the picture of your financial responsibility. 

Applicants can pick and choose which accounts they allow the agency to see. 

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