FICO Score to Factor Banking History

According to the Wall Street Journal, the company behind the FICO credit score will initiate a new scoring system early next year that assesses consumers on how they manage their bank accounts. It marks a big shift in how credit scores are calculated, as they have long been predicated on payment history. The new, UltraFICO Score, will be rolled out early next year and will consider a borrower’s “history of cash transactions” as a measure of the likelihood they can repay the borrowed credit.