Changes to your credit score

U.S. & World

Credit scoring as you know it, is about change. For decades, your number was based mostly on your history with payments on things like credit cards and loans. Now two new changes are coming that might affect the way your score is calculated.

For the first time ever- consumers can grant one of the scoring agencies access to their online bank accounts for a look at their bill-paying history.

Matthew Schulz, financial expert at says, “Crummy credit is really expensive and some of these changes give people the opportunity to boost their credit score and that could potentially save them a lot of money.”

The first change, “Experian Boost”, can potentially get you a higher credit score based on your internet, utility and cable bill payment history. This is optional, meaning you can decide whether you want the credit agency to have access to your bank account.

Schulz explains, “It pulls that information out and analyzes and says wow you’ve done a good job of paying those bills. That means you’re probably a better credit risk than you otherwise would have looked.”

The second program, “Ultra-Fico”, focuses on your checking and savings accounts. This gives lenders a better idea of how you’re managing your finances overall, and can help you if you have some savings, but are on the verge of getting denied.

According to Schulz, “It can give you a little bump and maybe get you that loan that you didn’t think you were gonna qualify for. or maybe even get you a better rate.”

Privacy advocates say not everyone will want to hand this private information over to these companies, especially in light of the infamous Equifax hack in 2017 exposed the personal information of nearly 150 million Americans.

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