FICO this year is embarking on a transformational change; rather than adhering to rigid cut-offs and traditional methodologies, the new 'UltraFICO Score' plans to expand credit approvals by accounting for a wider profile transactions history. According to FICO 'many consumers are still locked out of mainstream credit, including 79M Americans with sub-prime scores (680 or below) and 53M Americans with not enough data on record for generating a FICO score'. The new score is FICO's latest answer to lenders who, following years of mostly cautious lending, are seeking ways to boost loan approvals. FICO claims, some seven million applicants with low credit scores resulting from their credit history, would likely see their scores improve under the new system. In today's fiercely competitive financial sector, such numbers are simply impossible to ignore.
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