You may have seen the ad on TV or the Internet, the new credit score model called Ultra FICO. Supposedly, if you allow Experian to have access to your banking information, you can get a higher credit score. But wait! It’s not what you think.
The higher credit score FICO will give you for having a good banking history is nothing more than a vanity score. I call it a fake score, because no lenders will ever see it, use it, or accept it.
You might feel better by seeing your score go up, but you will be the only one.
It’s a useless score.
So what’s the point? Hmmm, why does Experian want access to your banking information? They already have a list of all your credit accounts and payment history. What little privacy you have left, they want you to give that up as well.
Don’t be seduced by the hope of an instant higher score via the Ultra FICO score. It won’t help you get a better home loan.