Global analytics software company FICO has partnered with Plaid to introduce Cash Flow UltraFICO Score.
This collaboration aims to integrate the reliability of FICO Score with real-time cash-flow data from Plaid, offering lenders a unified and secure credit score for enhanced consumer risk assessment while simplifying the integration process.
Enhancing Credit Decisions with Integrated Cash Flow Insights
The partnership seeks to bridge traditional credit scoring with modern cash flow analytics by mapping financial insights into the FICO Score framework. This innovative approach is designed to optimize lenders’ ability to make informed credit decisions based on a more complete view of consumers’ financial health.
By leveraging Plaid’s Open Finance network, which relies on consumer-permissioned data, the companies are committed to advancing comprehensive lending solutions. This move reflects a growing necessity for lenders to incorporate high-quality cash flow information into their decision-making processes, fostering both security and inclusivity in credit evaluation.
The new UltraFICO Score offers several benefits: alignment with FICO’s trusted credit score intelligence ensures seamless integration without additional risks or testing; streamlined implementation minimizes operational challenges and accelerates onboarding for lenders; universal compatibility allows the use of cash flow models alongside traditional FICO Scores across various channels, ensuring flexibility in lending practices.
