FICO to test new type of credit score
Credit scores are about to get a tweak that might help those with weaker credit.
Fair Isaac Corp., the company behind the widely used FICO score, announced Monday that it will begin testing a new type of credit score next year with credit reporting agency Experian and technology company Finicity.
The new UltraFICO score requires consumers to agree to share added personal information, such as data from their personal checking, savings or money market accounts. The extra data is intended to provide a more in-depth picture of how they use their money and build on traditional information for credit scores, which are based largely on payment history.
It potentially would improve the credit score of many Americans, particularly those with weak credit or limited credit history. The companies estimate that 79 million Americans have subprime credit scores, which it puts at 680 or below. And 53 million do not have enough data to generate a FICO score.
ON THE MOVE
Bank of Hawaii has promoted the following new executive vice presidents:
Don't miss out on what's happening!
Stay in touch with top news, as it happens, conveniently in your email inbox. It's FREE!
>> Edward Hudson to chief people officer and executive vice president. He was previously vice president and director of development in the People Services Group since December. Prior to joining the bank, Hudson served in the human resources and organizational development departments for various technology companies in the Silicon Valley.
>> Kristi Lefforge, chief audit executive, to executive vice president from senior vice president in the Internal Audit Department. She served as vice president and senior audit manager in 2016 and was later promoted to senior vice president in 2017. Prior to joining the bank, Lefforge was executive director of IntrapriseTechKnowlogies as well as senior manager of KMH in Honolulu.
>> Galen T. Nakamura to executive vice president and Metro Commercial Center Banking manager. He will be relocating to Oahu to manage a newly formed commercial banking center on the island. Nakamura has 25 years’ experience in the financial services industry, including serving as a credit analyst, commercial banking officer, corporate banking officer and senior vice president and manager.
>> Dirk K. Yoshizawa to Pearlridge Commercial Center Banking manager and executive vice president. Yoshizawa joined the bank in 1995 and served as a bank associate before becoming a senior vice president in 2012.
