SAN JOSE, Calif.–FICO and Plaid are reporting they have launched a credit score that uses real-time cash flow data.
The new score, an update of FICO’s UltraFICO Score, will rely on traditional data compiled by FICO and augmented by cash flow data collected by Plaid, according to the companies.
FICO, of course, is known for its credit scores, while Plaid’s business is helping consumers connect online financial data across banks, fintech apps and brokerages, the release said.
The partnership follows last month’s announcement of Plaid’s LendScore, a credit score that the company said is designed to create a more complete financial picture. It takes into account variable income, fluctuating expenses and financial activity that is spread across multiple platforms.
‘More Comprehensive View’
“High-quality cash flow data is becoming essential for lenders who want a more comprehensive view of a consumer’s financial picture,” Plaid Head of Partnerships Adam Yoxtheimer said in a released statement.
According to the companies, the enhanced UltraFICO Score will employ cash flow data, which is historical and current information about the money moving into and out of accounts like checking, savings or money market accounts. This will be accessed via Plaid’s “open finance network of consumer-permissioned data.”
