I'm going to start my own credit reporting agency and score people for kindness. We will put a webcam on the back of their car to see if they throw trash out the window, or pass in the no passing lane. We can record them when they wait in line at the DMV, Post Office or buy groceries. Then those with high kindness scores and generosity can all pool money to pay off student loans so people can qualify for mortgages.  

what do I think? Useless unless wall street or mine government accepts the new score as a measure of creditworthyness.  

I can build or fix someone's FICO for free. I don't like all this linking your life privacy to hackers...

I agree with Caroline Gerardo Plus I will add that it's just another way to get more people into more loans.   Personally, I prefer less debt rather than more debt. 

My experience as a loan officer tells me that anyone that might benefit from this already has a high FICO score. I don't run into too many 580 credit score borrowers that have money market accounts.

To me a credit score is a credit score you either have good, mediocre or bad

It's an interesting premise. I think it was intended for people that work gig type jobs that cannot build their FICO because they don't use credit. But I also think it might help older Americans that have substantial savings but have retired from their career jobs.

I think it just adds a little flexability to what a lender can approve. How many of them will use the new system? We will have to see if it is accepted.

It is good, let's get on with using it already. I really think that it will help a tremendous amount of people. This new Ultra is nonsense - let's start using the new one that was supposed to take effect 3 years ago. Arggg.

This has been years in the making & what is the holdup? Who is holding it up? The banks maybe?

Last 14 years never have problem with credit reports only work with those who can do 20 min. Often they have to put down more as there are just so many who can afford homes these days. 

I just have no idea... then again, the clients I deal with are not normally credit-challenged to that point.

I have some great lenders who I entrust my clients to and to be honest I am not knowledgeable about this Ultra thing!

I am not familiar with this.

It has been years since I have dealt with any credit-challenged customers.

I leave that to the licensed mortgage brokers. 

Fred Griffin I'm thinking " enhances your credit score based on indicators of responsible financial behavior"   people who are responsible don't need it.

I could go on a rant about this one, but best to just say, no thanks.

It sounds like an ultra issue that I would refer to my trusted lender.

I honestly don't know about this. I look to Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi to cover this subject and give us all indepth info.  Our buyers aren't credit challanged hardly ever and if they do have some things to work through we send them to lender and lender shows them a path.

Well, I couldn't have said it better than Caroline Gerardo!

Hey, Caroline, would you like a silent partner in your company?!! LOL 

I don't ever want anything linked to my checking and/or savings accounts....

Well,

And when they get hacked and should they decide to report that, a bunch of folks will have access to our checking and saving accounts...what else should we tell them?

Another way to gain access to personal and financial information under the guise of a "benefit". Who would be the real beneficiaries of this system? 

I can only think of one client who would have been vastly enhanced. Not trusting banks, they created their own cash-based transaction lifestyle. Because of this, they didn't have a vast credit history but they did have substantial holdings. They would distrust this new scoring system as well.

FICO could use some tweaking !

Time will tell if this is helpful or not.

Too intrusive for me and the only benfit will be those who don't need it due to already having a high score and good resources.

Fred Griffin it might help, but depends on the buyer.

I am with Caroline Gerardo - worthless unless .... 

Fred Griffin ... appreciate you introducing this topic here on AR.  It's definitely one that is cropping up often and spurring many articles and much conversation.

From what I've found and read so far, I've ascertained the few points below:

• These changes will have minimal impact, except on those that are more "lower-end" Credit Score Borrowers/Consumers
• Those with Scores ranging from 600 to 640 could be helped most
• Bank Statements that are already provided to a Lender could be made available for review ... but assurances and portals must be offered/provided to Account Holders for secure and safe transmittal/sharing
• It appears that the maximum benefit in Credit Scores would be around 20 points.  And while that doesn't sound like much, keep in mind that increments for interest rates run much the same.  For some consumers, this could offer the difference in interest rate that they need to reach Approval 
• Unless the GSE's of Fannie Mae, Freddie Mac ... and FHA/VA/USDA endorse the new scoring, there will be little, if any, measurable impact for Mortgage Customers/Applicants
• Little guidance or info has been provided directly to me, as of this writing.  (That leads me to believe that these changes are under scrutiny and possibly remain open to changes being made yet)

So bottom line, I can't provide much of an opinion, until provided with more info and direction as to how, as an Originator, I will be allowed to view and use this new info.  Until then, I remain cautious ... and will pass on endorsing or downplaying ...

Gene

Interesting, will check.

Thank you, Fred.

I vote for the kindness scoring because that seems what we are lacking most in this business. 

Not liking this AT ALL.  Too much of an invasion of privacy and too much risk for WHEN these reporting agencies get breached again.

Giving any authority access to private data makes me pause

So far, according to the TV talking heads, apparently would automatically boost everyone's credit score. I asked a couple of lenders for their opinion, and they have none, so far.

So more people would qualify for credit and mortgages without changing anything in their lives or behavior? Could this be another Wall Street scam?

It may help some buyers.  It may eventually hurt some lenders.

Had not heard of this Fred, will need to do some inquiries.

two of my credit cards give me my score monthly.  I don't need them connected to anything they don't already have, remember they got hacked a couple of years ago... don't want my bank account info there to be hacked.

I think it will depend on how liberal/aggressive a bank's policies might be. A conservative bank will still stay with its traditional practices. Also issues of information security might become more acute.

Interesting, will read.

WEll just pay on time and the rest will fall in place

Thanks for the links. I’ll be reading when I have time. The majority of my clients have very high credit scores or pay cash but I will read to learn more about it for future reference 

I would think this is a scam