RICHMOND, Va. (WWBT) - A higher credit score means you’ll be more likely to be approved for a loan or credit card, and you will definitely save money through a lower interest rate.
Which is why we are keeping an eye on two new ways that may help you raise your credit score. They’re called Ultra FICO and Experian Boost!
Let’s start with Experian Boost, which recently went live. A financial advisor in Richmond gave it a try.
He says it's free and you have to connect your checking account login to the system so it can scan your bill payments to utilities like water and gas.
This information will be added directly to your Experian credit report for lenders to see, which if the information is positive, it could potentially boost your Experian score.
UltraFICO claims to be able to analyze your saving and spending patterns within checking, savings and money market accounts to determine how likely you are to repay your debts.
Some financial experts see positives with both, others worry these programs could artificially inflate people’s credit scores, leaving them vulnerable to predatory lending.
These are two new programs to watch as they roll out in 2019.
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