So many people have this situation. They need good credit in order to buy a home or enjoy a car, but they can’t seem to build up credit history. Now there just might be hope. FICO XD looks into a database that has payment data on your utility bills, cable bills, telephone bills and even your rent payment data. As William Lansing, FICO’s chief executive said, “There are a lot of people like that, trying to break into the financial system and get connected.”
The bank can then run your information through the FICO database and if it’s blank, they can then run it through the FICO XD system.
FICO is running tests with 12 banks.
Learn more about this program and how it would work.