Fair Issac Corp (the company that gives us FICO scores) unveiled a new Credit scoring model that takes into account cell phone bills, cable bills, utility bills and property records.  Its aimed to help those who have no credit history.

Normally, only missed payments on these types of bills would be reported. Payments made on time weren’t reflected on your credit report.

This new scoring method means that an additional 15 million people will now have a credit score. The score range will still be the same though:  300 – 850.

There are two main databases that Fair Issac will use to obtain your phone, utility and property information.  The National Consumer Telecom & Utilities Exchange and the LexisNexis Risk Solutions will provide the majority of information.  You will need to check these reports annually just like your other credit reports to ensure accuracy of the information being used about you.

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