A new tool that uses your bank data to generate a credit score

Good news for the more than 60 million American adults who have no credit scores: Transunion has just launched a new product that can potentially generate a credit score for you.

Instead of evaluating only your history with debt, as most credit scores do, the new alternative transunity banking score also takes into account its bank history. In other words, even if you have never had a credit card or a loan, your history with current and savings accounts can help you accumulate a credit score.

“The alternative bank risk score provides a balanced opinion by incorporating positive and negative banking data,” said Liz Pagel, senior vice president of consumption loans in Transunion. “This can help consumers with a limited or zero credit history to obtain access to credit, ultimately, promoting financial inclusion and stability.”

Until now, Transunion has tight lips about the finest details of its new score model, but Pagel shared that it varies from 500 to 900, and will be used exclusively when consumers request unburgated loans (that is, loans without collateral).

When requesting a personal loan, many lenders analyze their traditional credit scores to determine if it qualifies. But now, they can also choose to extract their alternative transunity banking risk score.

When will a lender achieve this score? Transunion has just presented the alternative bank risk score of Truvision, so its lender may not have access to it yet. But as it is adopted more widely, it is more likely that lenders obtain this score if they do not have a credit history, or if it does not qualify for a loan based on its traditional credit scores.

Instead of simply rejecting its application, the lender can use this new score calculator to evaluate their last five years of current and savings account and determine if it qualifies.

Read more: 10 tips to improve your credit score in 2025

Transunion says that it uses positive and negative data of its bank history, but the credit office decreased to specify what data weigh on its new score.

To have an idea of ​​what could be included, consider other reports and scores that are based on their bank information, such as Chexsystems and early alert services (EWS). These companies compile their negative banking information, including the instances in which he abused an account or committed fraud. Here is part of the information they consider:

• Account requests: Number and frequency.

• Account closures: Cloths of involuntary accounts and the reasons of the closures.

• Unpaid invoices: Overographies and bank rates that you have not paid.

• Checking history: He returned checks, bounced checks and fraud check.

If you want to obtain more information about your bank history, you can make your Chexsystems report and/or EWS report (both are free to extract once a year) and give them a review.

Read more: Does the closing of a bank account harm your credit score?

The details about how Truvision’s alternative banking risk scores are still confused, so we can only make an educated assumption on how to improve them. As with credit cards and loans, healthy account management habits are probably the key.

Here are some healthy habits to practice when it comes to banking:

• Limit your requests for new bank accounts.

• Avoid overcoming and unpaid bank rates.

• Pay negative balances or bank rates as soon as possible.

• Just write checks when you have the money to support them.

• If you are not qualified to open your own bank account, ask a loved one with a good bank history to add it to your account as a joint owner.

• Never open a joint bank account with someone who has a history of bank problems.

Read more: 7 ways to generate credit: without a credit card

To obtain a FICO credit score, you must have a credit card or an open loan for at least six months, or you must have one or more accounts that have been informed to the credit offices in the last six months.

If you want to open your first credit card or loan, but do not qualify, consider asking a loved one with good credit to add it as an authorized user on one of your credit cards. If that is not an option, try to request a safe credit card.

If you have been rejected for a new current account, look for a bank or credit cooperative that offers “second chance” accounts, which are intended for people with past bank problems. If you still do not qualify, consider using a prepaid card issued by the bank for some of your bank needs.

Read more: This is what to do if your bank account application was denied

Transunion has not published a list of lenders who use their alternative banking risk score of Truvision. To find out if your lender uses it, they call it.