Fair Issac, the company that provides credit scores, is coming up with a new score especially for those who currently do not have the same. The program will be rolled out in next few months making it easier to get a Visa or MasterCard.

On Thursday, FICO announced that it will launch a pilot program to help a number of Americans to have an easy access to credit. Basis of the same will the record of paying utility bills and not the history of loan repayments.

It is estimated that the reach of the program will be massive. It has been said so as around 53 million Americans do not have FICO scores created by the company Fair Isaac. It is vital as 90% of the lending decisions are based on that score.

Generally, banks do not provide credit to those without the cure or otherwise they would charge them quite high interest rates, as the applicant is considered to be risky. Score can vary from 300 (considered poor) to 850 (perfect score) and is based differnet factors including borrower’s credit payment history, outstanding balances and length of credit history.

Ankush Tewari, senior director of market planning at LexisNexis Risk Solutions, said that majority of these consumers are youngsters, who do not have an established credit history and immigrants who are new to the US. Also, they can be people in minorities’ especially black and Hispanic consumers.

It took two years to come up with the program. As per a research, people who have a history of paying utility bills on time would also pay their credit card bills on time. For this program, Fair Isaac has worked with LexisNexis and credit agency Equifax.

For the new program, the organizations named above will create a payment history profile using person’s utility bills and public property records.