Find Out How The New Vantage Score Will Affect You!

Learn how the new vantage score or vantagescore credit scoring will affect you, 4 strengths that the vantage score or vantagescore offers get your 3 fico score credit report, Today!

You may have heard about the new credit score system that is expected to change the face of consumer credit. Introduced by Equifax, Experian and TransUnion, the "big three" 3 major credit bureaus, the it is expected to eventually replace the FICO credit score that is currently in place.

This new method of credit scoring is expected to simplify scoring for credit risks used to determine a consumer's interest rate.

The ultimate objective of the 3 major credit bureaus is to have lenders such as banks, credit card companies, auto dealers and mortgage lenders to cease the use of the FICO score and use the vantage score instead.

The FICO score is currently the most widely used scoring method for consumer credit. It is based on a scoring system that addresses a low score of 300 to a high score of 850. However, this system is somewhat inconsistent and difficult to interpret.

The new vantage score is easier to understand and will be consistent throughout all of the 3 major credit bureaus as well as the lenders. In other words, everyone will be on the same page and that will make the sharing of information among agencies much more efficient and far easier than in the past.

Prior to the implementation of this vantagescore credit scoring system, a person may receive a different FICO score from each agency.

This creates an unclear picture of the person's credit standing so the lender would typically select the number in the middle and use it. The vantagescore credit scoring system will do away with all of that because all credit bureaus and lenders will use the exact same system.

The credit bureaus will still use the consumer's credit file to generate scoring, but the formula for the new score is different than FICO scoring. This new system for obtaining a credit score could prove to be very efficient and helpful.

There are four strengths that the Vantage Score offers:

1. It is consistent - The scoring algorithm is the same for all three national credit reporting companies. This offers much greater consistency in getting an accurate credit score.
2. It is accurate - Because the data is well known the most accurate scoring model is easily achieved.
3. It is innovative - It has applications of statistical modeling techniques that are patent pending. This allows the system to achieve an enhanced predictiveness and ensures that the consumers will get a credit score that more accurately reflects their credit behaviors, thus allowing them to be eligible for more appropriate credit terms.
4. It is easy to understand and utilize - The scoring range runs from 501 to 990 and higher scores indicate a lower risk.

VantageScore promises greater consistency, accuracy and predictability for consumers and lenders alike. Its cutting edge, patent pending development methodologies allow a customer's credit worthiness to be ranked much more accurately that what is currently available.

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