What is a VantageScore?
A VantageScore is a term that you may hear about in the
upcoming months regarding your
credit score. So what is a
VantageScore exactly? Well, it's a new form for your
traditional credit score, but streamlined in a number of
ways. Your credit score will definitely look different (odds
are it will be higher in number), but it will essentially
remain the same in status and purchasing power.
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Why is a VantageScore Important?
The new VantageScore is a direct product of the
collaboration between the
three major credit reporting
agencies: Experian, Equifax, and TransUnion. In March of
2006, these companies unveiled a new, unified credit scoring
system that they hope will eventually replace the
traditional FICO system. Before VantageScore, each credit
bureau used different proprietary methods for determining
credit scores, which often resulted in quite a divergence
among the three.
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How Is The New
VantageScore Calculated
So do you know your credit score? For many people, issues of
identity theft and securing lending opportunities have made
them much more conscious of this number. Under the FICO
credit scoring system, the major three
credit reporting
bureaus--Experian, TransUnion, and Equifax--all calculate a
number from 300-850 and assign it to you as your credit
score.
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Where can I find out more
information on what the new VantageScore is?
The three major credit bureaus are just starting to
promote their new credit scoring system, on our
VantageScore Resource
Center page you will find out all the latest news,
resources and link related to this topic.
Click here to find out more |
