VantageScore Unveils New Credit Score

Posted by Joachim Bartels | Mar 15, 2013 | Consumer Credit Information, Credit Scoring & Decision System, Equifax, Experian, Member, Member News, TransUnion, United States | 0 |

VantageScore, FICO’s chief competitor, introduced a new credit score which captures up to 30 million more people that otherwise couldn’t be scored by conventional credit scores.

The VantageScore 3.0 can create a score for a so-called thin file consumer by considering accounts at least 1 month old, factoring in non-account data such as collections, inquiries or public records, and counting accounts that are more than 2 years old.

The VantageScore was developed by the three credit reporting bureaus — TransUnion, Experian and Equifax — and first introduced in 2006 as an alternative to the widely used FICO credit score.

Source: Bankrate.com

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Joachim Bartels

Joachim C Bartels is a co-founder, director, head of information resources and Editor-in-Chief of BIIA. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general.

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