Posts Tagged ‘ vantage score ’
VantageScore Solutions’ analysts recently examined how many accounts consumers with prime credit scores typically have in their credit file. Consumers who generally qualify for loans have an average of 13 loans in their credit files, and typically the oldest loan is more than 15 years old.[ READ MORE ]
A recent analysis by Experian Automotive found that, overall, consumers purchasing a hybrid have significantly higher credit scores than those purchasing another type of new vehicle. The average credit score for a loan on a new hybrid was 790, compared with the national average credit score of 755 for a loan on any new vehicle.[ READ MORE ]
According to a recent survey that asked Americans about their understanding of credit scores 83 percent have checked their credit scores and nearly half (42 percent) want to improve credit scores, but don’t know how. Sixty-five percent of respondents indicated they consider their credit score when engaging in credit-related activities such as applying for a new card or skipping a payment. When it comes to gender and credit, women (68 percent) are more likely than men (61 percent) to consider their credit score before making credit usage decisions. [ READ MORE ]
Tweet A recent survey of 1,000 representative American consumers showed that while 78 percent of respondents are aware that they have more than one credit score, some key misperceptions remain: • Fewer than half (44 percent) understand that a credit score typically measures risk of not repaying loans rather than amount of debt (22 percent), [...][ READ MORE ]
Tweet As part of its expanded guidance, the Office of the Comptroller of the Currency explicitly recommends that financial services firms utilizing predictive models and decision analytics run regular validations to gauge model efficacy. VantageScore 2.0 was recently measured against the best credit score models from each of the three largest credit reporting companies (CRCs). [...][ READ MORE ]
Tweet A recent Experian study showed that strategic defaults accounted for 23 percent of all mortgage defaults 60 days past due or greater in Q4 2011. Other findings included the following: Prime and super-prime consumers (VantageScore® A and B tiers) have the highest incidence of strategic default Average outstanding mortgage balances for strategic defaulters are [...][ READ MORE ]
Tweet VantageScore® polled risk professionals about how they are measuring score performance, and 60 percent of respondents said they are now using metrics beyond the Kolmogorov-Smirnov (KS) statistic value. One new metric is score consistency, which is defined as the ability to provide near-identical risk assessment of a consumer across multiple credit reporting agencies. In [...][ READ MORE ]
Tweet In Q3 2011, $143 billion – or nearly 44 percent of the $327 billion in new mortgage originations – was generated by VantageScore® A tier consumers. This represents an increase of 35 percent for VantageScore A tier consumers when compared with originations for the quarter before ($106 billion, or 39 percent of total originations). [...][ READ MORE ]
