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Attention Consumers

The VantageScore Credit Score Used By Lenders Is Also Available To Consumers

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VantageScore® Lender FAQs

What is the valid score range for VantageScore 3.0?

The valid score range for VantageScore® 3.0 is 300 – 850, where the higher the score, the lower the risk.

What was the performance period used?

VantageScore 3.0 was developed on data blended from two different timeframes, using a 24-month performance window:

  • June 2009–June 2011
  • June 2010–June 2012

What is the performance definition?

The performance definition for VantageScore 3.0 is 90 days or more past due, which includes charge off, collections, bankruptcies, settled, repossessions, foreclosures and deed in lieu.

What are the minimum scoring criteria?

The minimum scoring criteria for VantageScore 3.0 is at least one qualified trade on file and consumer cannot be reported as deceased.

The score exclusions for VantageScore 3.0 are:

  • 001             Consumer has deceased status
  • 004             No credit file information, except an inquiry

What kinds of performance charts are available and where can I find them?

VantageScore 3.0 performance charts are available for the following industries:

Overall (All Industries) Installment
Auto Real Estate
Bankcard Retail
Credit Union Revolving
Department Store Student Loan

There is a performance chart packet for each industry which will include eight charts for both new and existing accounts, for each of the following definitions of bad:

  • 60+ days past due
  • 90+ days past due
  • Charge off/bankruptcy
  • Bankruptcy

You can request any performance chart through your sales representative.

Are the score odds aligned to other traditional models?

VantageScore 3.0 is not odds-aligned to other traditional models. Experian® recommends that clients set their cut-off score based on their own risk tolerance when adopting any new model. Clients should continually monitor and track performance of the model, and adjust decisioning strategies as necessary. Cut-offs used with other traditional models can be applied with the expectation that volumes will be similar, and performance will be better.

Are the score factors the same as the ones I use now?

The score factor codes for VantageScore 3.0 are not the same as those used by traditional models, or by previous VantageScore versions. In order to facilitate greater consumer understanding of score factor codes, VantageScore 3.0 has reduced the number of reason codes to less than 80, and re-wrote the statements in “plain English.” New consumer tools were developed to describe what goes in a VantageScore credit score, and a new Website, ReasonCode.org, clearly explain these codes.

Is the model tri-bureau?

VantageScore 3.0 was developed using the expertise of all three credit reporting agencies. The model is exactly the same at each agency, producing tri-bureau scores that are highly consistent. In fact, the only difference in scores for any given consumer is based on the credit data available from each credit reporting agency, and is not based on the score algorithm.

Do the ratings agencies accept or use VantageScore?

Both Standard & Poor's and Fitch Ratings accept loans based on VantageScore. VantageScore is an acceptable option for Standard & Poor’s clients to include in collateral characteristics when submitting portfolios of residential mortgage loans for rating purposes. Fitch Ratings has fully incorporated VantageScore into ResiLogic 2.1, its flagship quantitative model that provides credit risk analysis at the individual loan and pool level for residential mortgage loans. According to Fitch, “VantageScore provides highly predictive evaluations of consumer creditworthiness.”

How difficult is it to migrate from a legacy score to VantageScore 3.0?

To migrate from one score to another is the same process regardless of the score you are migrating to. Experian has consultants that can guide your client through the entire process and we are developing a white paper that outlines score conversion best practices for release in September.

Who uses VantageScore today?

Many of the nation’s top lenders, including national and regional banking institutions, credit unions, mortgage companies and credit card issuers, use the VantageScore model.

  • 7 of the top 10 Financial Institutions
  • 6 of the Top 10 Credit Card Issuers
  • 4 of the Top 10 Auto Lenders
  • 4 of the top 5 Mortgage Lenders
  • Experian has over 1,300 clients utilizing VantageScore

VantageScore is a registered trademark of VantageScore Solutions, LLC.

  • © 2014 Experian Information Solutions, Inc. All rights reserved.