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The VantageScore Credit Score Used By Lenders Is Also Available To Consumers
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VantageScore® Lender FAQs
What is the VantageScore credit score?
Launched in March 2006, VantageScore is a highly predictive and consistent consumer credit scoring model across all three major credit reporting companies (CRCs) - Equifax, Experian and TransUnion.
What is VantageScore 3.0?
VantageScore 3.0 is the most current version of the VantageScore model. Introduced in March 2013, VantageScore 3.0 leverages the core VantageScore platform while delivering improved predictive performance. Consumer scores fall within a range of 300 to 850, with higher scores representing a lower likelihood of risk.
Who is the company behind the VantageScore credit score?
The VantageScore model was developed jointly by the CRCs in response to market demand using innovative modeling techniques and based upon their deep industry and data knowledge. The VantageScore credit score is independently marketed and sold through the CRCs via licensing arrangements. VantageScore Solutions, LLC, is an independently managed company, holds all the intellectual property rights to VantageScore and is responsible for the continued maintenance and re-validation of the underlying algorithms of the VantageScore model.
Why did the three CRCs collectively develop the VantageScore model?
The development of the VantageScore model was prompted by market demand. In addition to a credit scoring model that reflected more recent changes in consumer credit behaviors, including increasing debt loads and the introduction of non-traditional debt products, lenders sought a model that delivered consistent, predictive power across all three CRCs.
Prior to the launch of the VantageScore model, generic credit scores varied across the three CRCs because data was interpreted under different scoring methodologies. While there will still be some score variation with the VantageScore credit score due to differences in the data provided to the individual CRCs for each consumer file, the gaps among the results generated are diminished because the VantageScore model itself and the underlying credit characteristics in the algorithm are the same at all three CRCs.
Will there now be just one consistent score per consumer across the three CRCs?
No. While the three CRCs can now generate scores using the same underlying credit scoring model, differences in the actual scores are to be expected because each CRC maintains its own consumer credit files, which may vary. Consumers' files at each CRC can vary because credit grantors can choose which CRC they provide consumer payment data.
Are there any regulatory hurdles from converting to the VantageScore model?
A number of Federal regulators (specifically, the Treasury Department, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities & Exchange Commission and the Department of Housing and Urban Development) have recognized and acknowledged the need to avoid unintended "brand endorsements" in their rulemaking. Instead, they recognize that today there is a "choice of credit scores" in the marketplace.
How was the VantageScore credit scoring model developed?
The VantageScore model was developed by a representative team of statisticians, analysts and credit data experts from each of the CRCs. The resulting credit scoring model was built from a robust national sample of approximately 15 million anonymous consumer credit profiles that reflected the diversity of the country. Data, which was pulled equally from the three CRCs, included public record information, collections information, tradeline data, and inquiries.
When was the VantageScore credit scoring model developed?
Development work began in July 2005; it was introduced to the marketplace in March 2006.
What are the advantages of the VantageScore credit score?
As the algorithms underlying the VantageScore model were created from 2003-2005 consumer data, it reflects recent economic trends and important shifts in consumer credit behaviors. The VantageScore model was built using the latest analytic techniques and uniquely benefits from the unparalleled, extensive credit data expertise of the three CRCs.
Does the introduction of the VantageScore credit score mean that the CRCs will no longer continue to independently develop the proprietary credit scores they had been marketing in recent years?
Although jointly developed, the VantageScore credit score is marketed and sold independently by the CRCs. Each CRC will continue to make its own decision regarding proprietary credit scores.
Who will be the primary market for the VantageScore credit score – consumers or business clients?
The VantageScore model was created to address needs in the business marketplace. However, each company will distribute the VantageScore credit score in a way that is consistent with its own business strategy, which may include both business clients and consumers.
What does this mean for the continued existence of the credit scores that the three CRCs have developed and marketed individually for the past few years? Will these scores continue to be sold?
The VantageScore model provides a new and unique option to the marketplace. There will continue to be multiple scoring solutions in the market designed to meet varying business needs. The VantageScore credit score model will compete on the merits of its consistent, predictive power.
Will each CRC sell the same score? Will there be any variations from company to company?
With VantageScore, the same model is used across all three CRCs. Differences will occur when the underlying data content is different. Each company will sell the VantageScore credit score independently according to its unique marketing strategy and positioning in the marketplace.
How will the VantageScore credit score be priced?
The VantageScore model is marketed and sold independently by the CRCs through individual licensing arrangements. Each CRC will set its own prices according to its individual business goals and marketplace objectives.
Our lending company is interested in learning more about the VantageScore model. Who do I contact?
The VantageScore credit score is marketed and sold independently by the CRCs through individual licensing arrangements with VantageScore Solutions LLC.
To learn about the VantageScore credit score from Experian, please contact your local Experian representative, call 1 888 422 0105 or complete our brief form to have a representative contact you.
VantageScore is a registered trademark of VantageScore Solutions, LLC.