Can A Vantage Score Benefit You?
VantageScore is a new credit reporting number for consumers. It was created jointly by the three major credit reporting companies, TransUnion, EquiFax, and Experian. The Vantage number is calculated using a different model than the ones we are all used to, making it a better predictor of financial risk. When you apply check credit report, the Vantage number will be your best bet for prediction.
The Vantage rating was created to provide a more generic ranking than those created by the three major credit reporting companies. It is also considered more accurate and consistent, making the loan application and granting process easier for both borrowers and lenders.
Many consumers can benefit from the new rating. Those with good credit will remain low-risk but those who do not often use credit will be able to get a better rating than before, as the Vantage rating does not rely as heavily on past credit use.
The Vantage model was developed to predict the likelihood of serious delinquencies on any kind of credit account. Consumers are assigned a rating between 501 and 990 based mostly on their financial transactions from the past 24 months. The higher the number, the lower the risk and the abetter your credita (like the conventional ratings of the past). Because they helped create the new scoring system, all three major credit reporting companies have access to and can use a personas Vantage number.
Slightly different credit ratings can be seen among the three major reporting companies for some consumers. Those differences will be minimized by the new Vantage algorithm and will only occur when the actual data held about the consumer differs by the reporting companies. Consequently, there will be a more consistent rating across the board. Check credit reports can show you whether or not the credit companies each have the same information in your files.
The Vantage algorithm was developed because of high consumer demand for more consistent ratings and lender demand for better risk prediction. Because the three credit reporting companies worked together to create the Vantage algorithm, both goals should be met with the new system.
this new rating will not replace the three traditional credit scores but will be used by the agencies in addition to their conventional ratings. Credit ratings will be more consistent, assisting both consumers and lenders why they apply check credit report.
If you are asked about your Vantage rating, you can get the information from any of the three credit agencies. You might want to get your rating from each of the agencies so you can determine whether any of the agencies have outdated or missing information. Donat forget that the scoring range is different (501 a#8220; 990). Happy credit hunting!
The Vantage rating was created to provide a more generic ranking than those created by the three major credit reporting companies. It is also considered more accurate and consistent, making the loan application and granting process easier for both borrowers and lenders.
Many consumers can benefit from the new rating. Those with good credit will remain low-risk but those who do not often use credit will be able to get a better rating than before, as the Vantage rating does not rely as heavily on past credit use.
The Vantage model was developed to predict the likelihood of serious delinquencies on any kind of credit account. Consumers are assigned a rating between 501 and 990 based mostly on their financial transactions from the past 24 months. The higher the number, the lower the risk and the abetter your credita (like the conventional ratings of the past). Because they helped create the new scoring system, all three major credit reporting companies have access to and can use a personas Vantage number.
Slightly different credit ratings can be seen among the three major reporting companies for some consumers. Those differences will be minimized by the new Vantage algorithm and will only occur when the actual data held about the consumer differs by the reporting companies. Consequently, there will be a more consistent rating across the board. Check credit reports can show you whether or not the credit companies each have the same information in your files.
The Vantage algorithm was developed because of high consumer demand for more consistent ratings and lender demand for better risk prediction. Because the three credit reporting companies worked together to create the Vantage algorithm, both goals should be met with the new system.
this new rating will not replace the three traditional credit scores but will be used by the agencies in addition to their conventional ratings. Credit ratings will be more consistent, assisting both consumers and lenders why they apply check credit report.
If you are asked about your Vantage rating, you can get the information from any of the three credit agencies. You might want to get your rating from each of the agencies so you can determine whether any of the agencies have outdated or missing information. Donat forget that the scoring range is different (501 a#8220; 990). Happy credit hunting!
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posted by Credit Counseling at
5:43 AM
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