What is a Vantage Score?

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naomi

Joined: 14 Feb 2009
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Subject: What is a Vantage Score?

Mon Feb 16, 2009 1:43 am

What is a Vantage Score? How does it differ to the FICO Score that I get from Equifax?

Mary

Joined: 06 Jul 2006
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Mon Feb 16, 2009 9:05 am

Vantage score is a new type of credit score which has been developed jointly by the three credit bureaus of US - Experian, Transunion and Equifax. It has been developed to remove the discrepancies in score from the three bureaus. However, as far as I know, it is not yet operational and the creditors still refer to your FICO score whenever they try to judge your creditworthiness.
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Justin

Justin

Joined: 17 Jul 2006
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Mon Feb 16, 2009 9:18 am

Vantage score provides a consistent score across all the three bureaus, as the algorithm on which this scoring model is based is shared by all of them. The score ranges from 501 to 990 and is based on a 24 months review. The score depends on six factors - payment history, amounts owed, current and delinquent balances, length of the credit history, inquiries and available credit limit. The sixth factor is the extra one in the vantage score model as compared to the FICO score. This model also gives the highest priority to credit history which contributes about 32% in your credit score.
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Justin

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