The three major consumer credit reporting agencies have designed a new credit scoring system.
Equifax, Experian and TransUnion announced that the new credit scoring system called “VantageScore” was a direct result of market demand for a more consistent and objective approach to credit scoring. VantageScore is aimed at simplifying the loan process for both lenders and borrowers.
Until this agreement the agencies used their own proprietary formulas to create their own scores. This complicated scoring as each lender dealing with a consumer’s application for a credit card or a mortgage might have to reconcile three widely different scores.
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The three major consumer credit reporting agencies have designed a new credit scoring system.<\/p>\n\n\t
<\/p>
Equifax, Experian and TransUnion announced that the new credit scoring system called “VantageScore” was a direct result of market demand for a more consistent and objective approach to credit scoring. VantageScore is aimed at simplifying the loan process for both lenders and borrowers.<\/p>\n\n\t
<\/p>
Until this agreement the agencies used their own proprietary formulas to create their own scores. This complicated scoring as each lender dealing with a consumer’s application for a credit card or a mortgage might have to reconcile three widely different scores.<\/p>\n\n