ABA Banking Journal - November 2008 - (Page 24H)
About VantageScore 7 VantageScore is a generic credit scoring model that opens doors to the opportunities that having credit creates. VantageScore’s highly predictive model uses an innovative, patent-pending scoring methodology to provide lenders with a consistent interpretation of consumer credit files across all three major credit reporting companies and the ability to score a broad population. This means lenders can help more creditworthy borrowers, and millions of Americans who use credit infrequently can be accurately scored. VantageScore leverages the collective experience of industry leading experts on credit data, credit risk modeling and analytics. The nation’s three major credit reporting companies (CRCs) — Equifax, Experian and TransUnion — worked together to develop a generic credit scoring model that is regularly revalidated. VantageScore marks the first time that the three companies joined forces to produce a model that scores consumers consistently across all three companies. By utilizing cutting-edge, patent-pending analytic techniques, VantageScore provides lenders and consumers with a highly consistent, more predictive score that is easy to understand and apply. For the lender. VantageScore enables mainstream lenders to score more consumers more accurately. The VantageScore model was built utilizing anonymous consumer credit data reflective of current economic conditions. The design methodology and management framework ensures that VantageScore will continue to deliver a highly predictive capability. For the consumer. VantageScore facilitates greater access to credit for the underserved or those with thin credit files who deserve access to credit at fair terms, conditions and pricing. VantageScore also provides score accuracy and consistency for the “full file” consumer.
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