How is my credit report and score affected by the Vantage scoring system?


Your credit report and score will not directly be affected by the Vantage score. Rather, you may be asked to provide your Vantage score by a lender. Also, the Vantage score will differ when obtained from the three major credit reporting companies (CRCs) since they will be using different files as different insurers, creditors and employers will report your data differently.

The FICO score and other proprietary scoring systems will continue to exist according to the needs of consumers and businesses. However, if you are a customer with little credit history, you may benefit a lot more with a Vantage score on the credit report, which was designed specifically to improve fairness in regard to people who use less credit, but are not necessarily delinquent borrowers.

VantageScore, as the official name of the new scoring system is, was developed jointly by the three major credit reporting companies (CRCs) - Equifax, Experian and Trans Union, but will be marketed differently, according to each of the bureaus' marketing strategy.

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