What is the Vantage score?

Vantage score, technically speaking vantagescore, is a rating system developed by the highest three credit agencies: Experian, Equifax and Transunion. It has been created to compete directly with Fico® Fico® Fair Isaac Corporation, which is currently the most used credit scoring system. Although the three agencies responsible for the new Tout system are just as better than the existing Fico® system, many analysts are skeptical that it offers anything new. The credit reports have exploded over the last decade, while individuals paid premium fees for current access to their credit messages and scores. This is partly due to much easier availability that now exists as a result of the Internet, and growing concerns by consumers to monitor their credit score. Through the introduction of VSKóe Antage, the top three credit agencies undoubtedly hope to claim some profits from the industry for which they already provide data.

The existing Fico® score evaluates the credit reliability of an individual on a scale of 300 to 850, taking into account such factors such as the percentage of the loan used, the number of open credit lines, delinquent payments and types of credit types. Although the Fico® score algorithm is not transparent, Fair Isaac offers general instructions that allow individuals to get a feeling of their score where they are and what they could do to increase their scores in the future. Vantage score evaluates an individual's credit from 501 to 990 and at the same time gives each individual a letter from A to F. The system that uses the Vantage score is currently not published, leading to some critics of improving the advantageous benefits.

Consumers can buy their Vantage score through any of the three main companies, fromall of which use the same algorithm to determine the final Vantage score. Because the data they use may have small inconsistencies, it should be expected that the score of a bargain score could vary slightly between three agencies. Finally, the benefits that the system offers the Vantage scores over the Fico® score seems to be largely illusory. Although credit agencies offer their letters system to understand and present information as the main bonus, in fact, the letter class is a simple conversion from the number score and the Fico® score has always offered the same uniformity. While the Vantage score can see a certain success due to the heavy heights behind it, it will probably be together with the Fico® score for many years together with the Fico® score.