Vantagescore A New Credit-risk Scoring System

Do you need this new credit score?

Credit bureaus tout their new VantageScore

The three major credit bureaus -- Equifax, Experian, and TransUnion -- are introducing a new credit-risk scoring system they call VantageScore.

This new system is supposed to make your credit score more consistent and easier to interpret.

right now, Equifax, Experian, and TransUnion each use a different formula to come up with your credit score.

because of that your credit score may not be the same on all 3 credit bureaus and may vary by as much as 50 points

The 3 bureaus are coming up with this new vantage score and it will be like your grades in high school:

VantageScore will run from 990 to 501. If you rate a score in the 900s, your credit rating earns an "A"; a score in the 800s is a "B" and so on.

right now this system is being tested.

you can read more about it here:

Posted by Consumer Reports on 5/19/06 4:59 AM