Showing posts from January, 2014

What Is The Vantage Score and Its Minimum Scoring Criteria?

Vantage scores are the new method of calculating credit scores that are offered by all the three major credit reference agencies (CRA) i.e. TransUnion, Experian and Equifax. This effective credit rating product has been introduced by the 3 CRA’s on 14 March, 2006. This new credit scoring system helps you to understand your credit report as easy as your high school report card.

This credit scoring model has been established and funded as a joint project between the three credit bureaus. This is the first ever same model that all the three credit agencies are using. Each of the three CRA is using the same method to calculate the scores. Thus, the variance in the scores will be only due to the different date being collected by the agencies.

The vantage scoring model is quite an effective method to analyze the credit report. Unlike the FICO scores which usually count ranges from 300 to 850, vantage scores will be ranging from 501 to 990 and affix the letter grade to its ranging from “A” …