Kyle Gentile asked:
In March of 2006, the three credit bureaus announced the use of a new credit scoring system called VantageScore. It was to combat the industry giant Fair Isaac and their scoring model the FICO score. The VantageScore came out with a lot of hype, but that was mostly in the minds of the media and consumers not the creditors who will be granting credit
One difference is the credit score scale. The FICO score uses a credit score scale that starts at 300 and goes to 850. The VantageScore uses a credit score scale that starts at 501 and goes to 990. The FICO scale is large with a range of 550 compare to the Vangtage range of 489. The credit bureaus also assigned a grade with their credit score scale.
In March of 2006, the three credit bureaus announced the use of a new credit scoring system called VantageScore. It was to combat the industry giant Fair Isaac and their scoring model the FICO score. The VantageScore came out with a lot of hype, but that was mostly in the minds of the media and consumers not the creditors who will be granting credit
One difference is the credit score scale. The FICO score uses a credit score scale that starts at 300 and goes to 850. The VantageScore uses a credit score scale that starts at 501 and goes to 990. The FICO scale is large with a range of 550 compare to the Vangtage range of 489. The credit bureaus also assigned a grade with their credit score scale.
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