Afternoon ontrack is this new Vantage Scrore the new scoreing system by all 3 cra? and if so why is Experian the only one using it?
They have all been trying to sell their own proprietary scores, as opposed to FICO, to consumers, basically for the bucks, since I'm not sure what good a proprietary score does for a consumer. Now they are pushing a common score in competition with FICO, figuring that way they might get more acceptance and sales to creditors. What difference does it make if the score goes to 850, or to 990? Or if they assign letter grades? None. (You were ready to graduate and enter life when you finally realized that grades are not money.) The key value of any scoring system to creditors is based on the ability to accurately predict risk, across different phases of the economic cycle. The new system has yet to prove itself, but that's no reason not to sell it.
Since this"Vintage Score" took effect though my Experian went from 650's to 694. How is the lender gonna know this is the vintage score or just the regular scoring system? it obviously doesn't say on the credit report that this is the new scoring system. Could this up in score be a good advantage? to most 694 is a good score, to vintage it's not, how will the lender know?
Your creditors pull your report data, and run it thru FICO, if that is what they want, or any other system they want. They know what they used to process your data to generate the score they wanted. They don't have to use what Experian offers just because they pulled reports from Experian. If they chose to use Vantage, they would adjust the cutoff levels for their various decision points accordingly. 694 on Vantage does not mean the same as 694 on FICO.
