BROOMALL, Pa. -- Franklin Mint Federal Credit Union Vice President of Lending Allan Stevens recently appeared on local CN8's Money Matters Today.
During his interview with host, Mary Caraccioli, he provided helpful information on credit scoring, a hot topic today among American consumers. Credit scores are designed to predict whether a consumer will pay a credit account on time or not and are used widely by auto, credit card and mortgage lenders, among others.
During the interview, Stevens compared and contrasted the FICO score--today's most widely used credit bureau based score--to two new scores. The new entrants are the Fair Isaac-developed Expansion score and the VantageScore, which has been developed by the three credit bureaus (TransUnion, Experian and Equifax). The Expansion score is designed to rate consumers who do not have enough credit history to generate a FICO score and the VantageScore is the first credit score developed cooperatively by the three credit bureaus.
"It pays for people to be aware of what is going on in the credit market since it affects so much today," Stevens said during the interview.