Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA, CHICAGO and COSTA MESA, Calif. – Equifax, Experian and TransUnion announced last week they have jointly developed and introduced a new uniform credit score – VantageScore – they say delivers an “unprecedented” more consistent, objective and highly predictive methodology to the credit scoring process across the three companies. At a press conference held March 14, Experian’s Donald Girard said VantageScore was “a direct response to market demand for a more objective and consistent approach to credit scoring methodology.” Previously, each of the three agencies used their own formula to determine consumers’ credit scores which meant a consumer could wind up with three different credit scores that lenders would have to reconcile. Girard said with the new uniform methodology, which was developed using proprietary software, one system will be used to create consumers’ credit scores, and any subsequent differences in a consumer’s credit score from any of the three companies will be due to data differences in the files of the three companies and not the structure of each individual company’s methodology. The companies are expecting a 30% reduction in the variance between their scores. VantageScore uses score ranges from 501-990, versus the more familiar 330-850 range. VantageScore is being independently marketed and sold separately by the three national credit reporting companies to their respective customers through each of the company’s licensing agreements with VantageScore Solutions LLC, which they are in the process of jointly forming and have equal investments in. VantageScore Solutions, they said, does not have a headquarters yet. Its Web site is www.vantagescore.com. Equifax spokesperson David Rubinger said the three agencies were confident VantageScore “will find resonance in the marketplace,” adding that, “For any score to have merit, all the parties have to be at the same table. That’s why it’s so important for us to talk to the credit granting community to make sure they know about the score.” TransUnion spokesperson Colleen Tunney stressed the importance of everyone in the credit granting community to adopt VantageScore for consumers to see the greatest benefit. Girard offered that the agencies were confident “the credit granting community will key into this as being a unique development.” -

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.