Hey all-
Here’s an article about the new VantageScores released from Experian. The concept is to use the same formula for each credit reporting agency to get a more consistent score that gives us a better idea of where we stand. This is opposite of the FICO score formula that is different for each agency.
But, the information at each agency is different so either way we’ll still get different scores.
“The new VantageScore uses a single formula for all three credit
reporting companies, generating more consistent scores among the
agencies. With the new formula, the scores will still vary because the
information gathered by the three agencies is still inconsistent.”
The only way this would work out better is if there was only one credit reporting agency but that isn’t going to happen.
So it’s an attempt to provide a clearing understanding of our credit rating but it still has its drawbacks.
-Adam
| COULEE CONSUMER: Firms take new approach to credit scoring Holmen Courier, WI - … Fair Isaac used three different formulas and three different sets of information taken at different times when they created the FICO score for Equifax … |
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