Why is the Vantage Score Important?

The VantageScore is a direct result of the joint effort between the three major credit reporting agencies: Experian, Equifax, and TransUnion. In March of 2006, these three agencies revealed a new, joint credit scoring system that they believe will eventually replace the conventional FICO system. Prior to VantageScore, each credit bureau used their own methods for formulating credit scores, which frequently caused significant differences between the three agencies.

A VantageScore supposedly gives more credibility to the system of measurement. The ways in which your score is determined are the same across the board, so theoretically there should be less room for error. In a best-case scenario, this means that your credit score could improve slightly.

--- Advertisement ---