Thursday, October 9, 2008

Bye, bye FICO?

I was watching On The Money a couple of weeks ago and they had a segment on the new credit rating system- Vantage. VantageScore is created by Experian, Equifax and TransUnion whereas FICO is put out by Fair Isaac Corporation. While it claims to work similarly to FICO it uses a mixed number/letter scale and is suppose to be better for people who have little credit history.

While I understand that the credit agencies would like to make some money, the whole thing sounds rather complicated and redundant. Has anyone gotten their VantageScore? Was it an easy process and easy to understand your score? Did you the additional benefit as compared to your FICO?

For more information on VantageScore check out: the BankRate article, the official website, SoundMoney blog, and a Liz Pulliam Weston article.

1 comment:

Omer said...

I recently checked my credit and saw my Vantage score. It was considered Prime Plus which is equivalent to a B grade. Guess I need to get back and work on getting that A.