New Contributor
Posts: 74
Registered: ‎04-08-2012

VantageScore 3.0

Established Contributor
Posts: 678
Registered: ‎09-10-2010

Re: VantageScore 3.0

Very interesting.  But, I am in the opinion that this is just to add even more confusion, although it does sound better.


"Here's how a lender's choice of scoring systems could affect you. Say you have a $50 collection account from a medical bill your insurance was supposed to pay but didn't. You discover the problem and pay the collector. If your lender uses VantageScore 3.0 or even FICO 8, which ignores collections under $100, your scores won't be affected by this blemish. If your lender uses the classic FICO, you might get charged a higher interest rate or even get turned down for a loan or credit card."


In the example given, I would suspect that the lender will see both and then choose to use the classic FICO.

TU98 700, TU08 700, EQ 726, EX 700 (As of 10/2014) - Personal Goal = 760+

Gardening since 8-1-14

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+