New VantageScore Version Rolled Out.....

[RSCo]

Did everyone see the news yesterday that VantageScore now has a new version rolled out.. It's version 3.0...  One of the biggest advantages in their new scoring model is that it will ignore PAID collections, credit card or otherwise, provided they have a ZERO balance.. Also, they will start scoring payments to utility companies provided they report to the CAs.. They say some people could see a very substantial increase in their scores....  Just google new vantagescore version...

[OptimasPrime]

Link- http://finance.yahoo.com/news/vantagescore-solutions-introduces-vantagescore-3-130000872.html

Saw this yesterday. I'm intrigued by the fact that they are going to be using 300-850 as the score range. Not sure the model will ever be adopted on a large scale by lenders though.

[awdsmama]

I know Credit Karma gives a vantage score, any idea if they will be using this new model?

[RSCo]

---

@awdsmama wrote:

I know Credit Karma gives a vantage score, any idea if they will be using this new model?

---

The article I read yesterday in the USA Today indicated that all 3 credit agencies are currently, or soon will be, using it.. They also noted that 8 of the top 10 credit card lenders are already using vantagescores when qualifying people.. And 6 of the top 10 mortgage lenders are also using it..  I was surprised to read that as I was under the impression that many lenders don't use it.. It makes some sense given that I received an auto loan back in Nov and they said my score was 719 when in fact I knew MyFico was 670.. My vantage score has always been much higher than MyFico... 

[NJTurnpike]

---

@RSCo wrote:

Did everyone see the news yesterday that VantageScore now has a new version rolled out.. It's version 3.0...  One of the biggest advantages in their new scoring model is that it will ignore PAID collections, credit card or otherwise, provided they have a ZERO balance.. Also, they will start scoring payments to utility companies provided they report to the CAs.. They say some people could see a very substantial increase in their scores....  Just google new vantagescore version...

---

This is awesome! This is the only bad item I have on my report. A collection account from Verizon with a zero balance. My Vantage score on CK and TU should shoot up like a rocket now.

[guiness56]

---

@RSCo wrote:

---

@awdsmama wrote:

I know Credit Karma gives a vantage score, any idea if they will be using this new model?

---

The article I read yesterday in the USA Today indicated that all 3 credit agencies are currently, or soon will be, using it.. They also noted that 8 of the top 10 credit card lenders are already using vantagescores when qualifying people.. And 6 of the top 10 mortgage lenders are also using it..  I was surprised to read that as I was under the impression that many lenders don't use it.. It makes some sense given that I received an auto loan back in Nov and they said my score was 719 when in fact I knew MyFico was 670.. My vantage score has always been much higher than MyFico... 

---

Are you sure they used a Vantage score and not an Auto Enhanced FICO?

[bettercreditguy1]

Vantage 3.0 has a changed scoring range to assimilate other scoring products. As known, all the different ranges and products are difficult for consumers to keep straight. Vantage 3.0 will also focus more on the most recent 2 years of payment history, not 7 for other models.