@MidnightOwl wrote:
It appears that all three cra's are using VantageScore now. I am on the grade D level at the present time but, HSBC just updated my monthly payment & My score did jump up another 35 points on Transunion. I have Truecredit so, I have to wait until Feb.5 to see how my scores may have increased with Exp & EQ. Has anyone else noticed Vantagescore being used instead of fico now ?
The only recent change is that TransUnion's credit monitoring product, TrueCredit, is now packaged with a Vantage Fako score instead of a TransRisk Fako score.
The score offered to consumers by Equifax is a Fico score, as it has been for awhile.
As TxJohn said, the Vantage score was developed cooperatively by the three CRAs, and is marketed to lenders as an alternative to Fico scoring models. The CRAs do not "use" credit scores, the lenders do. Generally, a lender will order a credit report from a CRA or reseller and stipulate which credit score they want to have included with the report. You will be hard-pressed to find many lenders actually using Vantage score in their credit approval process.
Be aware that changes in your Vantage score from TrueCredit do not indicate that similar changes will occur in your Fico score. In other words, if your score from TrueCredit goes up 35 points, that does not mean your corresponding Fico score will increase 35 points. Different scoring models use different criteria and different weighting. People have frequently reported that their Fako score increased while their Fico score decreased, and vice versa ...
Message Edited by Revike on 01-09-2010 07:34 PM
