Why vantage score?

rgd51 · ‎01-25-2021

I notice that almost credit card issuer let's you check your vantage score and they make it so easy to do so. Why is the vantage score so easy to find but the FICO one you can only get from experian for free and the other 2 bureaus you have to pay for? Makes no sense to me that your vantage score is easy to access when most lenders don't even use it from what I have heard.

RobertEG · ‎01-25-2021

Vantage scores were developed as a joint project by the big-3 CRAs as a challenge to the FICO scoring system being sold by Fair Isaac Corp.

FICO is used by more businesses, and thus Vantage scores have to offer something enticing in order to lure customers.

To provide a Vantage score, the CRAs dont have to license their production and sale, whereas to provide a FICO score requires payment of a licensing fee to Fair Isaac.

If a CRA, such as Exp, offers both, it is more costly to them to provide a FICO score.

There were big hopes by the CRAs when Vantage scores were first developed back in the 90's that they would become a strong challenge to FICO scores, but most businesses have not chosen to make the switch.

thornback · ‎01-25-2021

Because Vantage was developed and is owned by the 3 credit bureaus so its likely far cheaper for lenders to provide the score to every constomer than having to pay FICO.

Vantage won't be going anywhere-- even if it doesn't gain much traction among lenders as a primary credit decision making tool - It still offers the consumer some level of credit awareness for free.

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rgd51 · ‎01-25-2021

Yeah the good thing about the vantage scores is it let's you check your transunion and equifax credit reports on credit karma so even if you don't get the FICO score you're at least seeing your report for free whenever you want.

Anonymous · ‎01-26-2021

The Vantagescores don't let you check your credit reports on CK; CK offers those TU/EQ report updates weekly and just happens to provide VS as well, which many people choose to ignore due to the lack of value.

As the others have said in different ways, the answer to the original question like the answer to most questions is "money." If it were as cheap to provide Fico scores as it is to provide VS, you'd see more free Fico scores out there.