Tuesday, March 14, 2006

Credit reporting agencies created a new credit scoring system

The three major credit reporting agencies (Equifax, Experian and TransUnion) announced today that they're introducing a new credit scoring system,"VantageScore", to banks, mortgage lenders and credit card companies. The new scores will be the same across all three agencies and is expected to be available to consumers probably later this year. It will range from 501 to 990 and be grouped from A to F. Looks like the grade in the school.
A -- 901-990

B -- 801-900

C -- 701-800

D -- 601-700

F -- 501-600


At 1:07 AM, Anonymous CreditThinker said...

As far as I understand it will be a score substitution. I have another credit scoring system:
Excellent Credit - 750-850
Good Credit - 660-749
Fair Credit - 620-659
Bad or Poor Credit - 350-619
No Credit - 0-0
Can you explain me the difference, please?


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