Vantage Score; friends or enemies?

In the three major credit bureaus recently announced that she and her newly formed Vantage scores this year, will take the current FICO credit rating system. Many people are concerned how effective the new evaluation system affected. Consumers will benefit from this new source of credit score, otherwise they will be more information, monitoring and enhancing the transmission of information to leave the track recognition?

A traditional FICO credit scoring systemBut the most high-credit report and credit score lenders. The scores range from 500-850, so that the lender what is your credit card to use a comprehensive analysis. The new Vantage score, as well as we know, only from the 501-990 numbers will be inserted between a letter grade of "A" to "F". The last letter in this category may harm consumers more, rather than a help. For example, a person applies for a mortgage andThe lender believes that the adoption credit score is just a "C" grade, they will be 701-800 range of the system. What will happen the best lending rate will be a "B" rating and your guests need is 798? In general, lenders will be more flexible if they are at a threshold in the vicinity of your guests, but all the letters would not flexible class.

We have to ask, these bodies can not even agree on as an independent unit of credit scoreFor individuals, as well as they can agree to a new partnership in their ratings? Unfortunately, it took so long for people to understand more of their credit report, but now they will be forced into a new rating system to adapt to the new credit report. In the day, identity theft is running whenever in our society, we have to constantly monitor our credit report to know who they are or who to see, can be applied to our recognitionCredit.

Our actual results is that, until full disclosure of all the factors, they will use to wait for our credit score to determine, understand. Bailey was the only one so far who have committed to a new Vantage results would be released later this summer. Competition is healthy economic competition will benefit consumers, but until we know all about the details of the new Vantage score, we need to sit down and wait to see consumer-friendlyThe new scoring system will be true.