Flynrider
Phoeix,#2Consumer Comment
Mon, December 29, 2008
I had forgotten about the credit bureau's challenge to FICO. I recall when Vantagescore was announced a couple of years ago. It has not seen much acceptance, even in the mortgage market that they targeted. Fair Isaac's FICO score is still the overwhelming favorite among lenders because it has a familiar track record. It'll be interesting to see if Vantagescore flies. I look forward to a higher score :-))))
Steve
Bradenton,#3Consumer Comment
Fri, December 26, 2008
VantageScore ratings will range from 501 to 990. The top end is slightly higher than scores currently in use. In a separate statement, Experian said the new scores will be grouped on "the familiar academic scale." Experian gave these groupings, with A and B being the best potential borrowers and D and F being the weakest: A 901-990 B 801-900 C 701-800 D 601-700 F 501-600 Colleen Tunney, spokeswoman for TransUnion, told a conference call with reporters and credit industry representatives that the new score was created by looking at millions of consumer files at the same time to ensure consistent readings across the three bureaus' data. David Rubinger, spokesman for Equifax, said the new score was expected to reduce the variance in a consumer's scores by about 30 percent compared with what it was under the old system. He said the score would reflect a consumer's frequency of borrowing, delinquency in paying bills and other "file content." But Rubinger and other credit bureau spokesmen said it was too soon to provide the specific weights for the components. VantageScore is being independently marketed and sold separately through each of the three national credit reporting companies through licensing agreements with VantageScore Solutions LLC, the joint announcement said. The spokesmen said that VantageScore was jointly owned by the three credit bureaus. They said it did not yet have a headquarters, although an informational Web site had been set up at . The credit reporting agencies are operated by Equifax Inc. of Atlanta, Experian Information Solutions Inc. of Costa Mesa, Calif., and TransUnion LLC of Chicago. On the Net: www.vantagescore.com
Steve
Bradenton,#4Consumer Suggestion
Fri, December 26, 2008
Actually, the NEW credit scoring system that is being phased in will start at 350 and go to 999. Under the old system, the highest you could get was 850. Under the NEW scoring system, an 880 would be equivalent to about a 750 on the old system. As far as I know so far the "new" system is only being used in the mortgage industry. That is what I read. I will try to find the article I read and post it here. Although, I did see a friend of mine that actually had a copy of a scored credit report under the new system. His score looked too high based on the credit history I knew he had.
ColumbusConsmerReports
Westerville,#5Consumer Suggestion
Fri, December 26, 2008
Not to mention if you go to www.chase.com and click on contact us & then by phone, it gives you the phone number that you need to call. Took me about 2 seconds to find it.
Flynrider
Phoeix,#6Consumer Comment
Wed, December 24, 2008
Just an FYI, there's no such thing as a FICO score of 880. Maybe that's why the bank didn't approve you.