The Finch Formerly Known As Gold

14 March 2006

Gimme a C!

The Big Three credit bureaus — Equifax, Experian and TransUnion — have decided that there should be only one system for determining credit scores, and are rolling out something called VantageScore.

Under VS, all three bureaus will use the same methodology to determine a person's credit score. Scores will range from 501 to 990 and are not strictly comparable to present-day FICO and similar scores. And each range will be assigned an alpha grade: 900s will get an A, 500s an F.

What won't change under the new system: the method of detecting and fixing incorrect information in a person's file, which will remain rather cumbersome.

Posted at 2:07 PM to Common Cents


TrackBack: 7:14 PM, 14 March 2006
» http://www.swirlspice.com/oldstuff/004743.php from swirlspice
Reports Chaz: The Big Three credit bureaus Equifax, Experian and TransUnion have decided that there should be only one system for determining credit scores, and are rolling out something called VantageScore.Under VS, all three bureaus will use the......[read more]



Sounds like a completely insufficient system that will be refreshingly indifferent. At least maybe those dang credit reports will boil down from 12 pages to 3 or 4. Unless, of course, they will each and all independently report the same VS scores.

Posted by: Winston at 8:20 PM on 14 March 2006