Consumer Payment Card News

Uniform Scores

Equifax, Experian and TransUnion have introduced a credit scoring methodology that is more uniform across the three consumer credit reporting databases. The “Big 3” say the new approach is the direct result of market demand for a more consistent and objective approach and is unprecedented in the marketplace. Under the new “VantageScore” scoring system credit score variance between the companies will be attributed to data differences within each of the three consumer credit files and not to the structure of the scoring model or data interpretation. “VantageScore” will range from 501 to 990. An “A” score will range from 901 to 990; “B” score from 801 to 900; “C” score from 701 to 800; “D” score from 601 to 700; and “F” score from 501 to 600. For more information visit the Web sites of the three major credit bureaus.

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