From 1987, when the first generic credit scoring models were introduced, through 2005, the credit scoring industry was dominated by a single company with little incentive to innovate. The arrival of VantageScore Solutions in 2006 brought competition between developers that has fueled innovation and benefitted both lenders and consumers. See the timeline of how VantageScore has grown and was “first to market” with many features.
GROWTH IN VANTAGESCORE USAGE
Oliver Wyman studied usage of VantageScore credit scores in the 12-month period between July 1, 2017 and June 30, 2018 (consistent with its similar study one year ago) and found that nearly 10.5 billion credit scores were used by over 2,800 unique users. This represents a 20 percent increase in the number of scores used versus last year’s study.
Additional findings from the study include:
Recent growth in the use of VantageScore credit scores continues a trend that extends back at least five years. Both the number of users and the volume of scores used has increased by 300 percent.