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LEARNING CENTER: Credit Scoring Myths

Myth: Since I don’t have a long credit history, I can’t get a VantageScore credit score.

Myth: Since I don’t have a long credit history, I can’t get a VantageScore credit score.

Fact: One of the differentiating factors of the VantageScore model is its ability to score more consumers, which includes those that are new to the credit market, are infrequent users of credit, or have two or less credit accounts.

The VantageScore model will provide a score for consumers who had activity up to two years ago on at least one of the accounts in their file. Many traditional scores limit this review to just six months, allowing the VantageScore model to score people who may have been “out of the credit market” for up to two years. Typically affected are people who use credit infrequently for a variety of reasons, including large ethnic concentrations.

Additionally, the VantageScore model will include consumers whose oldest credit account is less than six months old.

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