The VantageScore model was introduced in 2006 and developed by the three nationally recognized credit reporting companies (CRCs), which are Equifax, Experian, and TransUnion.
The VantageScore model is one of a number of different credit score models that lenders have available to them and was developed because there was a need for a highly consistent, more predictive scoring model that is easy to understand and apply.
To create the VantageScore model, the three CRCs brought together an experienced team of industry-leading experts on credit data, credit risk modeling, and analytics. Leveraging decades of collective analytical experience, the team developed new cutting-edge, patented, and patent-pending analytics techniques. Using these advanced techniques, they worked to ensure that the model would not only be more predictive, but more consistent across all three CRCs.
When the VantageScore consumer credit scoring model was created, the intellectual property rights were transferred to VantageScore Solutions, an independently managed firm responsible for maintaining, revalidating, and updating the scoring model and providing educational resources for lenders and consumers.
VantageScore Solutions remains committed to providing greater score accuracy and consistency so that all consumers have access to the right amount of credit at the fairest terms and rates.
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What your credit score is isn’t nearly as important as how you manage your credit.