creditvixen1 Posted December 2, 2006 Report Share Posted December 2, 2006 I was just trying to access my report online at EXPERIAN and they have a new credit scoring system they say is a joint scoring effort from all three CRA's.It ranges from 500( or less,I cant remember the exact numbers)to around 990 or something. With letter grades attached to it letting you ( and the lender)know what kind of risk you are . Is this a new scoring system that they all will be using soon. Or is it just another dang number to throw at us ?They said it was a joint effort by all three , but hey they say alot of crap that isn't true.I was just wondering what you all thought of a system llke that. Link to comment Share on other sites More sharing options...
pilgrimfaraway Posted December 2, 2006 Report Share Posted December 2, 2006 I'm sure that they will get some card issuers to switch over to it. I don't see them making much progress in auto finance or mortgage. FICO's just too deep in that space.I think it will be a mess - it attempts to produce a single score based upon all three reports. As we have all seen, it's way too common for one of the 3 CRA's to have their data all jacked up for a given consumer at one time. Right now, my Equifax is screwed up, because they have 2 files on me - no prob! I have 2 of 3, so I can go get a mortgage, etc. But when they try to pull all 3 together like this - problems will happen.It will be useful for people with thin files. One interesting application would be if credit requests that fail due to lack of credit will automatically reprocess based upon VantageScore.My guess is that they see the bucket loads of money FICO is making convincing consumers to buy their score way too frequently and want a piece of the action. Link to comment Share on other sites More sharing options...
LNY Posted December 3, 2006 Report Share Posted December 3, 2006 This came out several months ago and we discussed it then. Do a search for Vantage to read the discussions. Link to comment Share on other sites More sharing options...
creditvixen1 Posted December 4, 2006 Author Report Share Posted December 4, 2006 Thanks Pilgrim and LNY.I couldn't remember the name of the new sytem to do a search for it after I left the site I was on ( iguess I was still in shock upon learning of a new system to screw with me ) I searched and read. I still don't feel much better about it , but hey what can ya do. You work hard to keep a clean report and get your scores up to help you along in life and then BAM....they hit ya with something else .Oh well , I guess I can't complain . I will just keep reading around here to see how to deal with it all:) Thanks again. Link to comment Share on other sites More sharing options...
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