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FICO vs. Vantage Score

July 19, 2018

FICO now competes with Vantage Score but Equifax, Experian and TransUnion still offer both
score options. This is partly because FICO is so widely used and accepted by most financial and lending companies. Most mortgage lenders use the FICO scoring platform to evaluate a borrowers financial stability and payment history to issue a loan approval.


The goal of the credit bureaus is to wean users (consumer) off the FICO model and start using Vantage Score instead. Due to the overwhelming majority of lenders and credit issuer’s familiarity with the FICO model, the Vantage Score has not taken the credit world by storm as fast as the “Big 3” would have liked. Also FICO seems to provide more accurate data when it comes to consumer credit scoring.


All three credit bureaus now offer Vantage Score in addition to FICO score to calculate
the credit score, instead of only offering FICOs.


In reality, it really makes no difference in credit score variations. Credit score
variations are inevitable because the data the credit bureaus collect is still derived
from different sources, not all data furnishers report their information to all of the
credit reporting agencies. So the problem of varying credit scores will not be solved by
the new Vantage Score.


The three bureaus are branding the Vantage Score as something that will help banks and
lenders further hone the subprime categories. Subprime lenders are those banks and lenders
dedicated to borrowers with poor credit or harder to approve loans. Subprime loans have
higher interest rates and fat lending fees.


In today’s credit crunched economy, this is a fast growing market and the credit bureaus
are hoping to use that as a selling point for Vantage Score. Slick marketing!


Unlike FICO’s traditional 300 to 850 scale, the Vantage Score goes from 501 to 990. This can be very misleading to a consumer when going to apply for any type of financing. Be aware and be sure to order your FICO scores directly from www.myfico.com (Keep in mind they only offer 2 of the 3 credit bureau scores with their reports. Also it may be a monthly subscription based plan t access the reports. If so Just order the reports with FICO scores and then CANCEL your subscription right after to avoid getting charged monthly) The other option is to have a mortgage lender pull your credit if they are willing to.  

 

Here is a breakdown of the scores with the respective rating according to Vantage:
A: 901–990
B: 801–900
C: 701–800
D: 601–700
F: 501–600

 

 

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