VantageScore
A primary credit scoring model.
VantageScore Definition:
VantageScore is a consumer credit scoring model created by the three major credit bureaus: Experian, Equifax, and TransUnion. It serves as an alternative to the FICO score and uses information from your credit report to calculate your creditworthiness. VantageScore ranges from 300 to 850, with higher scores representing lower credit risk. It evaluates factors such as payment history, credit utilization, length and depth of credit, recent credit behavior, and available credit. Many lenders, landlords, and financial institutions use VantageScore in addition to or instead of FICO when making decisions.
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Frequently Asked Questions:
How is VantageScore different from FICO?
Both are credit scoring models, but they weigh factors slightly differently. VantageScore often emphasizes recent credit behavior, while FICO weighs payment history more heavily.
What is a good VantageScore?
A score of 661 or higher is generally considered good, while scores above 780 are considered excellent.
Does VantageScore use all three credit bureaus?
Yes. VantageScore was developed jointly by Experian, Equifax, and TransUnion, and it can be calculated using data from any of them.
Which lenders use VantageScore?
Many lenders, landlords, credit card issuers, and utility providers use VantageScore. FICO remains the most common model for major lending decisions like mortgages.
Can I get my VantageScore for free?
Yes. Several free credit monitoring services, including Credit Karma and Credit Sesame, provide VantageScore instead of FICO.
Does VantageScore hurt my credit when checked?
No. Checking your own VantageScore is considered a soft inquiry and has no impact on your credit score.
