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Capital Markets Use of VantageScore
VantageScore's Strong Momentum in Capital Markets
VantageScore is increasingly utilized in the ABS and RMBS markets to assess credit risk, offering an alternative to conventional credit scoring models and providing valuable insights into borrower creditworthiness and portfolio performance.
$2.7 Billion Issuances
Exeter Automobile Receivables Trust
$1.4B note issuance, January 24, 2025
$1B note issuance, March 21, 2025
$0.3B note issuance, April 21, 2025
$1.9 Billion Issuances
$0.9 Billion Issuances
GLS Auto Receivables Trust
$0.3B note issuance, January 9, 2025
$0.6B note issuance, February 11, 2025
$0.8 Billion Issuances
year over year
VantageScore credit scores are often used by participants in the residential mortgage-backed securities (RMBS) market.
To accurately analyze risk, market participants can leverage the power of VantageScore credit-score data to assess private-label RMBS (also known as PLS).
VantageScore credit scores, which are refreshed monthly, allow credit performance to be tracked more precisely, in real-time, versus relying solely on credit scores calculated at the time of origination. This allows for more accurate, ongoing assessments of a residential mortgage borrower’s risk profile and, in turn, better portfolio management.
With coverage of approximately 94% of U.S. consumers age 18 and above, VantageScore is a trusted source of credit-score information for borrowers across the credit spectrum - from Super Prime to Subprime.
Starting in 2025 the Federal Housing Finance Agency (FHFA) has required VantageScore credit scores to be used for all mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Get started using VantageScore credit scores today - the leader in predictive power and financial inclusion.
Responsible Securitization
Institutions that utilize VantageScore can transform communities by extending credit to creditworthy consumers historically underserved. Securitizations that cite VantageScore are recognized for high levels of accuracy and transparency combined with safety and soundness.
VantageScore's Fast-Growing Market Adoption
Over 3,700 banks, fintechs and other institutions use VantageScore credit scores every day to assess consumer creditworthiness. Last year, 42 billion VantageScore credit scores were used representing a 55% yearly increase. Most top 10 US banks, large credit unions and leading fintechs use VantageScore credit scores in one or more lines of business including credit cards, auto loans, personal loans and more.
93% of ABS & RMBS Investors Support Credit Score Competition
From credit risk to sustainable securitization, VantageScore conducts extensive research and publishes its findings to help capital markets’ participants better represent their constituents.
We are committed to the transparency of VantageScore models and performance. Stay abreast of current credit-related issues with our ongoing assessments of model drivers. Together we can affect positive change in the way consumer lending and securitization is managed.
Explore the VantageScore consumer credit insights and trends to get insight into the consumer credit-score landscape across approximately 94% of the U.S. population—including 33 million more individuals than covered by traditional scoring methods.
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Vantagescore model performance assessment
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dynamic relationship between scores and risk
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CREDIT WITH A CONSCIENCE: Driving Financial Inclusion with Data and Analytics
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VantageScore issuer adoption report
No. The same standard of care is used across the credit spectrum. VantageScore promotes and embraces transparency around consumer credit scoring, and is forthcoming with all of the drivers and mechanics of the model. For a description of the methodology behind VantageScore models, visit VantageScore 4.0
Scores assigned to previously unscorable consumers are accurate and reliable, as confirmed by our annually published model performance assessments. The meaning of the score, in terms of level of risk it implies, is consistent regardless of which group a consumer belongs to.
Market participants including Nationally Recognized Statistical Ratings Organizations (NRSROs, or rating agencies), investors and broker dealers are familiar with VantageScore and capital markets’ transactions have been successfully issued.
Our capital markets team is dedicated to supporting market participants in navigating the VantageScore implementation process. Please contact Anthony Hutchinson, Executive Vice President and Head of Public Affairs (tony@vantagescore.com) for more information.
As a joint venture by Equifax, Experian and TransUnion, VantageScore analyzes data supplied by these three national credit-reporting companies. Our scientists incorporate groundbreaking modeling techniques, data and strategies that benefit consumers, lenders and capital markets.
The VantageScore model allows lenders to accurately assess approximately 33 million more consumers than other commercially available credit-scoring models. The main point: Our approach to scoring creates opportunities for lenders and credit-worthy borrowers alike.
VantageScore is committed to transparency, and openly discloses factors considered in its models.
For a comprehensive overview of how VantageScore 4.0 works, visit VantageScore 4.0
Access to credit is fundamental to financial inclusion of historically underserved consumers. VantageScore’s mission of creating more equitable access to credit has been a guiding principle since its inception in 2006.
Due to our ability to assign scores to 33 million individuals deemed unscorable by conventional methods (5.5 and 5.2 million of which are from Black and Latino communities, respectively – with 3 million in total scoring 620 or higher), VantageScore empowers these consumers to access credit that helps them live better financial lives. In addition, lenders are empowered with the ability to extend credit to more potential borrowers.
Securitized loan pools scored with VantageScore have the potential of including more consumers previously denied credit while preserving the integrity of the related credit quality distribution. Investors are also empowered to consider consumer asset-backed transactions that finance consumer-related loans with social impact.
See our latest thought-leadership research on credit scoring and financial inclusion:
VantageScore is committed to transparency, and openly discloses factors used in the models. We recognize the requirements of lenders/issuers, investors, rating agencies, as well as other market participants and constituents, to thoroughly understand how scores are calculated. As an organization, we strongly believe transparency breeds efficiency, effectiveness, and execution optimization.
Please visit the respective model page for more information.
VantageScore assigns scores to consumers ranging between 300 to 850. The credit tiering of the scores are as follows:
| CREDIT TIER | VANTAGESCORE |
|---|---|
| Super Prime | 781 – 850 |
| Prime | 661 – 780 |
| Near Prime | 601 – 660 |
| Subprime / Not Prime | 300 – 600 |
* Based on VantageScore 4.0
For more detailed information on credit score ranges please refer to The Complete Guide to Your Vantage Score.
Maintaining credit quality versus lending to traditionally unscorable individuals and/or undeserved communities are not mutually exclusive. Credit profiles of those in this segment span the credit spectrum. VantageScore enables lenders to underwrite borrowers and extend credit. VantageScore scores consumers across the credit continuum and employs a consistent standard of care when deriving all scores. We don’t compromise the safety and soundness of our methodology – regardless of credit characteristics.
Securitization disclosure documents typically include the credit-score distribution of the related portfolio, by both number and size of accounts. Further transparency is typically provided by the disclosure of historical performance metrics of an issuer’s underwritten book.
VantageScore publishes a VantageScore Model Performance Assessment, which compares credit-score models used by each of the national consumer reporting associations (NCRAs) – Equifax, Experian and TransUnion – to render VantageScore credit scores. Publishing the assessment is consistent with VantageScore’s mission of championing transparency, and supports model governance. Along with the Model Performance Assessment, VantageScore publishes updated odds/performance charts. The data shows all VantageScore models are empirically derived as well statistically sound, using proven testing methods central to our own analytical approach.
Read and download the VantageScore Model Performance Assessment.