“We’re all about the consumer. We’re all about education,” says Burns, the company’s CEO.
For many lenders, the bottom line is likely to be: how many people does the company’s new model score, and how good is it at predicting which borrowers will default?
VantageScore’s new model will be able to provide scores for 13 million more consumers than its previous version did, according to the company.
The company claims its new model is up to 25% more predictive than earlier models, based on an analysis of consumers’ credit files over a two-year period.