American Banker Q&A: VantageScore President & CEO Outlines Strategic Vision to Drive Financial Inclusion

July 27, 2022

‘We have a winner-takes-all system’: VantageScore CEO Tavares
American Banker Online
By Penny Crosman

His childhood experience as an immigrant to the U.S. helped shape Silvio Tavares’s views on credit scores and financial inclusion.

As VantageScore’s relatively new president and CEO (he took over in October for founder and former CEO Barrett Burns, who retired), he is evolving the company’s eponymous score, an alternative to the FICO credit score, to include more data gleaned from outside the credit bureaus and to try to more accurately predict the creditworthiness of lower-income and underrepresented populations.

VantageScore credit scores are used by more than 3,000 banks and nonbanks, including nine of the top ten banks, with use growing by approximately 18% as compared to 2019 levels, according to a forthcoming report prepared by Oliver Wyman.

Fannie Mae and Freddie Mac, the government-sponsored entities that purchase mortgages, are considering buying mortgages made using the score.

Tavares, who formerly headed analytics business units at Visa and First Data, has authored over a dozen patents in the financial data space, and was chairman and CEO of the Digital Commerce Alliance, an association of large banks, tech companies and retailers, says he was drawn to VantageScore’s stated mission of using data and analytics to include more people into the credit system. In an interview, he explained his vision for VantageScore.

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This article was originally published on American Banker on July 27, 2022.