Automotive News recently covered VantageScore’s rapidly rising market adoption in the automotive sector, noting that “use of VantageScore credit scores grew roughly 28 percent at captive finance companies in 2023,” and “grew more than 34 percent overall last year, with captives making up more than 17 percent of total auto lending usage.”

VantageScore credits its growth with captives in part to its increased usage in the asset-backed securities market, where captives sell pools of auto loans as financial assets,” said Jeff Richardson, VantageScore’s SVP of Marketing.

With VantageScore’s expected entry into mortgage in 2025, originations with VantageScore-backed collateral are expected to grow in the near future, which will likely have positive implications in other product lines, including auto. The goal is that “in every product — auto, card, personal loans, mortgage — VantageScore is an option,” added Jeff. “May the best model win.

VantageScore recently announced that overall usage of its credit scores increased by 42% in 2023 to a record volume of over 27 billion credit scores, according to the results of the 2023 VantageScore® Market Study Report (“Market Study Report”), a comprehensive, independent third-party analysis conducted by Charles River Associates. The growth reflects increased usage by financial institutions and organizations including banks, credit card lenders, fintechs, consumer websites and government entities, among others. More than 3,400 unique banks, lenders and other institutions used VantageScore in 2023, including eight of the top 10 banks.

Read the full Automotive News story here: https://www.autonews.com/finance-insurance/vantagescore-use-grows-captives-score-use-expands

Download the 2023 VantageScore Market Study Report here: 2023 VantageScore Market Study