A strong credit score has long been considered a key component of financial wellness and demonstrates to lenders a consumer’s likelihood to pay back a loan. It can provide access or serve as a barrier to financial inclusion. For some people, such as those with thin credit histories, it can often lead to unfair challenges getting approved for loans when conventional models are used.

Ushering in a new era of credit score innovation, predictive performance and inclusion, VantageScore was recently highlighted in a news article from the Associated Press about the evolution of credit score models and its benefits. “VantageScore uses the credit reports compiled by Equifax, Experian, and TransUnion to calculate a rating of credit-worthiness using its own algorithm.”

VantageScore has pioneered the use of rent and utility data in credit scores. The company was the first to use that information in the calculation of credit scores back in 2007, and it has enhanced its ability to score more consumers with a high level of predictive accuracy ever since.

Read the full article: https://apnews.com/article/business-680dba92330928cebf3ef572e62c5530