Consumers can now get VantageScore 3.0 credit scores free through Credit.com, which has hailed the new model as a game changer.
The site, a leading independent online resource for credit information, said last month that it would make VantageScore 3.0 credit scores available to consumers at no cost through its “Credit Report Card” product.
Ian Cohen, CEO of Credit.com, said the site adopted VantageScore 3.0 because their experts believe it opens doors for consumers and lenders alike:
“For tens of millions of consumers who were previously unscoreable, or had what is referred to in the industry as ‘thin files,’ this is a great opportunity for them to start building their credit histories and enter the mainstream earlier. It’s good for consumers and good for lenders to have competition in the market. It forces everyone to challenge old assumptions, such as the predictiveness of paid medical debt, and look for new ways to score consumers in a world that has changed a great deal since the 2008 recession.”
Credit.com’s reach into the marketplace is significant, and thousands of consumers will access their VantageScore 3.0 credit scores every week through the website. Its adoption of the VantageScore 3.0 model is a strong endorsement.
While Credit.com rightly touts the inclusiveness of the VantageScore 3.0 model, the enhanced predictive accuracy and strength of the VantageScore 3.0 model cut across the credit spectrum, from thick file to thin file—and everything in between.
Credit.com is not the only online resource providing VantageScore credit scores to consumers for free. CreditKarma.com also provides free VantageScore credit scores to its users. Importantly, the VantageScore model is used in production and is a key part of thousands of lenders’ automated underwriting procedures.
View Credit.com’s announcement here.