Leading the industry through competition
We at VantageScore Solutions are extremely pleased with the inroads we’ve made over our nine-year history. The adoption figures we released early this year attest to our progress with lenders, ratings agencies, investors in mortgage-backed securities, and regulators. We continue to make gains on all these fronts.
Although few things in business are as satisfying as a new product or service gaining market adoption, our role as an influencer in the credit scoring industry comes very close. Our innovations are helping raise the bar for lenders and consumers alike. We are proud of that, and we are pleased to see others taking notice. For instance, a recent article in the credit card-industry web journal, PYMNTS.com, titled Can a New Scoring Paradigm Correct the Credit Catch-22?, noted:
VantageScore … exists currently as a FICO competitor product. More than 2,000 lenders, including six of the 10 largest U.S. banks, and other industry participants, such as landlords, use it. It currently does what the FICO product under development seems to be seeking to do—look for other “positive information” on potential borrowers to draw a fuller profile which is less dependent on their formal credit history.
Indeed, every version of the VantageScore credit scoring model has harnessed the predictive value of positive payment information regarding rent, telecom, and utilities. The model uses that data, whenever it is available in a consumer’s credit file, to help calculate a score.
The use of such data is just one of several advancements pioneered by VantageScore Solutions that are fast becoming the standard in the credit scoring industry.
We have developed a short video to summarize some of the advances pioneered by VantageScore. The video depicts some of the credit-scoring “firsts” accomplished by the VantageScore analytics team and the broader industry-wide adoption that followed.
Please take a look at this video, and keep reading The Score for updates on innovations yet to come.