The Score: better than ever

Date: June 22, 2020

Dear Colleague,

Welcome to the new, better-than-ever monthly newsletter from VantageScore Solutions. Redesigned to help you scan the latest credit scoring news, The Score not only sports a new look but also coincides with some major new initiatives (more on them elsewhere in this newsletter) and reflects our core beliefs:

  • Competition is good for the credit scoring market, and the emergence of multiple competing models benefits consumers, lenders, and overall innovation far more than a marketplace dominated by a single player.
  • Consumer education benefits both consumers and lenders, and credit scores can be powerful tools for helping consumers improve their personal credit habits and overall financial well-being.
  • Extending credit scores to as many consumers as possible helps lenders identify promising borrowers they might otherwise have missed and gives even more consumers a foundation for building a stronger future through access to mainstream credit.
  • Producing the most accurate VantageScore credit scoring model to date and demonstrating its accuracy by publicly sharing validation results are essential to ensuring that lenders clearly understand and manage risk, and that consumers have access to credit at the fairest possible terms.

In accordance with these core beliefs, I’m happy to introduce the VantageScore 3.0 model – A Higher Level of Confidence. With this new model, VantageScore Solutions dramatically advances the credit scoring industry in terms of inclusiveness, predictiveness and consumer friendliness.

This month’s newsletter provides an overview of features that, according to some media reports, make the new model “the credit score everyone’s talking about.” Articles below explain the model’s predictiveness, its ability to score millions more consumers, and how its development was informed by listening to lenders and consumers.

Most visible among these changes is a new scale. Last year we extensively surveyed consumers and lenders on many different areas of the industry. One of the decisions made as a result is that the VantageScore 3.0 model’s scale will be 300–850, which is more familiar to consumers and easier for lenders to implement.

Lastly, I’m delighted to debut our new logo and website design. The new VantageScore Solutions logo emphasizes innovation and our challenge to the status quo. The new website separates lender and consumer content and broadens the scope of both.

The logo, website and new branding reflect our belief at VantageScore Solutions that credit scoring is not just about analytics, but also about people: the scientists who develop the model, the lenders who use the model and, ultimately, the consumers who benefit from credit scores that are accurate, inclusive and easy to understand.

With the support of these constituents, the sky is the limit for the VantageScore model.

Sincerely,

Barrett Burns