What’s the Score?
Tuesday, March 28th, 2006On March 15, the three major credit reporting companies (Experian, Transunion, and Equifax) got together and announced VantageScore, a new model for credit scoring. There are several questions raised by this new scoring method, the biggest being what advantage does this new scoring mechanism have for both businesses and consumers to make them use it over the well established FICO score? Also, what was wrong with FICO causing the the credit reporting companies to come up with their own scoring model?
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