subject: Vantage vs FICO Credit Scoring [print this page] The Vantage credit score now offered by all three credit bureaus is cheap ($5.95 for each score) but it's not a bargain when it comes to getting a good look at your credit standing. Early results on Vantage scores - to quote an Equifax sales person who will remain nameless: "Nobody wants it."
Most lenders and savvy consumers continue to use FICO scoring. Also, FICO.com wins the "easy to use" challenge: ordering online is simple, secure, and most important - their product is complete with credit reports that are easy to understand. Plus, you can login for 30 days to check your consumer's FICO scores, again.
Important Facts about Credit Scoring:
1) FICO scores range between 300-850; therefore, you cannot compare Vantage-scoring that ranges from 501-950.
2) There are many different scoring models. Consumer credit scores are based on a different scoring model from those used by the different industries. The industry-specific models do not give the same weight to all the factors that combine to generate the scores; for example, the scores for an auto loan dealer will differ from a mortgage lender, from one company to another in the same industry, or the same company over time as their portfolio's risk-load changes.Therefore, one of your most important consumer rights is the right to request a copy of the report your lender used to evaluate your application for a line of credit.
3) Any credit score is hard to put into perspective without the credit report it was based on. You have a right to a free credit report per bureau per year (annualcreditreport.com). Be sure to check the accounts listed on each credit report to see if the line-items are reported and reporting accurately. Missing information can cause as much damage to your scores as derogatory errors.
4) Companies are not required to report and if they choose to report they do not have to report to all three bureaus. Also, your creditors most likely do not update their information to all three bureaus at the same time. In brief, your credit history maintained by each credit bureau contains information that may differ at any one point in time and can impact your credit standing.
