Equifax, Experian and TransUnion Roll Out New Joint Credit Score

The nation's three consumer credit reporting companies - Equifax, Experian and TransUnion - today jointly announced the introduction of a new credit score designed to simplify and enhance the credit process for both consumers and credit grantors.

VantageScoresm is a direct result of market demand for a more consistent and objective approach to credit scoring methodology across all three national credit reporting companies. This approach is unprecedented in the marketplace.

The new VantageScore leverages the collective experience of the industry's leading experts on credit data, scoring and analytics. Under the new scoring system, credit score variance between credit reporting companies will be attributed to data differences within each of the three consumer credit files and not to the structure of the scoring model or data interpretation.

By combining cutting-edge, patent-pending analytic techniques with a highly intuitive scale for scoring, VantageScore will provide consumers and businesses with a highly predictive, consistent score that is easy to understand and apply. VantageScore uses score ranges from 501 to 990. Consumers and credit grantors alike will recognize the logical score groupings that approximate the familiar academic scale:

901-990 - A
801-900 - B
701-800 - C
601-700 - D
501-600 - F


VantageScore is being independently marketed and sold separately through each of the three national credit reporting companies via licensing agreements with VantageScore Solutions, LLC. VantageScore is commercially available beginning today.


Source: Press Release

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Are you looking for an auto loan? If you have good credit or poor credit we have auto loan solutions that may help you out. Do you know what kind of rates you should expect to get. A little knowledge will go a long way in helping you to get the best rates you can and not pay to much.
First you need to know your credit score, before you will know if you are considered a prime customer, a near prime customer , a non-prime customer or sub-prime customer. Sounds confusing doesn't it.

If your credit score is 680 or above you should be a Prime Customer

A score of 640 to 680 you could be a Near Prime Customer

A score of 580 to 640 you could be a Non-Prime customer

A score of 550 and below and you could be considered a Sub-Prime customer.

There are other factors that contribute to where you rank in credit scale. For example you could have a 700 credit score with only 2 or 3 trade lines and be considered a thin file which could keep you from getting the prime rates. Open trade lines, job time, and residence time are all things that could affect your final interest rate.

I have almost 30 years of experience in the auto industry and plan to use this blog to share some of my knowledge with others. The links that are included will take you to some of the biggest lenders in the industry.