My Credit Score What?
That’s right, you know the infamous “credit score” everyone talks about that you must have in order to obtain loans, credit cards, and other various credit accounts, well, a new system, VantageScore, is being put in place to help companies better rate your credit score. We currently have 3 credit bureaus that your information can be obtained from, Equifax, Transunion, and Experian. Each one holds their own formulas for generating the credit score, however, now with this new credit scoring system, a supposedly more accurate score will be obtainable.
VantageScore will take all three of your scores from the above credit bureaus and create just one. The credit score numbers will have a slight difference, but in the end might work out for each of our benefit. Scoring is as follows:
A – 901 – 990
B – 801 – 900
C – 701 – 800
D – 601 – 700
D – 501 – 600
And, just like before, the higher the credit score, the better!
Currently, the new score is only available for businesses; however, consumers will have access in the future.
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