New Credit Scoring SystemLaunched
NEW YORK - (03/15/06) The nation¹s three creditreporting bureaus have teamed up to create a new credit risk scorethey say will help cut through some of the confusion created by thevariety of scores currently available. Equifax, Experian andTransUnion all collaborated on the new system, called VantagaScoreas a way to bring a more consistent and easy-to-understand score tothe credit marketplace. The three companies are marketing the scoreseparately via licensing agreements with VantageScore, LLC, whichthe they all created to house the score. The companies said theyhope that another benefit of VantageScore is that it will be ableto provide a score for more thin-file consumers',those consumers who, due to lack of reportable credit history,often can't get a credit score and are, as a result, often shut outof the credit process.