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According to Bankrate.com a new credit scoring system is available to consumers online starting today.
For $5.95, Internet users will be able to check their VantageScores online through Experian, one of three U.S. credit reporting bureaus that jointly developed the system. The site also includes a simulation showing how potential actions, such as closing a credit card account or making a late payment, could impact a person's score.
This is the first time the VantageScores have been made available to the public...
...Unlike FICO, which is solely a numerical score, a VantageScore comprises both a number and the letter grade A, B, C, D or F. But while the two scoring systems may look different, the behaviors leading to high or low scores are highly similar...
...VantageScore was introduced in March by credit reporting agencies Experian, Equifax and TransUunion, which touted it as a simpler scoring method because it uses a single formula to evaluate consumers' debt risk profile. Under FICO, each credit bureau uses a different method for calculating credit risk.
For $5.95, Internet users will be able to check their VantageScores online through Experian, one of three U.S. credit reporting bureaus that jointly developed the system. The site also includes a simulation showing how potential actions, such as closing a credit card account or making a late payment, could impact a person's score.
This is the first time the VantageScores have been made available to the public...
...Unlike FICO, which is solely a numerical score, a VantageScore comprises both a number and the letter grade A, B, C, D or F. But while the two scoring systems may look different, the behaviors leading to high or low scores are highly similar...
...VantageScore was introduced in March by credit reporting agencies Experian, Equifax and TransUunion, which touted it as a simpler scoring method because it uses a single formula to evaluate consumers' debt risk profile. Under FICO, each credit bureau uses a different method for calculating credit risk.
