Whenever you go to apply for a loan or a credit card, you actually have to undergo a lot of processes. Apart from all the formalities that one needs to do before it, submission of the credit report card is one of them. The lender actually sees the credit scores that you have obtained till now. Out of all the types of credit scores, VantageScore is the one that most people use.
VantageScores are the type of credit scores that are developed by 3 of the major credit bureau namely, Experian, Equifax, and TransUnion. In the present scenario, VantageScores claim to have 10% of all the credits used in the lending industry. With this fact only, one could understand how important this score is. Let us now discuss the features of this score in more detail.
- There are a lot of versions of this score. The latest one is Vantage Score 3.0 which was introduced in the year 2013. This model claims that it is not just for the people who already there in the business of lending and providing money, but it is used by the new people also. Those who do not know anything about this world can totally rely upon this version of VantageScore.
- Having said that most of the people use this model, let us now discuss the facts and figures related to it. Till the year 2016, above 8 million people were using it, which marks an increase of 40% from the time it was introduced.
- The credit bureau information makes your VantageScore. You could not rely upon your bank account, income information or any other asset related to it.
With these points, one could actually understand what VantageScores are. You could actually use this information when you start using this score.