The national VantageScore credit score is up by three points, from 666 to 669. Bankcard lending continues to increase, with new bankcards up 7.7%.
More than six billion VantageScore credit scores were used in the 12-month period running from 3Q/14 to 2Q/15. The Company says it is a 100% increase over the previous 12-month period.
New research shows the majority of U.S. consumers support newer methods of calculating credit scores and that most Americans also support competition among developers of credit scoring models.
Severely delayed debts sold-off to debt collection agencies will have minimal impact on consumer scores and will not impact the predictiveness of VantageScore 3.0 credit scores.
YapStone announced RentPayment, its online and mobile payment solution for the apartment rental industry, will now report rental payment information using TransUnion’s Resident Credit. The integration with ResidentCredit will offer a prompt, seamless reporting process for property managers and residents.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Barrett Burns, President & Chief Executive Officer of VantageScore Solutions.
VantageScore Solutions has unveiled a new series of consumer-education videos, addressing questions and concerns raised by real-world consumers.
The inclusion of home rent payments in Vantage Scores is having a significant positive impact for subprime consumers as well as consumers with thin files such students and recent graduates.
The nearly two year old VantageScore 3.0 is gathering more blowback from U.S. consumers. Social media and the creditkarma website, have been overflowing with consumer complaints of credit scores dropping 60-80 points since the introduction of 3.0.
CT-based VantageScore Solutions reports nearly one billion VantageScore credit scores were used in 2014, by over 2,000 lenders and other industry participants, including six of the 10 largest banks. This represents a 24% increase in the number of users of the VantageScore models and a nearly 600% increase in the number of scores used as compared with 2013.
Credit scores are up, bankcard lending is on the rise, the average number of bankcards per person is up, retail card lending also is on the upswing, and average debt is up.
LendingTree launched its personalization platform, providing consumers with completely free credit scores and analysis, access to monthly updates, detailed account insights and proactive, market-based offers to illuminate potential savings opportunities across multiple loan categories. Once a free account is created at LendingTree, users are provided with their current credit score using VantageScore 3.0. Introduced in March of 2013, VantageScore 3.0 is the first credit score model to be built on post-recessionary data, and it has the ability to generate a credit score for 30-35 million more consumers than traditional credit scoring methodologies. The VantageScore model is a tri-bureau credit scoring model that is uniquely able to be deployed at all three national credit reporting companies (CRCs), Equifax, Experian and TransUnion, resulting in more consistent credit scores and less confusion among consumers.