New VantageScores available online
Remember back in March when VantageScore was introduced? Well now it is available online. For $5.95, Internet users will be able to check their VantageScores online through Experian. Experian is of three U.S. credit reporting bureaus that jointly developed the system.
This is the first time the VantageScores have been made available to the public.
VantageScore was introduced in March by the three major credit reporting agencies; Experian, Equifax and TransUnion. This system was being promoted as a simpler scoring method because it uses a single formula to evaluate consumer’s debt risk profile. Under FICO, each credit bureau uses a different method for calculating a consumer’s debt risk.
Another difference is FICO uses a numerical score and VantageScore uses both a numerical score and a letter grade. While these two scoring systems may appear different in looks, the information used to garner the high or low scores are very similar. Fair Isaac Company (FICO) and the three credit bureaus do not make public the exact formula they use.
As a consumer, you should score well with VantageScore if you have scored well with FICO and vice versa with the lower score.
OK, back to getting the VantageScore report. As most know, everyone is entitled to one free credit report each year from each of the credit reporting agencies. Sorry to say but that free report does not include your VantageScore. It also had not included your FICO score, which costs from $5.95 to $7.95 depending on which agency your order it from.
The VantageScore offer from Experian appears to undercut the cost of getting a FICO score from Experian, Equifax or TransUnion. A credit report and credit score may be purchased at any time from any of the three big credit bureaus for about $15.
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