Chapter 3. VantageScore—A Revolution or Just More of the Same?
The three major credit bureaus—Experian, Equifax, and TransUnion—made a big splash in March 2006 when they announced a new credit scoring system called VantageScore. In an unprecedented move, the three competing bureaus worked together to create a scoring system to rival the entrenched FICO.
Using words like “innovative,” “consistent,” and “accurate,” the bureaus strongly implied that they had created a better mousetrap.
Many media outlets picked up the hype, proclaiming that VantageScores were an improvement on the FICO scores that most lenders use. Articles and broadcasts proclaimed the new credit score was “great news for consumers,” that it would “simplify” or “remake” the credit ...
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