Models & Scores
A recent survey commissioned by VantageScore Solutions, LLC found that among consumers who are unable to obtain credit, 27% attribute the situation to lack of a credit score. Most consumers support newer methods of calculating credit scores 49% feel that consistent rental, utility and telecommunications payments should count in determining credit scores 50% agree that competition in the credit scoring marketplace is beneficial Lenders can help solve the credit gap by using advanced risk models that can accurately score more consumers. The result is a win-win: More consumers get access to mainstream credit, and lenders gain more customers. >> Infographic: America’s Giant Credit Gap VantageScore® is a registered trademark of VantageScore Solutions, LLC.
Experian® recently released the 2015 State of Credit report, which analyzes key credit metrics across the nation.
VantageScore® models are the only credit scoring models to employ the same characteristic information and model design across the three credit bureaus.
According to VantageScore® Solutions' annual validation study, VantageScore 3.0 scores 36 million incremental consumers considered unscoreable by conventional credit scoring models.
As the summer home buying season kicks into high gear, a newly released survey shows the importance of understanding credit scores and their impact on homebuyer behavior.
According to research from VantageScore® LLC, 30 to 35 million people are not scored by the most popular credit-scoring models. When measured by more modern scoring methodologies — methods that leverage the data that exists in a person\'s credit file better — as many as 10 million of these unscoreable consumers were found to have prime or near prime credit scores. The study reinforces the importance of using advanced credit scores in order to profitably grow portfolios while providing consumers with access to fair and equitable credit. Credit Scoring Gaps Are Leaving Millions of Consumers Behind VantageScore® is a registered trademark of VantageScore Solutions, LLC.
A recent study analyzing the impact of rental data on the credit scores of subsidized housing residents uncovered compelling results.
Universe expansion is key to any lender's growth strategy. Sophisticated, advanced risk models, such as the VantageScore®3.0 model, allow lenders to score up to 35 million more consumers than other risk models.
A recent Experian Consumer Services survey focusing on the most important attributes in a prospective spouse found that married adults value financial responsibility more than physical attractiveness.
Experian's most recent Credit Trends study analyzing current debt levels and credit scores in the top 20 major U.S. metropolitan areas found that Detroit, Michigan, residents have the lowest average debt ($23,604) and Dallas, Texas, residents have the highest average debt ($28,240).1
As part of its guidance, the Office of the Comptroller of the Currency recommends that lenders perform regular validations of their credit score models in order to assess model performance.
In an effort to understand consumer needs better and help lenders educate their customers, VantageScore® Solutions surveyed more than 200 lenders nationwide on the topic of score reason codes.
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