| Another New Credit Score Model? |
| Vantage Score 2009 |
| Hurry…..there is no time to wait! Now, more than ever is the time to
Increase Our Credit Scores. Read below and see why. |
| Vantage Score is a scoring methodology that includes all three credit reporting companies and is supposed to deliver a predictive and easy way to understand our credit risk to those making decisions based on our credit scores. This can be used by: lenders, Insurance Companies, Employers, Wedding Planners, Mortgage Companies etc. It is a credit scoring model developed jointly by the national credit reporting companies. |
| What does that mean to us? More work, More Effort and More Time! Yuck! |
| We have to consistently ensure all these various pieces are correct or else… we will be rejected from whatever it is we are trying to achieve! |
| Below are the New Credit Score Card Ratings |
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| Vantage takes into account information in the last 24 months. So if we had 1-30 day late during that period our score can potentially decrease by 35%. |
| F.Y.I… As of June 2009, the new Average Credit Score is 625. |
| Hmmmm… anything to do with the New Vantage Score? Well, only time will tell. |
| *Advanced techniques were used in the New Model and Vantage Score is very, very vague about what these are. This results in a stronger separation of good and bad accounts and the ability to classify more bad accounts into the worst-scoring ranges. |
| Wow, not to good for us consumers. |
| Features Across all Three Bureaus |
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| Following are some ways businesses will use the new score: |
| Warning |
| Increase Your Credit Score Fast or Hire My Company |
| www.federalcreditrepair.org |
| To Do it For You! |
| Scores will be used for tiered offers with multiple strategies. |
| For example, extend the most favorable offer to your most creditworthy clients, a moderate offer for those consumers that are in the middle segment of credit risk, and the lowest offer for consumers that are more risky. |
| That means…Our Scores = Our Rates. |
| Consumers that would fall into a risk category that is unfavorable for businesses will Not Pass Go! |
| That means…Our Scores = Our Ability To Be Hired |
| That means…Our Scores = Our Ability To Get That Mortgage Rate We See Advertised |
| That means…Our Scores = Our Ability To Get Married |
| That means…Our Scores = Our Ability To Live the Life Of Our Dreams |
| Below are charts showing the scoring systems categories. |
| Utilization and balance owed on Vantage are defined as the same thing. |
| Depth of credit is the length of credit history. |
| Will this add more confusion to an already misunderstood system? YUP! |
| Is this product created to compete with Fico and cash in on those enormous profits? YUP! |
| Below is the Vantage variable chart and Fico is to the right. |
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| Not sure what to do? |
| Don’t want to deal with this yourself? |
| Sign up for my FREE Credit Repair Tips and Call my office at 201-661-8330 for a FREE Consultation immediately. |
©2007-2012 Federal Credit Repair Services, LLC All Rights Reserved.
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Denise A. Manniello is a Credit Restoration and Debt Elimination expert.
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