What is VantageScore?

VantageScore is a new credit rating system, collectively created by Equifax, Experian, and TransUnion. Launched as an alternative to the FICO score, it has many benefits compared to traditional rating systems. To get your credit report made using VantageScore, however, you need to pay a fee to credit companies, and that’s when you may need a specialist credit consultant to guide the way. In short, you may need to Build My Scores.

Build My Scores is a trusted credit restoration and enhancement company, committed to helping clients lead a financially stable life. We bank on VantageScore to calculate your credit situation and suggests repair options based on that score. The company has established itself as a market leader with its constant efforts towards customer satisfaction. It has built a team that has broad industry expertise along with detailed knowledge of federal credit laws.

Why Consider VantageScore?

VantageScore, unlike traditional credit reporting methodologies, has a single scoring model that gives out consistent scores. Therefore, if there is any discrepancy in your credit report, getting your credit score calculated through the new system is a possible remedy. Before the introduction of VantageScore, FICO used to be the most trusted scoring method. In a short period of time, however, the new method has taken over in popularity. In 2014, an estimated 1 billion credit scores were calculated using VantageScore, with the patrons including 2000+ lenders and 6 out of the 10 largest banks in the US.

Benefits of VantageScore

VantageScore embraces smart points that efficiently eliminate redundancy and ensure that all aspects are considered before a credit report is generated. Following are some of the benefits of VantageScore that make it the preferred credit rating system.

Acknowledges Damages Caused Due to Natural Calamity

VantageScore is designed to ignore the negatives on a credit report that are caused due to natural calamities, which is a great relief to U.S. citizens, especially given the increasing instances of natural disasters in the country.

Easy to Understand Score

Compared to the FICO score, VantageScore is much easier to understand. Though the initial versions of VantageScore created some confusion on what qualifies as a “good” score, but with the latest version, the debate has been settled at 300-850.

Removal of Paid and Settled Collection

Unlike traditional methods, the VantageScore system ignores paid and settled collections. This results in a substantial increase in the score for clients who have a healthy credit profile, which is another factor in the favor of the new system.

Simpler Calculation with Fewer Criteria

FICO had a lot of criteria that needed to be fulfilled to calculate a credit score. VantageScore has changed a number of points and has made way for almost 30 million people who can now get a legal credit score to assess their credit situation.

Contact Build My Scores to Learn More

VantageScore is giving hope to millions who had ‘no score’ under the FICO rating, and a new beginning for people who have negative numbers on their credit report. Should you wish to learn more, simply call us at 972-432-7423 or toll-free at 866-611-9531.