The Vantage score was developed by the 3 major credit reporting companies, Equifax, TransUnion and Experian to take all the credit information that is available on individuals, feed it into a computer and have it generate a score. This score gives lenders and credit card companies a score that they can look at to see just what kind of credit risk you may be. The Vantage score can range anywhere from 501 up to 990.

And although you already know this, the higher your score is, the easier it is for you to obtain credit. This effort by the big 3 credit agencies debuted in March 2006 and has been going strong ever since then.

Vantage Score is now in use in four or the top financial institutions in the country, ALL five of the top five credit card issuers and two of the top five companies that issue auto loans. So the Vantage Score is becoming nearly a standard for determining a persons credit worthiness. Well, almost. Even though this was developed by all three reporting agencies to try and establish some consistency in the marketplace, each individual credit reporting company still will generate a credit score based on the information it has on file.

So depending upon where you might be applying for credit, your score may be derived from each credit reporting company and then averaged or, it can be a Vantage Score.

Seems a bit confusing, don’t you think?

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And just when you thought you knew everything about credit scores, guess what happens? A new statistical model is being released! That’s right, Vantage Score 2.0 has been undergoing testing since October of 2010 and is now in full production mode as of January 2011. The changes are due to the behaviors of consumers since our economy has had some difficulties starting in the year 2006. In fact, this last statistical model was based on the period of 2006 through 2009 when a lot of people changed their bill paying priorities.

This largely was due to our economy and the housing catastrophe.

If you haven’t had the need to check your credit score in a long while, first of all that means you’ve been taking care of your credit in a common sense fashion. But if you see yourself in the very near future applying for things like loand for a students tuition, home equity loans or a major purchase, it may be to your advantage to investigate what your Vantage Score may be currently.

If on the other hand, you have all the credit in the world and you are actually trying to get out of debt by eliminating many of your credit cards and loans, then knowing your Vantage Score might not have any value to you. Or you just might be one of those individuals that just needs to know where you stand in the eyes of lenders. If so, you can always spend a few dollars and find out your new and improved Vantage Score!

Click on the button below and get your credit check report with free scores and start monitoring your credit!

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