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MERit Credit Systems announces support of VantageScore sm

MERit Credit Systems announces support of VantageScore sm in its MERit Credit Engine (MCE). VantageScore was jointly developed by Equifax, Experian and TransUnion.

VantageScore is a result of demand for a more consistent and objective approach to credit scoring across all three national credit reporting companies.

Under the new VantageScore system, credit score variances between credit reporting companies will be as a result of data differences within each of the three consumer credit files and not subjective data interpretation.

VantageScore uses score ranges from 501 to 990, with each 100-point interval corresponding to a letter grade. Scores in the 900's are "A". Scores in the 800's are "B", and so forth. Most consumers are at the "A" through "C" levels. About a third of all consumers get "D" and "F" grades.

By comparison, the range of FICO scores is from 300 to 850.  A 600 FICO score marks the bottom 15% of the range, in expected creditworthiness. FICO refers to proprietary scoring models from Fair, Isaac & Company that continue to be offered by Equifax, Experian, and TransUnion under the Beacon, FICO and Empirica names.

The factors that determine VantageScore are similar to those that determine FICO scores.
 

 

  • Recent credit inquiries, and recently opened accounts are about 10% of VantageScore.
  • Depth of credit is 13%. This refers to the length of credit history and the "mix" of types of credit used. 
  • Utilization (23%), balances (15%), and available credit (7%) together account for 45% of VantageScore. The algorithm considers trends in the amounts and relative proportions of these factors.
  • Payment history is 32% of the computation. This includes the number and severity of past due items, as well as the number of accounts paid as agreed.  Bankruptcies, judgments and other derogatory public records are also included here.

 

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