New Credit Scoring System
The big three credit reporting agencies agreed to implement a unified credit scoring system today.
Dubbed “VantageScore”, it should start being used later this year. The new system has 5 tiers and a letter grade that is associated with each ranging from A at the top down to F at the bottom. Like often happens E got left out.
Under the new system, the scores shouldn’t have as much variation and the only real difference will be in what information each of the credit bureau’s has on record. Each keeps it’s own database of your information, and as always some variation occurs.
It may be a smart move to wait until later this year to order your yearly free credit report to see if any of the changes have made a difference to your reports.
Thansk to My Financial Journey for pointing this out.
Technorati Tags: credit, scores, credit bureau, credit scores, vantagescore
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