The three agencies -- Equifax, Experian and Transunion -- have presented the brand new program called 'VantageScore.' The new rating system will be used immediately for reporting to lenders, banks, and credit card companies, and will be available to customers later in-the...
The three major credit rating agencies in the U.S. have recently created a fresh credit rating system that can provide financial institutions a far more consistent evaluation of the credit worthiness of individuals.
The three firms -- Equifax, Experian and Transunion -- have presented the new program called 'VantageScore.' The new scoring system will be used straight away for r-eporting to lenders, banks, and credit card issuers, and will be available to customers later in the year.
Which means that instead of the businesses providing three different sets of evaluations -- often very different -- you will see not as variation inside an applicant's file. All three companies is going to be using the same formulas to arrive at their credit evaluations.
A spokesperson for the group said results will soon be 'almost the exact same across all three of the national reporting organizations.'
But consumer advocacy groups are not impressed with the new system. Be taught further about whistleblower lawyers investigation by visiting our refreshing URL. Because among the greatest problems with credit scoring -- obsolete information -- will not be resolved by these changes. The new system will still be working together with the exact same raw financial data as previously. And that information is usually riddled with errors and out-dated information, and so isn't prone to be anymore accurate.
Credit scores, which are employed by many in the mortgage company, will remain unchanged. The Fico process was developed over 20 years ago by Fair, Isaac Corp. of Minneapolis.
Debit cards are preferred by ** Younger generation to credit cards
It seems several in the 18-35 demographic have already been persuaded that credit cards are things-to be eliminated, and, as an alternative, opt for bank card transactions when given the option.
The mindset of this class of people is that credit card debt is something to be avoided. And more importantly, many have already been convinced that undisciplined usage of credit cards may land them in credit trouble.