By Paul Centopani, Kate Berry VantageScore totaled 12.3 billion scores across consumer credit loan categories over a 12-month period between 2018 and 2019, according to a report from consulting firm Oliver Wyman. That figure increased 20% over the same period from the year prior — a rate of annual growth the credit score developer exhibited since 2015. The consumer loan categories included auto, credit card and personal, but not mortgages, giving it a potential to ramp up its use.  ”Having compiled this report for the third year in a row, we see impressive gains in market usage of VantageScore credit…Continue Reading

The “Credit-Score Game” is now live on the Wall Street Journal Online. Gain insight and awareness from the 7-question game on how credit score models account for credit behaviors. Choose a score profile and see how different actions, such as missing a payment, can affect your credit score and by how many points. VantageScore’s data scientists partnered with the Journal’s digital team to develop this interactive game based on VantageScore 3.0 data. A visual of the game is shown below – click on the image itself or click here to play the game. …Continue Reading

JOURNAL REPORTS: WEALTH MANAGEMENT People think they know what causes a credit score to rise or fall. They’re often wrong. By Demetria Gallegos  Everybody wants to have the highest credit score possible. But most people have little idea how to go about getting it. In fact, the opposite is often true: The things that many people believe will help or hurt their score don’t actually help or hurt them at all. Telling fact from myth, though, is crucial, as consumers strive to do what they can to improve their credit score. A higher score can mean better terms on credit cards,…Continue Reading

What Does Creditworthiness Mean? Your credit score only tells part of the story as lenders judge how likely you are to repay debt. US News & World Report/ By Dawn Papandrea Credit worthiness attempts to measure your financial integrity and can determine how potential lenders perceive you. (Getty Images) Creditworthiness, or how likely you are to repay a debt, is a major factor in whether you’ll be approved for a credit card, an auto loan or a mortgage. It accounts for your debt, your credit history and your ability to pay back loans. Although each lender has its own way…Continue Reading

This three-digit number shapes your life in ways you probably don’t realize. VantageScore is a credit scoring model that lenders use to assess your financial responsibility. It’s essentially a grade, ranging from 300 to 850, with a higher number indicating a greater degree of financial responsibility. A good VantageScore increases your odds of credit card and loan approval and helps you secure lower interest rates. A bad score could bar you from securing financing when you need it. But what’s a good VantageScore and how do you know if you have one?  What is a VantageScore? VantageScore is a credit…Continue Reading

Debunking a credit score myth: Forget what you’ve heard. Use much less than 30% of your available credit card limit Washington Michelle Singletary People like benchmarks, because it helps when they’re trying to reach a goal. For instance, when I talk about saving for retirement, folks want to know how much should they save every year or what percentage of their income should be invested. For the answer to that question read: Want to be a 401(k) millionaire? Here’s what it takes. One of the most frequently asked questions I get is this: How can I improve my credit…Continue Reading