The three major credit repositories are cooperating in development of an innovative consumer credit scoring model, called VantageScoreSM , that will ultimately replace the FICO® scoring model from Fair, Isaac & Co. as the new standard in credit risk scoring.
VantageScoreSM offers a greater consistency and predictability of credit worthiness ranking for consumers and credit grantors. Here’s why:
- An identical scoring algorithm and leveled credit characteristics will be used across all three credit repositories to offer consistency.
- Patent pending applications of their statistical modeling techniques will enable better predictability, so consumers receive the most appropriate credit terms.
- Adverse action reasons are attributed to different components of the segmentation schemes. A contribution-based approach using a maximum value methodology provides an accurate quantitative system to assign adverse action reasons.
- Scoring is easy to understand and apply, using a scoring range of 501-990.
You, the consumer, can improve your credit score by disputing credit report records on your own, provided you know the protocol. Over time, with the practice of responsible money management, you can further improve your credit score.
If you don’t have time, or don’t know where to start, contact the professionals at RMCN Credit Services for assistance. We know the laws inside-and-out and can get your inaccuracies, as well as certain other items, removed. By law, the credit bureaus must provide adequate proof of their records or remove disputed items. We hold the credit bureaus legally responsible for what they list on your credit report. This will improve your credit score.
We realize that all things being equal, you’ll do business with those you know, like and trust. We have built our business one relationship at a time. Get to know us if you need credit repair. You’ll like us and you’ll trust us. Contact the professional credit repair specialists at RMCN Credit Services today.
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