The three national credit reporting companies have launched a jointly developed credit scoring system designed to simplify the credit granting process by providing a consistent score to the marketplace.The system, called VantageScore, was developed as a result of market demand for a more consistent and objective approach to credit scoring, according to Costa Mesa, Calif.-based Experian. The system uses score ranges from 501 to 990 and assigns letter grades of A through D and F to each range. The top grade of A will be assigned to a borrower with a score of 901 to 990, and the other grades and score ranges are as follows: B, 801-900; C, 701-800; D, 601-700; and F, 501-600. "The new scoring system addresses the potential weaknesses in existing scoring solutions in the marketplace because any variances in credit scores between credit reporting companies will be attributed to data differences within each of the three consumer credit files and not to the structure of the scoring model or interpretation of the data," Experian said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11