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Equifax, Experian, and TransUnion, the nation’s three principal credit-reporting bureaus, have announced that they are going to soon begin employing a unified credit scoring program.  At present, every bureau uses its own technique to figure out your credit score and this has led to problems inside the past.

VantageScore vs. FICO Scores

At this time, 75% of lenders have a look at a mortgage applicants FICO score.  Inside the future many of them will probably be appraising your VantageScore instead.

VantageScores will be determined by all 3 credit bureaus utilizing a single methodology to arrive at the answer.  As a result of the a variety of approaches utilized by these agencies in the past, your FICO score could vary widely, making it confusing for lenders.  Using VantageScores instead, all 3 agencies scores should now be really similar.

Concerns about the New Credit Rating Method

Consumers have lastly gotten use to FICO scores, but a new method is taking its place.  Instead of scoring your credit history with numbers, consumers will now receive grades.  Those that earn As have superb credit, Bs not really as great, and on down the line to Fs, which are given to those considered to be main credit risks.
The other problem, critics point out, is that it doesn’t address the significant issue of inaccurate information from the agencies.  A lot of people frequently discover that, right after the bankruptcy is discharged, it isn’t reflected on one or more of their credit reports. 

The unified scoring program that the credit reporting agencies will soon start using can be a good move, but hopefully there is going to be even far more reforms inside the future that may help unify the info that each bureau has on file.

If you’re having trouble correcting data on your credit report, ask a Minneapolis bankruptcy lawyer for suggestions.  When you have not but filed bankruptcy but are experiencing a financial crisis, contact an experienced Minnesota bankruptcy lawyer at 6465 Wayzata Blvd., Suite 780, Minneapolis, MN 55426 or phone (952) 294-0145 to discover far more about your possibilities.