VantageScore is the only model to be developed jointly by all three national credit reporting companies.
VantageScore 2.0 was created using data blended from two different timeframes, and pulled from the most recent lending environment, 2006-2008 and 2007-2009. It uses a national sample of anonymous credit information of approximately 15 million consumers.
The VantageScore ranges from 990 to 501 and it is grouped as follows:
- A: 901-990
- B: 801-900
- C: 701-800
- D: 601-700
- F: 501-600
The three main credit reporting agencies are:
Lenders and insurance companies can access the information reported by either or all of the credit reporting agencies before they provide you with rates and terms for your loan or auto, home or business insurance. Not all lenders and insurance companies use the reports from all three agencies. Continue reading Credit Reporting Agencies
The following factors have an impact on your Credit Score. The credit reporting agencies use them as basis in their calculations.
- 24-month review of your credit report and history of payment punctuality: DYK? even late payments on medical or cable and phone bills may affect your Credit Score
- the total amount of your available credit: DYK? keeping your available credit higher than your debt helps improving your Credit Score
- the total amount and the type of debt you have: DYK? real estate loans paid on-time may improve your Credit Score
- the number of open and active accounts: DYK? most of the store credit cards report your credit / debit and payment history information which may have an impact on your Credit Score
- the longevity of your relationship with your creditors: DYK? the longer your good standing relationship with your creditors, the better for your Credit Score
Insurers use your credit behavior as a basis for predicting the likelihood that you will file an insurance claim. (Transunion)
Poor credit behavior over a period of time, associated with a lower credit score, may raise your insurance rates for your car, home or, if you are a business owner , for your business. While a credit score is a key determinant of your creditworthiness, insurance companies also examine the information on your credit report.
A credit repair company, such as Fast Credit Solutions, can help you correct any inaccuracies, thus ensuring that your credit data is a true depiction of your credit record and increasing your chances of getting insurance under the best possible terms.