New Credit Scoring System
The three major credit bureaus announced they will be using a new, standardized credit scoring system, to make it easier to understand for consumers and lendors. The new system, called Vantagescore will create a uniform score from all three agencies. Here’s how the new scores will work:
VantageScore ratings will range from 501 to 990. The top end is slightly higher than scores currently in use.
In a separate statement, Experian said the new scores will be grouped on “the familiar academic scale.” Experian gave these groupings, with A and B being the best potential borrowers and D and F being the weakest:
A — 901-990
B — 801-900
C — 701-800
D — 601-700
F — 501-600
[from Yahoo News]
Currently, anyone can obtain a free credit report every year, but you have to pay money at a site like myfico.com to find out your specific credit score.
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