Other Scores
VantageScore
Introduced in March, 2006, VantageScore is hyped as a score that will simplify borrowing for consumers and lenders; in other words, adding a new scoring system for everybody to learn all over again helps us all.
Experian is first out of the chute with consumer access to the score. Equifax pushes the FICO, and TransUnion-- well-- they're TransUnion.
http://www.vantagescore.experian.com/
http://www.transunion.com/vantagescore/documents/TRI-CRC_FINAL_5-23.pdf
http://www.transunion.com/vantagescore/index.html
Bankrate.com, three months after the announcement of VantageScore: "To date, no lenders have announced they're switching to VantageScore."
Rural Development (USDA) on VantageScore:
Currently, the great majority of mortgage lenders continue to use FICO scores. Most automated underwriting systems are built to use FICO scores, and reconfiguring them will take time and money. Industry participants, including the Federal Housing Administration (FHA), Veteran Affairs (VA), Fannie Mae, and Freddie Mac, do not accept VantageScore at this time. Once Rural Development and the mortgage industry have had time to evaluate the new score, further guidance will be issued. At this time, VantageScore is not accepted for SFHGLP loans.
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PLUS (see Fake-O FICO Funk)
