VantageScore is a scoring module that the Credit Bureaus came up with the try and get a better understanding of risk of people they gather data on. The challenge is that no one is using it but themselves.
The FICO scoring module is based on 300 to 850 scoring and most lenders, credit card companies and banks use this scoring module. So, why do they use it?
Funny thing, I personally think it’s to scam the consumer so they can make more money. No one uses it so why are they selling it to the public instead of the FICO scores? We call them FAKO scores because they are FAKE!
When you go to the 3 Credit Bureaus… heck, if you go anywhere online to get your own credit scores you will always get the FAKO scores not the FICO scores. FAKO scores are 20 to 60 points higher on average.
You pay good money to find out what your scores are and instead of something real that you can go to the bank with, they give you something that does not fit the normal or customary model. How does that help you? It doesn’t, instead you have a lender pull your credit and they find out the real FICO scores are lower, which means you can’t get the loan you wanted. You go to another lender and another trying to get the loan you want being denied each time. You scratch your head and go home and pull your credit scores again and find even lower credit score because now you have 3 inquiries on your credit file that you didn’t have until you started having your credit pulled by different lenders.
The Credit Bureaus have now made money each time you had your credit pulled.
Avoid the scam by going to www.MyFICO.com to get a legitimate credit score. It is the only place on the internet that we have found to have a legitimate credit score based on the 300 to 850 scoring module.
So, VantageSCore is definitely a scam!
Want to read more? Go to this website to learn more about VantageScore.