What is VantageScore?

The three major credit bureaus, Experian, TransUnion and Equifax are using a new credit report scoring system.  Each bureau follows the same formula to determine the new VantageScore.  But this does not mean your credit report would be the same from each bureau.  The information each bureau has about you may vary.  The purpose of the VantageScore is to help Lenders identify a borrowers credibility however some think this new system is consumer friendly.

The new VantageScore is sort of challenging FICO which uses a number system to determine your credit score. The three bureaus are treating this as a test period.

The new VantageScore uses numbers and letters to determine your final credit score. Your report would list a letter score and a number score.


The VantageScore System

901 - 990: A    
801 - 900: B
701 - 800: C
601 - 700: D
501 - 600: F

It is not yet clear if this new scoring system will have a positive or adverse effect on a lenders’ decision. There are many variations of credit scores because of the licensing cost to use FICO. This cost tends to be rather steep for lenders. Banks and other companies typically have a high volume request for scores which is why they are more willing to opt for a more cost effective solution. These other scores are typically referred to as non-Fico or even “FAKO” scores. However, the VantageScore system and is not a FAKO.

What is the difference between FICO and VantageScore?

 The FICO score ranges from 300 to 850 while the VantageScore ranges from 501 to 990. It is based on five variables, while the VantageScore is based on six variables.

The following chart compares VantageScore to FICO and shows the percentage of a variable and its role in the total credit score. Click the image below.

Innovative Credit Consultants will be following the new scoring system and will keep you updated on consumer progress.  Extra tip: Never assume a lender uses FICO. The VantageScore method could change your credit score by almost 50 points. Always ask your lender what scoring system they use

For more information about credit, visit icreditinc.com.  You can also talk to a credit repair consultant who can help you  boost your credit score.

Don't Let Bad Credit Haunt You

A poor credit report doesn’t have to haunt you your whole life. The best part about credit reports is that they can change. Your scoring slowly changes as you change your credit habits. Take a moment to organize your finances and get things in line. If it all seems too overwhelming, you can go to icreditinc.com for free tools and resources that will allow you to get a fresh start on your credit.

Innovative Credit Consultants Services

Innovative Credit Consultants is consulting with clients right now-who are determined to improve their lives this New Year!  Everyone has resolutions seeking more stability and to feel good. Innovative Credit Consultants helps clients repair their credit so that they can be stable and have peace of mind.  Healthy credit is mandatory -and possible!

Stabilizing your credit is possible when you work with our credit repair experts. You really do have options with ICC. Visit us at icreditinc.com, benefit from a free credit report evaluation and a free credit repair consultation. Take a minute this year to learn about your credit repair options, anything is possible with healthy credit! 

Guess what-we are even offering a coupon-10% off y our service agreement for better credit! Make your New Year’s resolution count and boost your credit score.

Innovative Credit Consultants: Credit Repair Guide

Innovative Credit Consultants specializes in credit repair. We offer exceptional customer service, individual attention and customized repair plans. ICC is focused on results. We educate our clients. Our Credit Repair Guide is just one of our education tools. The Credit Repair Guide details the ins and outs of credit repair and gives you a good look into our standards. You can purchase our book or better yet, register with us at https://www.icreditinc.com/signup.htm. You can download the Credit Repair Guide for free when you register with us. Registering with ICC is the first step towards credit repair; once you register you can speak to a credit repair consultant for a free credit report analysis and consultation.

Free Credit Repair Analysis

Innovative Credit Consultants offers a free credit report evaluation. We will map out your potential score by creating a customary credit repair plan. Our free analysis focuses on your actual credit report before and after. We are devoted to customer care, which is why we offer a free analysis. We are also devoted to working towards removing inaccuracies. Our free analysis determines what is straining your credit score. Get your free analysis today and benefit from a worry-free forum offering education so you can understand your credit report and your options.

Review Your Credit Report

It is important for our credit repair specialists to review your credit report. In order to work on raising your score, we must first see your actual report.
You can up load your credit report to our site. Innovative Credit Consultants will evaluate it for free.
We will also provide you with a free consultation so you can understand you credit repair options.
We can’t help you unless we have a copy of your credit report. We encourage you to take the first step towards boosting your credit with Innovative Credit Consultants. Upload your credit report and register at https://www.icreditinc.com/signup.htm

FICO Credit Score

Do you know what FICO is? The FICO (Fair Isaac Corporation) Score is a mathematical equation used to evaluate risk and information contained in consumer files to determine one’s credit ranging in a number ranging from 300-850. It is formulated by the average of credit scores taken by the three national credit bureaus. Do you know what factors affect your credit score? Visit icreditinc.com for more information.