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Four New Features Related to VantageScore New Credit Score

By Sally Maison
Published: Wednesday, April 3rd, 2013

Those who never got credit scores can now finally have their day in the sun at last

Thanks to the all revamped VantageScore New Credit Score, customers who never won a credit score until now can hope to get it at last. A staggering 30 million plastic users do not have the customary credit history duration to become eligible for the existing FICO scores. However, with this new system in place they can have a chance at last for the same. Even those with less than six months of credit activity can now find themselves wining credit scores beyond their imagination and gain the related advantages. Under or un-banked customers in US have much to rejoice with this new system in place.

No counting of paid off debt collection account

One of the overwhelming benefits of the VantageScore New Credit Score is that it does not count the paid off debt collection accounts when providing scores. This is surely a fantastic benefit since there are millions of users, who even after paying back the debts are unable to erase their credit history, which has a bearing on the existing FICO scores. The negative factor of accounts related to FICO is absent in this latest scoring model and can act as a boon for customers.

No impact of negative history related to natural disasters

The negative credit history related to a natural disaster then under the VantageScore New Credit Score, it does not have any impact. The complete negation of activity related to customer account occurs pertaining to hurricanes and storms, under this new scoring system giving the customers the much-needed relief.

The scoring scale remains the same as FICO

The basic scoring scale of VantageScore New Credit Score remains the same as the FICO system. This is the 300-850 point score. Reverting to the old 501-990 point score can achieve nothing besides confusing the customers. The new scoring system naturally remains familiar and even the lenders can digest it easily when rejecting potential borrowers.

Major lenders have already given their vote of confidence to VantageScore New Credit Score and more are going to come into the net soon. Things surely are looking up for the customers!

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