• Font Size    
E-mail

Close Window E-mail This Page

One Credit Score To Replace All The Rest?

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +    Comments
Mar 14, 2006 5:24 pm US/Eastern

One Credit Score To Replace All The Rest?

Vantage-Score Will Have A Ratings System That Could Eliminate Confusion

WHITE PLAINS (CBS) ― All three major credit-reporting bureaus believe they have the solution to taking the mystery out of assessing your credit score.

It's the American dream, purchasing that new home or walking in any dealership and driving away in style. But a year and a half ago, Thomas Umbro was turned away, due to a low credit score.

"I didn't think the scores would be that low. I didn't really check it that often, but when I went to get a car, they told me," Umbro said.

Having good credit means being able to get the best interest rates on credit cards, auto loans and mortgages. Right now, lenders are able to obtain your score from three national credit-reporting agencies -- Equifax, Experian and TransUnion. Here's the problem, all three may offer different scores that could greatly affect your credit.

Westchester County consumer protection agent John Gaccione says the news can be devastating.

"You may think you have great credit, but one may have a mark that you're unaware of and that may be held against you and greatly affect your score," Gaccione said.

In an effort to simplify the process, all three agencies have announced the creation of a new uniformed credit score. It's called Vantage-Score. Instead of lenders having to look at three different credit scores, they'll now only have one score to review.


The Vantage-Score ratings range from 501 to 990. Credit bureaus say they could be interpreted like report cards. An "F" is 501 to 600. Up to 700 you get a "D" and up to 800 is a "C." A "B" is 801 to 900 and the top score is an "A," 901 to 990.

But the president of a White Plains-based credit score improvement company is skeptical, stressing that one score may not be a true reflection of a consumers' financial history.

Helayne Urban with Crystal Credit says, "Twenty-five percent of all credit reports have inaccuracies, that won't change."

The best expert advice? Keep an eye on your score and follow up on any discrepancies.

(© MMVI, CBS Broadcasting Inc. All Rights Reserved.)

Add Comment

  •  * Will not be displayed with comment
  •  * e.g. (http://www.mywebsite.com)
  •  
  • Click here to refresh with new letters

Show Comments (0)

Close Window Login


Close Window Flag Comment


loading...
You need the latest Flash player to view video content.
Click here to download.

Click here to bypass this detection if you already have the latest Flash Player.

Top Stories

Top News Stories

© MMIX, CBS Broadcasting Inc. All Rights Reserved.