Credit Journey provides a VantageScore to customers as well as to those who don’t bank with the company
The mystery about credit scores is getting easier to solve.
J.P. Morgan Chase & Co.’s credit-card unit said Wednesday that it is launching a new website that will provide consumers with their credit score and allow them to see how certain financial actions will affect it.
The free Chase service, called Credit Journey, provides a VantageScore, a credit rating that was launched a decade ago by credit-reporting firms Equifax, Experian and TransUnion. It competes with Fair Issac, known as FICO, which is the score used by most lenders in deciding whether to extend credit.
Like FICO, the VantageScore provides a range of 300 to 850, with higher credit scores representing a more creditworthy borrower. The score is refreshed weekly and calculated based on a number of factors, including payment history, age and type of credit as well as credit use. The two scores are generally similar, though can diverge in some circumstances.
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