Myths and misconceptions about the VantageScore model and credit scores in general have existed and been perpetuated over time. Clearing up these myths is important for the industry as well as for consumers.
Myth: Lenders do not use the VantageScore model.
Reality: The VantageScore model is commercially available to lenders and widely used by some of the largest credit granters in the country. This past year, over six billion VantageScore credit scores were used by over 2,000 lenders and other industry participants — including 7 of the 10 largest banks and three of the largest mortgage originators. Usage figures are compiled annually from the three national credit reporting companies—Equifax, Experian and TransUnion.