The average VantageScore 4.0 credit score rose from 701 to 702 in March.
Key Points:
- The average VantageScore 4.0 credit score rose from 701 to 702 in March.
- The lowest VantageScore 4.0 credit score is 300, while the highest score is 850.
- For the first time since May 2021, delinquencies fell across all Days Past Due (DPD) categories and all loan products (Credit Card, Personal Loan, Auto Loan and Mortgage) on a month-over-month basis.
- That development was also true in the 60-89 DPD and 90-119 DPD categories, where Auto Loan delinquencies declined month-over-month by 0.13% and 0.3%, respectively.
SAN FRANCISCO, April 23, 2024 /PRNewswire/ -- VantageScore, a leading national credit-scoring and data insights company, announced today that it has been awarded two new U.S. Patents for its groundbreaking work using machine learning to broaden the number of people who can be scored while simultaneously increasing the predictive power of credit-scoring models. As a result of these patents, more consumers will gain access to affordable credit products, while more banks and lenders will be able to expand their customer base by using more innovative and predictive credit-scoring models. VantageScore is used by 8 out of the top 10 banks in the U.S. as well as more than 3,400 lenders, fintechs, consumer websites and government entities. In 2023, more than 27 billion VantageScore credit scores were used, an increase of 42% compared to the previous year.
Key Points:
- Patents for its groundbreaking work using machine learning to broaden the number of people who can be scored while simultaneously increasing the predictive power of credit-scoring models.
- In 2023, more than 27 billion VantageScore credit scores were used, an increase of 42% compared to the previous year.
- "VantageScore is the recognized leader in applying explainable and supervised machine learning in credit-scoring," said Silvio Tavares, President and CEO of VantageScore.
- By incorporating machine learning techniques, VantageScore transcends these limitations, effectively capturing 'credit-invisible' consumers and helping extend credit opportunities to an estimated 33 million more individuals.
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Bank SAN FRANCISCO, April 3, 2024 /PRNewswire/ -- VantageScore today announced that overall usage of its credit scores increased by 42% in 2023 to a record volume of over 27 billion credit scores. This growth is reflected by increased usage by financial institutions and organizations including banks, credit card lenders, fintechs, consumer websites and government entities, among others. More than 3,400 unique banks, lenders and other institutions used VantageScore in 2023, including eight of the top 10 banks. This is according to the results of the 2024 VantageScore® Market Study Report ("Market Study Report"), a comprehensive, independent third-party analysis conducted by Charles River Associates.
Key Points:
- SAN FRANCISCO, April 3, 2024 /PRNewswire/ -- VantageScore today announced that overall usage of its credit scores increased by 42% in 2023 to a record volume of over 27 billion credit scores.
- Overall, usage by financial institutions grew by 46% year over year to nearly 13 billion consumer credit scores in 2023 compared to approximately 9 billion in 2022.
- Usage among non-financial institutions grew by 39% overall to just over 14 billion scores in 2023 compared to 10 billion in 2022.
- Overall, the non-financial category grew by 39% from 10.2 billion credit scores to 14.2 billion credit scores.
Retrieved on:
Wednesday, March 27, 2024
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Bank The lowest VantageScore 4.0 credit score is 300, while the highest score is 850.
Key Points:
- The lowest VantageScore 4.0 credit score is 300, while the highest score is 850.
- While the average consumer remained credit healthy, the number of consumers in the VantageScore Prime credit tier (661-780) shrank for the second consecutive month.
- The VantageScore Prime credit tier contracted by 1.1% year over year with the largest moves "up" into VantageScore Superprime (781-850) or "out" into VantageScore Subprime (300-600).
- "The tale of two consumers is becoming more pronounced," said Susan Fahy, EVP and Chief Digital Officer at VantageScore.
Retrieved on:
Tuesday, February 27, 2024
In January, delinquencies spiked to the highest level in nearly four years as some consumers dropped out of the VantageScore Prime credit tier into VantageScore Subprime due to inflation-induced economic stress.
Key Points:
- In January, delinquencies spiked to the highest level in nearly four years as some consumers dropped out of the VantageScore Prime credit tier into VantageScore Subprime due to inflation-induced economic stress.
- In contrast, some consumers moved up from the VantageScore Prime credit tier to VantageScore Superprime, an indication of two very different consumer segments.
- VANTAGESCORE PRIME CREDIT TIER SHRANK – In January, there was a 1% decline in the VantageScore Prime credit tier as consumers migrated to both Superprime (+0.7%) and Subprime (+0.3%) tiers.
- On the other hand, consumers with lower VantageScore credit scores remained stressed as the VantageScore Subprime credit tier grew.
Retrieved on:
Monday, February 12, 2024
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Urban By expanding the kind of mortgage collateral eligible to be pledged by member financial institutions borrowing from FHLBank San Francisco, lenders will be able to increase the amount of creditworthy mortgage applicants and include many underserved borrowers left out by conventional models.
Key Points:
- By expanding the kind of mortgage collateral eligible to be pledged by member financial institutions borrowing from FHLBank San Francisco, lenders will be able to increase the amount of creditworthy mortgage applicants and include many underserved borrowers left out by conventional models.
- “We know there are millions of creditworthy borrowers aspiring to be homeowners who are falling through the cracks,” said Teresa Bryce Bazemore, President and CEO of the Bank of San Francisco.
- Notably, FHLBank San Francisco is the first in the Federal Home Loan Bank System to accept collateral that uses VantageScore’s predictive and inclusive credit scoring model.
- In that report, FHLBank San Francisco highlighted the VantageScore 4.0 model as being more inclusive and particularly effective in communities currently excluded from the mortgage marketplace.
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Credit VantageScore CreditGauge data shows the average US consumer had more credit card debt in December 2023 than a year ago.
Key Points:
- VantageScore CreditGauge data shows the average US consumer had more credit card debt in December 2023 than a year ago.
- Through December 2023, the average U.S. consumer had significantly more credit card debt than a year ago.
- Nearly 50% of borrowers carried credit card balances from one month to the next despite APRs of 20% or higher.
- YEAR-OVER-YEAR OVERALL DELINQUENCIES ROSE ACROSS NEARLY EVERY VANTAGESCORE CREDIT TIER – In December, delinquencies were little changed compared to November 2023.
Retrieved on:
Thursday, January 4, 2024
For the fifth consecutive month, the average VantageScore credit score held steady at 701.
Key Points:
- For the fifth consecutive month, the average VantageScore credit score held steady at 701.
- While overall credit health has remained relatively strong, many lower VantageScore credit tier consumers are increasingly financially stretched at year-end, with millions relying on personal loans or asking lenders for higher credit card limits to cover expenses and holiday spending.
- Increased reliance on these higher interest rate accounts raises the concern that some may face increased pressure to make their monthly payments in subsequent months.
- VantageScore released its November 2023 CreditGauge, a monthly analysis highlighting the health of U.S. consumer credit.
Retrieved on:
Tuesday, November 28, 2023
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Retail Lower VantageScore credit scores will further reduce the willingness of lenders to make loans in an economy that is decelerating.
Key Points:
- Lower VantageScore credit scores will further reduce the willingness of lenders to make loans in an economy that is decelerating.
- CreditGauge insights also signal that lenders cut credit card issuance sharply this Fall, which may impact holiday sales.
- Key findings for the month included:
VantageScore CreditGauge signals that lenders cut credit card issuance sharply this Fall which may impact holiday sales.
- NEW CREDIT CARD ORIGINATIONS DIPPED HEADING INTO THE HOLIDAY SHOPPING SEASON: In October, there was a sharp decrease in credit card originations both year-over-year and month-over-month.
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Tuesday, October 31, 2023
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Self storage Throughout 2023, credit health has been relatively strong, and the volume of VantageScore Subprime consumers has remained stable.
Key Points:
- Throughout 2023, credit health has been relatively strong, and the volume of VantageScore Subprime consumers has remained stable.
- Key findings for the month included:
In September 2023, the average VantageScore credit score held steady for the third consecutive month at 701.
- Since May, overall delinquencies have steadily increased across all DPD categories, recording a new 12-month high in September.
- While overall mortgage originations were low, VantageScore Prime consumers had the highest volume of newly approved mortgage applications (0.5%).
