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Financial Inclusion
Driving Inclusion Through Innovation
By providing a fair and accurate credit score to a broader population, VantageScore creates opportunities for lenders to extend credit safely and soundly to consumers historically underserved by legacy processes.
All VantageScore credit-scoring models score more than conventional credit-scoring models by using new data analytics technologies to generate predictive scores for three groups of consumers commonly left without a conventional credit score.
VantageScore research shows that in addition to minorities, there is an increased percentage of newly scorables in:
Dormant
Infrequent credit use; consumers who haven't had updates to their credit files in the past 6 months but have earlier updates.No Credit Accounts
Consumers who have no credit accounts (also called tradelines), but do have external collections and public records on their file.Young File
Consumers with a short credit history (also called young to credit); consumers who only have credit accounts (tradelines) that are less than 6 months old.
Access to credit is key to achieving financial wellness and ensuring that only the most accurate and inclusive credit scores are used in loan decisions is critical.
To more deeply understand how lenders that use VantageScore credit scores drive sustainable access to credit for more creditworthy borrowers, below is a financial inclusion toolkit containing research, interactive tools, fast facts, performance information and video content.