TransUnion, a leading credit and information management company, unveiled plans to implement a new version of its credit scoring model this week.
VantageScore 2.0 will now be offered to financial services and, in many cases, implemented in assessing consumer credit. TransUnion, which built its inaugural credit scoring system in 2006, says the new version shows improved performance over the original and has been updated to incorporate recent consumer repayment behavior.
"We believe VantageScore 2.0 will serve financial institutions well in this post recession environment," said Steven Sassaman, executive vice president in TransUnion's financial services business unit.
While the company has high hopes for the scoring system, consumers should check their credit reports following the change, as the new model could process their information differently. Consumers who find an old error reappear on their reports should contact a credit repair attorney to help them resolve the issue.
Individuals who take advantage of a trusted credit repair company may benefit from having experienced professionals speak to creditors and the credit bureaus on their behalf.