I4 Commerce Using VantageScore from Equifax
Equifax has announced that several banking, retail and technology customers are incorporating VantageScore into their decisioning processes - including I4 Commerce which has begun utilizing VantageScore within its underwriting process.
VantageScore, a credit score jointly developed by Equifax, Experian and TransUnion, is a direct result of market demand for a more consistent and predictive approach to credit-scoring methodology across all three national credit reporting companies. Introduced to the market in March 2006, VantageScore is recognized today as an alternative risk management scoring solution.
"Currently we have 100 major financial and retail institution customers in various stages of evaluating and testing VantageScore," said Dann Adams, president of US Consumer Information Solutions, Equifax. "VantageScore represents a breakthrough in credit scoring where score variability among the three major credit reporting companies is due solely to data differences within the credit files."
All three credit reporting companies use the same VantageScore algorithm to calculate the credit score. VantageScore leverages the collective experience of the industry's leading experts on credit data, scoring and analytics. In addition to Fingerhut and I4 Commerce, several other Equifax customers have begun using VantageScore within their underwriting processes for mortgage, credit card and pre-screen decisioning.
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