14.5 Billion VantageScore® Credit Scores Used by Over 3,000 Companies

News provided by

Aug 02, 2022, 08:30 ET

Oliver Wyman Analysis Shows 18% Growth in VantageScore Model Market Adoption

STAMFORD, Conn., Aug. 2, 2022 /PRNewswire/ -- An analysis of marketplace use of VantageScore models shows that the overall usage grew to approximately 14.5 billion credit scores by over 3,000 companies, which represents an approximately 18% increase since 2019 when a similar study was conducted.

The analysis was conducted by global management consulting firm Oliver Wyman, which examined how many VantageScore credit scores were used in a 12-month period between 2021 and 2022. The research also outlined which types of consumer lenders and other entities use VantageScore credit scores.

The Oliver Wyman analysis confirms that VantageScore credit score usage was widespread across consumer lending categories, including credit card, auto finance, and personal loans, as well as in functions where credit scores are often used, including pre-screen, marketing, origination, underwriting and portfolio management.

Among the specific findings:

SURGE IN USE FOR UNDERWRITING/ACCOUNT OPENING DECISIONS: VantageScore credit score use for underwriting/account opening decisions increased by 620MM or by 132% compared to the 2019 study[1].

DEEP PENETRATION IN BIG BANKS: 9 of the top 10 banks, and 30 of the top 50 banks use VantageScore credit scores.

NON-BANK USE ALSO SURGES: VantageScore's continued focus on consumer transparency and education is underscored by its growing use by consumer websites, which used approximately 4.8 billion VantageScore credit scores (approximately 1.7 billion more than 2019).

"The continued double-digit growth in usage of VantageScore by lenders and other users of credit scores is a testament to the model's ability to both provide best in class predictive performance to facilitate access to mainstream financial services products and help enable financial inclusion," said Silvio Tavares, President & CEO of VantageScore. "The Oliver Wyman data shows that lenders are demonstrating a continued willingness to test and adopt innovative data analytics that drive positive business and consumer outcomes."

To download and review the full report, visit https://vantagescore.com/2022-market-adoption-study/.

About VantageScore Solutions
VantageScore Solutions develops consumer credit scoring models that combine the need for both financial inclusivity and dependable predictiveness across all scoring ranges. The company's most recent models score approximately 96 percent of all adults 18 and older – including 37 million more people than conventional models – without sacrificing safety and soundness. As a result, lenders using VantageScore can extend credit to those who have been historically marginalized, including minority and lower-to-middle income Americans. VantageScore credit scores are used by thousands of lenders, landlords, utility companies, telecom companies, and many others to determine creditworthiness. Additionally, tens of millions of consumers rely on free access to their VantageScore credit scores to monitor their own creditworthiness.

VantageScore Solutions was launched in 2006 and is owned by America's three national credit reporting companies (CRCs) – Equifax, Experian, and TransUnion. Using a patent-protected tri-bureau methodology, VantageScore delivers time-tested, innovative and more consistent credit scoring models across all three CRCs.

SOURCE VantageScore