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Credit Agencies Embrace New Credit Scoring System
The three agencies -- Equifax, Experian and Transunion -- have introduced the new program called 'VantageScore.' The new rating system will be utilized straight away for reporting to creditors, banks, and creditors, and will be around to customers later in the...


The three major consumer credit bureaus in the U.S. have recently developed a fresh credit scoring system that may provide financial institutions an even more consistent evaluation of the credit worthiness of people. Dig up further about http://medicarefraudcenter.org/ by visiting our splendid URL.


The three companies -- Equifax, Experian and Transunion -- have presented the newest program called 'VantageScore.' The new scoring system will be used instantly for r-eporting to creditors, banks, and credit card issuers, and will be accessible to people later in the year.


Which means that rather than the businesses providing three different sets of evaluations -- usually very different -- you will have not as variation inside an applicant's record. All three companies is likely to be using the same formulas to arrive at their credit assessments.


A spokesman for the party said scores is likely to be 'essentially exactly the same across all three of the national reporting companies.'


But consumer advocacy groups are not impressed with the new system. Dig up additional information on our related URL - Click here: http://mesotheliomalawsuitscenter.com/ . Since one of the biggest issues with credit scoring -- outdated information -- will not be resolved by these changes. To research additional info, consider glancing at: http://www.car-accidents.com/GM-recall-lawsuit.html . The newest system it's still working with exactly the same raw economic data as previously. And that knowledge is generally riddled with errors and obsolete information, and so isn't likely to be anymore correct.


Fico results, which are used by many in the mortgage business, will remain unchanged. The Fico system originated over 20 years ago by Fair, Isaac Corp. of Minneapolis. My sister learned about http://yazsideeffects-lawsuit.com/yaz-yasmin-side-effects.html by browsing the Los Angeles Guardian.


** Younger technology wants debit cards to credit cards


It appears many in the 18-35 demographic have now been convinced that credit cards are things to be eliminated, and, as an alternative, opt for debit card transactions when given the decision.


The mindset with this class of people is that credit card debt is something to be avoided. And more importantly, many have been convinced that undisciplined usage of credit cards can land them in credit trouble.


But it is not likely that reduction of debt carries to larger purchases like houses, cars, furniture, visits, and so forth. where also the person isn't likely to have the disposable income to cover with money.


So there is probably something illusory concerning the security supplied by bank cards.


This applies also to the assumption that credit cards only let you spend what you've in your bank account. Many banking institutions will actually let bank card people enter overdraft, and then sock them with big fees and interest costs. Some banking institutions demand around $30 for each and every transaction that occurs while the account is overdrawn.


Identification fraud can also be handled differently for cases of bank cards. With credit cards, consumer protection laws limit the liability for identification fraud to $50. With bank cards, however, typically the card holder must notify the card issuer within 48-hours, and time the responsibility passes for the card holder.


Put simply, if your cash disappears due to somebody taking your debit card, do not rely on your friendly neighbor hood bank to return it to you..