VantageScore is a credit scoring model that first emerged in 2006 as a joint venture of the big three credit bureaus - Experian, Equifax, and Transunion- and now has the distinction of being one of the only two scoring models lenders rely on to make lending decisions (The other being FICO obviously). VantageScore currently claims about 10 % of this hard-to-crack market for credit scores used in the lending industry, with the greatest adoption seen among the largest banks and lenders.
VantageScore 3.0, introduced in march 2013, is the most recent version of the scoring model. This version of their model not only provides score to general consumers but also helps 30 to 35 million adults who may not have a credit profile with alternative models, whether because they're new to the world of credit or don't use credit frequently.
Like other credit scores, your Vantage credit score consists of calculations that rely entirely on credit bureau information not income, bank accounts or other assets to predict how likely you are to pay your credit obligations on time each month. Your scores are impacted by your habits of paying on time, keeping debt balances low in relation to your total credit limits, the age of your credit accounts, the variety of accounts you have and the number of inquires on your credit reports.