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What Do You Need to Know About the New Vantage Score 3.0?

First created in 2006 by the big three credit bureaus - Experian, Equifax, and TransUnion - the Vantage Score has been redesigned with a new credit scoring model.

This new model has the potential to help people with no recent or little recent credit history. For these persons, the credit model will look at rent, utility, and cell phone payments, if they have been reported.

The Vantage Score will now use the same scale as the FICO score - 330 to 850. It's previous scale of 501 to 990 made it difficult to compare scores.

Remember, that while a general credit score - Vantage or FICO - can give you an idea of your creditworthiness, lenders typically use a modified version of the scores you see or even their own scoring model.

New credit score could help millions

Do We Really Need Another Credit Score? Maybe.