It's expected that the major credit grantors will quickly start evaluating the new score, comparing it to their existing models. Equifax said it will wait until lenders accept this new score before marketing it to consumers. That's expected to take at least six months.
Each bureau will market the VantageScore in its own way and set its own price. Federal law requires each bureau to give you one free credit report a year. (The easiest way to do that is to go to annualcreditreport.com and click on the link to each bureau.) Thus the credit bureaus will use the new VantageScore, along with their credit monitoring services, as a source of revenue.
The credit bureaus are expected to bundle their own, or all three, credit reports, along with the new VantageScore, for a fee to be determined. But that depends on how widely accepted the new VantageScore becomes.
Because so much is affected by how we're viewed by credit grantors, we can applaud the three bureaus for their joint effort. It's time consumers knew the real score. And that's The Savage Truth.
P.S. Will you be there when Cramer makes his next move?
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