Developed collaboratively by Equifax, Experian and TransUnion, this VantageScore 3.0 credit scoring model seeks to make the information more uniform between the 3 major credit reporting bureaus.
Some financial institutions use the other scoring model (FICO), and each model might weigh some of the 200 factors differently. But no matter which credit scoring model or credit bureau is used, people’s credit ratings fall into these ranges:
- Excellent: 781 – 850
- Good: 661 – 780
- Fair: 601 – 660
- Unfavorable: 501 – 600
- Bad: 500 or below