GRAND RAPIDS, Mich.–CU*Answers said it has partnered with VantageScore Solutions to allow credit unions to pull an alternative credit score to the traditional FICO score.
Utilizing VantageScore will allow for additional insight into the credit history for those members who do not have enough data to return a valid FICO score, according to the company. The VantageScore 3.0 platform has allowed between 30-35 million previously unscored consumers to be given score information before a FICO score could be returned, CU*Answers said.
CU*Answers cited a TransUnion statement that, “Borrowers that are new to credit or haven’t been using it recently could benefit from VantageScore, as it might be able to prove trustworthiness before FICO has enough data to issue a rating.”
An additional feature of this credit score is the ability to display the score to members online in It’s Me 247, CU*Answers’ online banking solution, the CUSO said.
In addition to the partnership with VantageScore, CU*Answers noted it offers an integration with credit score vendor SavvyMoney. SavvyMoney brings VantageScore data directly to members and offers additional functionality including financial educational tools, payment and loan scenarios. Members can pull a VantageScore on demand, and track trends and changes to their scores using the It’s Me 247 online and mobile banking platforms, CU*Answers said.