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Credit Bureaus Joining Forces.(Brief article)
New York -- The nation's top credit reporting agencies have joined forces to market a new product that promises more accurate returns for lenders.
VantageScore, created by TransUnion, Equifax and Experian, is a new system the companies created in a joint venture that could provide more consistency in consumer scoring across all three bureaus.
Prime and subprime lenders stand to benefit since the companies say high-risk consumers who are often approved may not be missed in the system while lower-risk consumers who are often denied an approval based on their rating will get a second chance.
Consumers who are high risk are put into a database, a benefit for subprime lenders looking to originate more ...
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Source: HighBeam Research, Credit Bureaus Joining Forces.(Brief article)