New U.S. Patent Significantly Expands VantageScore's Leadership in Comprehensive and Innovative Machine Learning for Credit Scoring
San Francisco, April 23, 2024 /PRNewswire/ — VantageScore, a leading national credit scoring and data analytics company, today announced its breakthrough efforts to use machine learning to expand the number of people it can score while simultaneously improving the predictive power of credit scoring. announced that it has been granted two new U.S. patents. model. As a result of these patents, more consumers will have access to affordable credit products, and more banks and lenders will use more innovative and predictive credit scoring models to improve their customer base. will be able to expand. VantageScore is used by 8 of the top 10 U.S. banks, as well as more than 3,400 lenders, fintechs, consumer websites, and government agencies. In 2023, over 27 billion people used his VantageScore credit score, an increase of 42% over the previous year.
VantageScore receives multiple patents for machine learning innovations in credit scoring
VantageScore's newly issued U.S. patent titled “Method and System for Enhanced Credit Risk Score Modeling'' recognizes the company's innovation in identifying new consumer attributes related to credit risk. expands the range of consumers that can be scored, including those currently excluded by traditional scoring. model. An additional patent entitled “Systems, Methods and Apparatus for Generating Credit Scores” allows VantageScore to use alternative data to further expand the number of people who can be scored with the VantageScore credit scoring model .
The issuance of these latest patents underscores VantageScore's commitment to expanding its predictive power and participation in the financial services industry. As part of a long history of tradition and innovation, VantageScore was the first credit scoring company to incorporate rental data into its tri-bureau credit scoring model and the first to incorporate trend data into its tri-bureau credit scoring model. It was also the first company to do so. Improve predictability.
“VantageScore is a recognized leader in applying explainable, supervised machine learning to credit scoring,” he said. Silvio Tavares, President and CEO of VantageScore. “VantageScore has been at the forefront of incorporating high-quality alternative data to create more comprehensive and predictable credit scores. We are building models that accurately and transparently score more people. We will continue to be a leader in innovation by developing
Traditional models often exclude individuals with sparse credit histories or no recent credit activity, leaving millions of people without access to essential financial products. VantageScore overcomes these limitations by incorporating machine learning technology to help effectively capture “credit invisible” consumers and expand credit opportunities to an estimated 33 million+ individuals.
For more information about VantageScore's credit scoring model, please visit www.vantagescore.com/lenders.
About VantageScore®
VantageScore is a leading credit scoring model developer, producing the most innovative, predictive and comprehensive models used in the consumer credit market. VantageScore Used by 8 of the top 10 banks in the world. we.and over 3,400 fintech and consumer websites. Over 27 billion by 2023 VantageScore Credit scores, used to evaluate people for credit products such as credit cards, car loans, personal loans, and home loans, have increased by 42% compared to 2022.
VantageScore is an independently operated joint venture of three National Consumer Reporting Agencies (NCRAs): Equifax, Experian, and TransUnion.
Source VantageScore
