The VantageScore model was introduced in 2006 and developed by the three credit bureaus: Equifax, Experian, and TransUnion. It works differently than the FICO model where it uses an identical algorithm at all three of them. If each bureau had the same trade lines reported, the score would be identical from bureau to bureau.

Beginning with CU*Answers’ Mobile App 4.0, credit unions can now share these scores with members if they also participate in the batch soft pull process and are using Transunion. These same scores can also be displayed to members inside It’s Me 247, the CUSO’s online banking platform.

This will give members the ability to become familiar with their credit scores,” said Tom Heidenga, CU*Answers Lender*VP account executive. “They also will help credit unions offer a more competitive rate to people who might not have A or B credit, but who otherwise have acceptable risk.”

To learn more about VantageScore soft pulls, visit the CU*Answers store.