Vantascore Credit Score uses 55% to 42 billion points in 2024

“Our customers accelerated their use of Vantascore credit scores in 2024 on the whole, which led to a record-breaking growth and the highest total volume of the credit score in the company's history” Silvio TavaresPresident and CEO of Vantescore. “These results are a confirmation of lenders, FinTechs and other customers that Vantascore is the industry leader of creditworthiness in growth, predictive power and innovation.”

The most important highlights of market analysis 2024 include:

1. The use of Vantascore grows by 55% at all-time high of 42 billion credit scores: 41.7 billion Vantescore -Credit scores were used in 2024, compared to 26.9 billion in 2023, since lenders increased the use of Vantescore across credit products. Vantascore's growth has exceeded the growth of overall credit consumption in considerably The United States for 2024.
2. Credit card loans promote growth of 142% in the use of the Vantascore: The use of Vantescore credit providers in 2024 grew by 142% and led to the greatest volume wins in one of the credit product categories. Vantascore has significantly exceeded the entire credit card market.
3. Use of financial services by 104%: Vantascore use between financial institutions grew by about 104%, with the subcategories of double and three-digit percentage growth. Vantascore also recorded significant growth of the subsectors, including fintechs and supply companies. For example, use increased by consumer websites and telecommunications, supply companies and rental screening organizations by 27.8% and 2,907.5%. In addition, the use of Vantascore in mortgage equipment rose by 166%, but this growth was more than through non-resolved, unique declines of use by state-sponsored units (GSES) after a great increase in use in connection with mortgage portfolio analyzes in 2023. This leads to a general decline in the mortgage use of 42%. The mortgage analyzes in 2023 led to the acceptance of Vantascore for the use of mortgages and government agencies in 2024, including the Veterans Administration and the Bundeshäuserwrreditbanken von new YorkPresent ChicagoPresent DallasCincinnati and San Francisco.

To find out more about Vantascores significant acceptance growth in recent years, visit https://vantentencore.com/why-vantescore/market- adoption.

Via Vantescore®
Vantascore is known to the fastest growing loan rating company in the USA and for the most innovative, most predictive and integrative credit score models in the industry. In 2024, the use of Vantascore rose by 55% to more than 42 billion loan scores. More than 3,700 institutions, including 9 of the 10 top banks, use Vantascore -Credit scores to provide consumer credit products such as credit cards, car loans, personal loans and mortgages. The Vantascore 4.0 credit rating model achieves 33 million more people than conventional models. Since the FHFA prescribes the use of Vantescore 4.0 for Fannie Mae and Freddie Mac guaranteed mortgages, the company also introduces a new era for mortgage loans and helps to close residential property.

Vantascore is an independent joint venture company of the three nationwide consumer reporting agencies (NCRAS) -Equifax, Experian and Transunion.

Source Vantascore