At this year’s CBA LIVE conference, VantageScore Solutions issued a challenge to the industry: Test us! We invite readers of The Score to do the same. Validate the VantageScore model against your current model to see the impact advanced credit-scoring technology can have.
Model validation helps lenders gauge their credit scoring models’ effectiveness, helps ensure consistent and optimal results, and serves as an early warning system for problems. Yet many lenders do this process too infrequently.
Don’t take it personally if you see reason codes along with your very high credit score. The reason codes are there to tell you why your score wasn’t higher — even if it’s already very high. But you can still use the information to help maintain your credit score.
Credit Karma, a web-based credit and financial management service for U.S. consumers, recently received an $85 million venture capital investment. The Score caught up with CEO Ken Lin to learn more about Credit Karma, its recent history, and its plans for the near future.