The holidays are quickly creeping up on us, and somehow we already are headed toward the end of 2019. Many take this time of year to slow down, but we at VantageScore, are moving ahead!
In fact, as some of you may know, a recent market adoption study conducted by global management consulting firm Oliver Wyman found that usage of VantageScore credit scores has increased to more than 12.3 billion, a 20% increase from the previous 12-month time period between 2018-19. And also a consecutive 20% increase each year since 2015. That’s some serious growth!
I also want to share a story from a National Mortgage News article stating that “alternative credit scores are gaining on FICO.” The article gives us our first glimpse of how FICO score usage fares. According to commentary during FICO’s July 2019 earnings call, 14.5 billion FICO scores were used in the year, compared with their previous peak usage of 13.5 billion in 2007, which provides some context to our adoption gains.
Check out the full market adoption report in this month’s issue or download it here.
I also want to mention that last month we had our most productive MBA Annual Conference yet. On the heels of the big FHFA ruling that shepherded the opportunity for credit score competition into the mortgage market, we booked back-to-back meetings with many of the industry’s biggest players. Suffice it to say, there was great interest in VantageScore, and I have the parched mouth to prove it.
Also at the conference, I was able to meet and introduce the headlining general session called “Politics Today” with ex-Governors Chris Christie (R-NJ), Terry McAuliffe (D-VA) and Margaret Brennan (CBS News’ Face the Nation’s senior foreign affairs correspondent) moderated the session. They engaged in a spirited debate and even predicted the outcome of the presidential election.
Speaking of which, we also added more guests to our podcasts that we hope you take a few minutes to listen to. I had the privilege of interviewing celebrated economist Dr. Mark Zandi for our “Consumer Credit Podcast” series where he shared his insights on the looming Recession and his prediction of the next U.S. President. Tease: He described a scenario where the election could be decided in a single congressional district! We also interviewed credit expert Gerri Detweiler for the VantageScore Podcast Series.
Lastly, the VantageScore webinar - “Trended Credit Data: Consumer behavioral credit trends and tools” – presented by our very own Dr. Emre Sahingur is now available to watch on the Consumer Bankers Association website. Register here, and you can still use our FREE promo code: VS1120.
Since it is the month of Thanksgiving, I’d like to extend a hearty thank-you to all those who have helped us along the way and made this busy year, well, busy. With so much going on, we are proud of the progress we’ve made and will continue to pursue in the months to come. And we are most grateful for your unwavering support throughout it all.
Best, Barrett Burns