Press
VantageScore Solutions Named Preferred Partner by the NAFCU Services Corporation
Jeff Richardson
VantageScore Solutions, LLC
203-363-2170
jeffrichardson@vantagescore.com
David Frankil
NAFCU Services Corporation
703-842-2226
dfrankil@nafcu.org
WASHINGTON – The National Association of Federal Credit Unions (NAFCU) Services Corporation today announced that it has named VantageScore Solutions, LLC, the company behind the VantageScore® credit scoring model, a “Preferred Partner.” VantageScore Solutions is the only credit score developer to receive such a distinction.
After undergoing a rigorous evaluation process, VantageScore Solutions has been identified by NAFCU Services as a key provider of services to credit unions to help support their growth and productivity. As part of the partnership, VantageScore Solutions will be providing NAFCU members and other credit unions with critical resources including research-driven white papers, and will offer a wide variety of educational content related to credit scoring through webinars, webcasts, podcasts and other channels at www.nafcu.org/VantageScore.
“The challenged economy of the past few years has affected many credit union members, and credit unions are seeking new and more effective approaches to risk management to better meet the needs of both mainstream borrowers and the underserved,” said David Frankil, president of NAFCU Services Corporation. “Better credit scoring analytics translate directly into more lending to more members, especially those that are credit-worthy and would have been denied under old scoring models. It’s critical that credit unions leverage innovation in the credit scoring industry to drive performance, which is why VantageScore Solutions is such a terrific fit for our program.”
“Robust underwriting is critical to the credit-granting arms of our nation’s credit unions so I am delighted that VantageScore Solutions has been named a NAFCU Services Preferred Partner,” said Barrett Burns, president and CEO of VantageScore Solutions. “With the VantageScore model, credit unions receive a highly predictive credit scoring model that scores a broader population and provides more consistent scores across all three credit reporting companies. This is a value proposition which resonates with credit unions as they seek to better serve their members.”
The VantageScore credit scoring model is used by numerous lenders, including four of the top five financial institutions, the top five credit card issuers, two of the top five auto lenders, and one of the country’s largest mortgage lenders. Recent media reports disclosed that banking giant Chase adopted VantageScore in January of 2011. Secondary market participants, including Fitch and S&P, also rate securitized loan package issues using the VantageScore model.
About VantageScore Solutions
Stamford, Conn.-based VantageScore Solutions, LLC (www.vantagescore.com) is an independently managed company that holds the intellectual property rights to VantageScore, a generic scoring model introduced in March 2006. Created by America’s three major credit reporting companies (CRCs) — Equifax, Experian and TransUnion — VantageScore’s highly predictive model uses an innovative, patented and patent-pending scoring methodology to provide lenders and consumers with more consistent credit scores across all three major credit reporting companies and the ability to score more people.
About NAFCU Services Corporation
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 30 Preferred Partner programs to the credit union community and maintains the credit union locator website CULookup.com. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.