New credit score provider VantageScore Solutions LLC has named banking veteran Barrett Burns as its president and chief executive,
New credit score provider VantageScore Solutions LLC — recently formed as a joint venture among credit bureaus Equifax, Experian and TransUnion — named banking veteran Barrett Burns as its president and chief executive, effective immediately. Additionally, VantageScore announced that its headquarters will be located in Stamford, Conn.
VantageScore was established to market a new credit score, which VantageScore is developing with the aim for making it easier for credit card issuers and financial institutions to evaluate loan applications and provide consumers with a better way of determining their financial health.
In the past, credit scores sometimes varied significantly since the information provided by the credit bureaus was analyzed using different scoring methods. With the new system, a single method will be employed to create the scores for all three credit bureaus, they explained.
VantageScore will challenge the dominant FICO scores, named for creator Fair Isaac Corp.