NAFCU Services Corp. said 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 from NAFCU.
As part of the partnership, VantageScore Solutions will be providing NAFCU members and other credit unions with 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.
"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," said David Frankil, president of NAFCU Services Corp.
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, the company said.
Secondary market participants, including Fitch and S&P, also rate securitized loan package issues using the VantageScore model.
"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," said Barrett Burns, president/CEO of VantageScore Solutions.
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