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Experian, Equifax, TransUnion adapt uniform credit score

Tue Mar 14, 2006 09:03AM | By Tony

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Experian, Equifax, TransUnion, three main credit bureaus just announced they will use new uniform credit scoring system to make life easier for lenders and consumers.
The new credit scoring system is called VantageScore. VantageScore is developed by VantageScore Solutions LLC. It suppose to make credit scores more objective and precise than the current credit scoring system employed by Experian, Equifax and TransUnion.

According to Equifax statement, "Under the new scoring system, credit score variance between credit reporting companies will be attributed to data differences within each of the three consumer credit files and not to the structure of the scoring model or data interpretation. VantageScore uses score ranges from 501 to 990."

TransUnion has very little to say about it right now, except that "Consumer availability will be later this year. Businesses can immediately access VantageScore ..."

Experian website doesn't say anything about VantageScore credit scoring system.

Why do we need three credit bureaus now? Just for the sake of data consistency?