USA Money TransferThe 3 major credit reporting agencies, Equifax, Experian and TransUnion, have created a new credit score aimed to replace the currently confusing field of multiple credit scores offered by the bureaus and simplify the loan process which they call: "VantageScore."

Credit Card DebtsCurrently, creditors use credit scores from Equifax, Experian, TransUnion or FairIsaac to deny or grant credit cards, loans and mortgages.

With the new formula being used by all credit bureau, credit score will no longer vary due to the variation in the credit scoring algorithm model used by each bureau.

Credit scores are based on a number of factors, including how long you've had credit, the amount of money you owe, the amount of credit you have available, and your bill-paying history.

Credit card companies, mortgage lenders, banks and landlords use your credit score to try to predict the likelihood that you'll pay your bills on time.

That means lenders and consumers sometimes get three different scores for the same borrower. Consumers have to collect all three scores from the credit bureaus to gain a full picture of their credit profiles.

Compare VantageScore to FICO scores.

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