CreditScore Moving to Vantage 4.0

Great NorthWest FCU has utilized the Vantage 4.0 Credit Scoring model for several years. Our current CreditScore feature in online and mobile banking is utilizing Vantage 3.0, but that will change effective November 5, 2024.

What’s the difference?

Some members may not notice a large difference in their credit score, while it may be significant for others.

Here's how its VantageScore 3.0 model breaks down the factors:

• Payment history is “extremely influential.”

• Credit utilization (the percentage of credit limits in use) is “highly influential,” as is age and type of credit accounts.

• Total balances and debt are “moderately influential.”

• Recent credit behavior and amount of debt are “less influential.”

VantageScore 4.0 is the latest version of the company's scoring model. It was introduced in 2017 but is not yet as widely used as the VantageScore 3.0 model.

The 4.0 model includes trended data, which looks at your credit usage over time, rather than taking a snapshot of one moment in time. Both the 4.0 and 3.0 VantageScore calculations exclude all paid and unpaid medical collections — however how much is owed or however long the debt has been in collections. The company says VantageScore 4.0 uses machine learning to help score consumers with little recent credit usage.

In addition to a potential difference in your score, you may notice that some features within CreditScore will no longer be available. This includes Credit Simulator and Credit Goals. You may also notice if you use other credit scoring apps like Credit Karma or Credit Sesame, there could be a difference in your score vs. our CreditScore solution.

This change is important so what you see in your online and mobile banking, will match what we pull when we utilize your credit for our loan products. We are excited about this change and hope the consistency across our platforms will minimize any confusion with our scoring models.