STAMFORD, CT--(Marketwired - December 19, 2016) - VantageScore Solutions, LLC, developer of the VantageScore® credit scoring model, announced today that its president & CEO, Barrett Burns, has been named to the Federal Reserve Board's Community Advisory Council (CAC).
Mr. Burns is among four newly-named council members. The CAC is a diverse group of 15 experts and representatives of consumer, workforce, and community development organizations and interests, from such fields as affordable housing, economic development, labor, small business, and asset and wealth building. CAC members provide information, advice, and recommendations to the Federal Reserve Board on relevant policy matters and emerging issues of interest.
"Credit scores are ubiquitous for consumers in today's credit-driven economy and VantageScore Solutions has helped make credit scores more consumer friendly and effective for lenders," said Burns. "I look forward to bringing a similarly fresh perspective to the CAC and helping the Federal Reserve Board to make improvements to our financial system with an eye toward the responsible expansion of credit for those who truly qualify, including the underserved. I also look forward to learning from fellow CAC members, and am gratified that such a diverse and prestigious group can collaborate with a shared goal."
Mr. Burns will serve a three-year term beginning in 2017.
About VantageScore Solutions
Credit scores can impact everything from whether you get a loan and how much you might pay in interest to whether you are able to rent an apartment.
VantageScore Solutions, LLC (http://www.VantageScore.com) is the independently managed company that owns the intellectual property rights to the VantageScore® credit scoring models, including the VantageScore 3.0 model, which scores 30-35 million consumers typically not scored by conventional models without relaxing standards. VantageScore credit scores are used by lenders, landlords, utility companies, telecom companies and many others to determine your creditworthiness. By using the VantageScore model, these enterprises have access to many more consumers, and in turn, consumers have greater access to mainstream credit.
This "win-win" is due to VantageScore Solution's innovative, highly predictive, patent-protected, tri-bureau scoring methodology that provides lenders and consumers with more consistent credit scores across all three national credit reporting companies. The VantageScore credit score is also the model tens of millions of consumers use to monitor their credit behaviors through dozens of websites and lenders who provide their users and customers with their credit scores free of charge.
More than 2400 lenders and other industry participants, including 20 of the nation's 25 largest financial institutions, used more than 8 billion VantageScore credit scores in the 12 months from July 2015 through June 2016.
The company is celebrating its tenth anniversary in 2016.
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