CRA was recently retained by VantageScore Solutions, LLC to conduct research into VantageScore® credit score usage and the growth of end users year-over-year. Data were obtained from the three nationwide credit reporting agencies – Equifax, Transunion and Experian – and aggregated by CRA.
The report produced by CRA found year-over-year growth of VantageScore credit score usage across both financial and non-financial institutions, including a 46% increase in VantageScore credit score usage among banks, fintechs and other financial institutions, from 6 billion credit scores in 2021 to almost 9 billion in 2022. Non-financial institution usage likewise grew, up 18% year-over-year from almost 9 billion to more than 10 billion. Overall, VantageScore credit score use was nearly equally balanced between financial institutions(46%) and non-financial institutions (53%) in 2022.
Additional key findings from the report include:
FINANCIAL INSTITUTION USAGE GROWS ACROSS ALL CATEGORIES: Usage by financial institutions increased by 46% year over year from approximately 6 billion scores used to 8.8 billion scores. Usage by banks and thrifts increased by 13.5% and usage by credit card issuers increased by over 18%.
CONSUMER AND PERSONAL LOAN COMPANIES USE SOARS: Among financial institutions, consumer and personal lenders outpaced all user types, soaring 132% year-over-year to a record more than 3 billion credit score in 2022. This was followed by strong double-digit increases from credit unions (20%), credit card issuers (18%) and banks and thrifts (13%).