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VantageScore Credit Score Usage Climbed to Over 19 Billion in 2022

VantageScore credit score usage grew among financial institutions, including banks, fintechs, and other market participants by 30% in 2022 to over 19 billion credit scores, according to a new VantageScore report.

Research conducted by Charles River Associates found year-over-year growth of VantageScore 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.

"Our focus on continually enhancing VantageScore's predictive performance and ability to drive financial inclusion is without question driving our record growth. More lenders than ever are relying on our scores," said Silvio Tavares, President and CEO of VantageScore. "Last year's decision by the FHFA to mandate VantageScore 4.0 for use in loans funded through Fannie Mae and Freddie Mac will accelerate our momentum and contribute to higher levels of use among mortgage originators. We're excited for our business, but even more importantly, we're proud to be the industry leader in helping more consumers join America's wealth-creation economy."

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 scores in 2022. This was followed by strong double-digit increases from credit unions (20%), credit card issuers (18%), and banks and thrifts (13%).

To read the full report, including more data, charts, and methodology, click here.

About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport magazines with more than eight years of writing experience. She has served as content coordinator and copy editor for the Los Angeles Daily News and the Orange County Register, in addition to 11 other Southern California publications. A former editor-in-chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington, she has covered events such as the Byron Nelson and Pac-12 Conferences, progressing into her freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, Lester is an avid jazz lover and likes to read. She can be reached at [email protected].

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