Credit scoring company VantageScore has been awarded two patents for machine learning tools that improve credit scoring models and give customers more access to credit products. According to a press release, it increases both the number of people who can be scored and the predictive power of credit scoring models.
The company’s patents are titled “Method and System for Enhancing Credit Risk Score Modeling” that identifies credit risk-related consumer attributes, and “System for Generating Credit Scores” that uses alternative data to expand the population. “Method and Apparatus.” Who can score?
These patents reflect VantageScore’s significant commitment to improving credit prediction and inclusivity in financial services. VantageScore also includes rental data in its credit scoring model to help customers with sparse credit histories.
Silvio Tavares, president and CEO of VantageScore, said in the release: “VantageScore has been at the forefront of incorporating high-quality alternative data to create more comprehensive and predictive credit scores. We are building models that accurately and transparently score more people. We will continue to be a leader in innovation by developing