I recently saw on CNBC that a new credit bureau called VantageScore is trying to update and levelize the way that credit scores are tabulated for creditors. Their "leveled credit characteristics" across the three credit agencies, Equifax, Experian and TransUnion will try to ensure that any credit score differences for the same consumer are attributable to what is in each agency's database, not the scoring algorithm itself.

It is a little known fact that credit scores from the different credit bureaus can differ markedly in the score they give the consumer. Each may have different credit card and mortgage loan histories, and one or all of them could have erroneous or incomplete data that can affect the credit score. Most lenders will report to one or two, but not every one of the lenders report to them all. FairIssac, the developer of the original credit scoring system, has always been the "gold standard" of credit score numbers. VantageScore may change that.

VantageScore is unique as the first credit scoring model to be developed jointly by the national credit reporting agencies. That way, VantageScore can enjoy the expertise of industry specialists to lessen score variability and increase consistency in the consumer's credit score. This can eliminate confusion for you and your lender.

To start with, VantageScore uses a different score range than the FICO Score model. The VantageScore range is 501-990. Using multiple scorecard technology, VantageScore seeks to give the lenders superior risk prediction. This results in a stronger separation of good and bad performing accounts. The new scoring system returns more predictable scores on "thin-file" consumers, which are those with little credit history to score. So, even if you have limited credit history, lenders can use VantageScore to best assist you under varied circumstances.