Software

VantageScore wins 2 patents for machine learning credit scoring tech

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May 7, 2024

VantageScore, a credit scoring company, won two patents for its machine learning tools which can improve credit scoring models, giving customers more access to credit products. It can both boost the number of people who can be scored and the predictive power of credit-scoring models, according to a press release.

The company's patents are titled "Method and Systems for Enhancing Modeling for Credit Risk Scores," which identifies credit risk-related consumer attributes, and "System, Method and Apparatus for Generating Credit Scores," which uses alternative data to expand the number of people who can be scored.

These patents reflect VantageScore's larger commitment to improving credit predictions and inclusivity in financial services. VantageScore also includes rental data in credit-scoring models to help customers with sparse credit histories.

"VantageScore is the recognized leader in applying explainable and supervised machine learning in credit-scoring," Silvio Tavares, president and CEO of VantageScore, said in the release. "VantageScore has been at the forefront of including high-quality alternative data in order to create more inclusive and predictive credit scores. We will continue to be the innovation leader by developing models that accurately and transparently score more people."