What does the new VantageScore model mean for consumer credit?

A New Era in Credit Scoring: VantageScore 4plus™ has arrived

In an exciting leap forward for credit scoring, VantageScore has unveiled VantageScore 4.0, a cutting-edge model that leverages alternative data to enhance predictive accuracy and promote financial inclusion. This innovative model integrates data such as rent, utility, and telecom payments, expanding credit accessibility to millions who previously faced barriers.

VantageScore 4.0 not only boosts predictive power but also emphasizes fairness by reducing reliance on traditional credit history, which often overlooks marginalized communities. This shift marks a significant step towards a more inclusive financial landscape, where more individuals can access credit and build a secure financial future.

Dive deeper into the benefits and implications of VantageScore 4.0 by reading the full article here.

Gen X and the 401(k) Experiment: How It’s Shaping Retirement Futures

Generation X has been the inadvertent test group for the 401(k) retirement plan, navigating its complexities and facing unique financial challenges along the way. As the first generation to rely heavily on these plans, Gen Xers are now approaching retirement, revealing mixed outcomes and crucial insights.

A recent analysis delves into how this generation is faring with their 401(k)s, highlighting significant disparities in retirement readiness in comparison to previous generations and assumptions. Many Gen Xers are grappling with insufficient savings, exacerbated by market volatility and economic downturns. However, there’s also a growing awareness and adaptation, with some leveraging catch-up contributions and seeking financial advice to bolster their retirement security.

The 401(k) experiment offers valuable lessons for future generations, emphasizing the importance of early and consistent saving, diversification, and financial literacy. As Gen X transitions into retirement, their experiences will shape the evolution of retirement planning and policy.

Read the full article here.

Is Identity Theft Protection Even Worth It?

The number of identity fraud victims increased by 113% between 2019 and 2020 and has only gone up from there. Does that mean it’s right for every consumer? Read our blog at hogo.comfor answers.