This Sunday I read about ReasonCode.org in the LA Times. Reason Code is a website powered by the new Vantage Score that aims to help people understand their credit reports a bit better. The name Vantage Score might ring a bell because I wrote about the new Vantage scoring system over at Black Voice News a few years ago.
When you visit the website, you can enter the code that was given to you by a lender that refused to give you a loan and you’ll be provided with an explanation of what the code means. From what I understand, the codes don’t always align with the codes from the FICO scoring system that Equifax, TransUnion and Experian use however if you type in a word or two with the code you’ll more than likely be able to get a reason.
This is a new service so I can’t say how well it works, but when I put in a few codes to test it they all came back correct. Give it a whirl yourself and let me know what you think of it.