Haven't heard of VantageScore? It is a credit scoring model that was created in 2006 by the big three credit bureaus, Experian, Equifax, and TransUnion, as an alternative to the better known FICO score from the Fair Isaac Corporation.

VantageScore and the FICO score are just two of the hundreds of proprietary credit scoring systems.

VantageScore and the FICO score are just two of the hundreds of proprietary credit scoring systems. While the FICO score is used for most mortgages, VantageScore may be used for many other credit decisions, including credit card applications.

The following changes will be implemented in their latest version, VantageScore 4.0, which will be released this fall.

Trended data. Instead of looking at your credit data at one moment in time, it will look at the trajectory of borrowing and payment behaviors over time.

Public record exclusion. Most tax liens and civil judgements are being removed from consumer credit files, so the VantageScore model removes those same records.

Medical bills. Taking into account that it can take time for health insurance companies to determine how much they will pay on a bill, outstanding medical bills won't impact your score for six months.

There are many more credit scores than FICO and VangtageScore including some lenders who create their own model.

Since consumers don't get to choose which score a lender uses, it is very important that you review all 3 of your credit reports annually to check for incorrect and incomplete information. Get them for free at annualcreditreport.com.