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    Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds
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New credit score from the bureaus

The three major credit bureas have announced that they are teaming up to offer "VantageScores" to consumers.

The idea will be to make the score consistent between the three bureaus. This has to be a huge blow to Fair, Isaac, though I don't imagine lenders will abandon FICO scores for VantageScores right away; the bureaus will first have to demonstrate that their new score is as predictive as the FICO score. Plus, there's a huge entrenched lending and mortgage industry that has used FICO scores for ages; I'm not sure how quick they'll be to jump ship for the new shiny thing right away.

As for consumers, I'm curious about what effect this will have on scores. Currently, your FICO score might vary considerably between the three credit reports. If those three scores are brought closer into alignment, will the net effect be to the consumer's benefit?

I don't think so. Why? Equifax.

They're notorious for doing shoddy work and putting together inaccurate and outdated reports. Why should the typical messy Equifax report affect the far more accurate Experian score?

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