Tue, Oct 12, 2021 7:32 AM
STAMFORD, Conn.--(BUSINESS WIRE)--Oct 12, 2021--
VantageScore Solutions, LLC (VantageScore) today announced that Silvio Tavares has been appointed President and CEO. Tavares is a financial services industry and fintech veteran. He was formerly a senior executive at Visa and Fiserv\First Data. For both companies, he led their data and information products businesses, leveraging financial data to decrease risk for banks and merchants while increasing their revenues.
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VantageScore Appoints Silvio Tavares as President & CEO.
More recently Tavares was Founder, Chairman and CEO of the Digital Commerce Alliance (DCA), a leading global trade association serving the world’s leading banks, fintech and technology companies, including DCA members companies Bank of America, Discover, MasterCard, Microsoft and Klarna, among others. He brings deep experience in innovation in the fields of financial data and analytics as well as a proven track record of ESG, inclusion and stakeholder management. Tavares earned his Juris Doctor degree from Boston University, MBA from Boston College and BS in Electrical and Computer Engineering from Tufts University. He has authored or co-authored over a dozen patents in financial data analytics.
“I am thrilled to be taking the helm of VantageScore at a time when the opportunities for the company have never been greater. We will build on the momentum that the company has achieved and intensify our focus on innovation, data-driven outcomes and financial inclusion while continuing to provide lenders with best-in-class predictive credit scoring models across all scoring ranges,” said Tavares.
“Having a more inclusive financial system has been linked to stronger and more sustainable economic growth and development,” said Sid Singh, President of United States Information Solutions (USIS) at Equifax. “Equifax and VantageScore have a shared commitment to addressing the needs of underserved communities, and we look forward to working with Silvio in his new capacity as President and CEO of VantageScore.”
“VantageScore, like Experian, is deeply committed to helping drive more equitable access to fair and affordable credit for consumers; and innovation and the use of expanded data sit at the center of that commitment for both companies,” said Alex Lintner, Group President of Experian’s Consumer Information Services. “We believe Silvio will continue that mission and progress to a more inclusive financial system. We look forward to working with him to bring more people into the mainstream credit economy.”
“VantageScore credit risk scores are a central part of the consumer credit ecosystem because they promote greater financial inclusion and offer lenders predictive performance lift across a wide range of industries. The impact and use of these scores will continue to expand, and as a proven innovator in financial data and analytics, Silvio Tavares is an excellent choice to lead the future of VantageScore Solutions,” said Steve Sassaman, President & Chief Commercial Officer at TransUnion.
Barrett Burns, the founding President and CEO of VantageScore, has transitioned to a newly created position of Vice Chairman. Under Burns’ leadership, VantageScore has become part of the mainstream consumer lending landscape and introduced many innovations, including the unprecedented access to free credit scores and the development of models that are able to safely and soundly score consumers who are ‘credit invisibles’ when conventional, legacy credit scoring models are used.
“I would like to thank Barrett for his over 15 years of distinguished service to the financial services industry and for leading the charge to create an environment where competition and innovation thrive amongst credit score model developers,” said Tavares.
According to a study released in 2019, approximately 12.3 billion VantageScore credit scores were used in a 12-month period ending in June of 2019. VantageScore credit scores were used in that 2019 period by more than 2,500 unique entities, including approximately 2,200 financial institutions.
“I have relished the opportunity to create a national brand from scratch and to position VantageScore firmly in the mainstream credit ecosystem,” said Burns. “I am particularly proud that since we launched the company in 2006, we have doggedly pursued financial inclusion and developed models that are able to score 96 percent of all adults 18 years and older in the United States without sacrificing safety and soundness standards. As usage of our models continue to grow, I have been heartened that the financial services industry has recently become more focused on this important issue, and I step down knowing that VantageScore is in Silvio’s capable and creative hands.”
About VantageScore Solutions
VantageScore Solutions develops consumer credit scoring models that combine the need for both financial inclusivity and dependable predictiveness across all scoring ranges. The company’s most recent models score 96 percent of all adults 18 and older – including 37 million more people than conventional models – without sacrificing safety and soundness. As a result, lenders using VantageScore can extend credit to those who have been historically marginalized, including minority and lower-to-middle income Americans. VantageScore credit scores are used by thousands of lenders, landlords, utility companies, telecom companies, and many others to determine creditworthiness. Additionally, tens of millions of consumers rely on free access to their VantageScore credit scores to monitor their own creditworthiness.
VantageScore Solutions was launched in 2006 and is owned by America’s three national credit reporting companies (CRCs) – Equifax, Experian, and TransUnion. Using a patent-protected tri-bureau methodology, VantageScore delivers time-tested, innovative and more consistent credit scoring models across all three CRCs.
View source version on businesswire.com:https://www.businesswire.com/news/home/20211012005364/en/
CONTACT: Jeff Richardson,
KEYWORD: CONNECTICUT UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: VantageScore Solutions, LLC
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PUB: 10/12/2021 08:30 AM/DISC: 10/12/2021 08:32 AM