If you’ve never heard of the VantageScore it’s time you got up to speed about the changing landscape within the credit industry.

You already know that the higher your credit score, the more positively banks, creditors and others view you. But many people mistakenly think that the only credit score they have is a FICO score, which ranges from 300 to 850 points.

While it’s true that FICO scores are the most widely used and popular credit scores out there, it’s also true that there are many different types of credit scores – including the VantageScore, a credit score jointly developed by the three main credit bureaus, Equifax, Experian and TransUnion.

Now comes word that the VantageScore has gotten an overhaul, making it more inclusive and, advocates say more consumer friendly.

So what is this new score? It’s dubbed VantageScore 3.0 and it differs from previous versions of the VantageScore in several ways.

For starters, VantageScore 3.0 is said to be the “most advanced, predictive credit scoring model” ever developed by VantageScore Solutions.

VantageScore 3.0 uses reams of consumer data along with lender research to significantly expand the pool of people for whom credit scores can be generated.

Specifically, with VantageScore 3.0 between 27 million and 30 million adults who had previously been deemed as having “no credit files” or “too thin” credit files will now have credit scores created for them. According to VantageScore Solutions, outside of VantageScore 3.0, these consumers are simply “invisible to traditional scoring models.”

Additionally, VantageScore Solutions says the VantageScore 3.0 is up to 25% more predictive than previous models, thanks to access to more granular data about consumers. In a nutshell, VantageScore 3.0 is better able to tell a lender whether prime and so-called “near prime” consumers are likely to pay their bills and credit obligations on time – or default on those financial responsibilities.

In rolling out the new credit score, VantageScore said it is also unveiling a “new VantageScore brand identity to support the new model as well as an all-new www.VantageScore.com website.”

The VantageScore 3.0 model is being touted as much more consumer friendly, since the credit score introduces new plain-language reason code descriptions. To help explain “reason codes” to consumers, VantageScore also launched www.ReasonCode.org, a microsite aimed at further revealing why a consumer did not receive a better credit score.

Finally, VantageScore 3.0 will now adopt the widely used score range of 300-850 points. Earlier versions of the VantageScore used a score range of 501 to 990 points.

VantageScore Solutions said the 300 to 850 point range is “more familiar” to consumers and embedded in many lenders’ applications and processes. As mentioned, FICO scores use the 300 to 850 point range.

So on this count, VantageScore seems to be tacitly acknowledging how deeply entrenched the FICO score model is in the minds of both consumers and lenders.

Read this article to learn more about the differences between VantageScores and FICO scores.