VantageScore President and CEO Silvio Tavares is stepping down after five years at the credit-scoring company, which has appointed Anthony Hutchinson to serve as interim chief executive. The leadership change comes as competition over the credit scores used in mortgage lending continues to intensify.
VantageScore’s board selected Hutchinson, who has overseen the company’s public affairs and government relations work, to replace Tavares on an interim basis. The company has not provided a reason for Tavares’ departure. Requests for comment about the resignation were not answered.
“I am humbled by all that VantageScore has achieved during my tenure,” Tavares said in a company news release.
Tavares also said the company delivered what he described as industry-leading innovation and growth during his time in charge. He credited VantageScore with expanding access to credit for more Americans who qualify for financing. The statement did not identify a specific change to the company’s scoring models or to lenders’ credit-approval policies.
A growing presence in mortgage lending
During Tavares’ tenure, VantageScore said it more than tripled its market presence and gained broad adoption of its credit-scoring model across the mortgage industry. A credit score is a numerical assessment lenders use, along with income, debt and other information, when evaluating a consumer’s application and loan terms.
The company said it is positioned to continue developing scoring models that use information from all three nationwide credit bureaus — Equifax, Experian and TransUnion. VantageScore described those models as more predictive and inclusive, terms that refer to efforts to evaluate borrowers using a broader set of credit-file information and to serve consumers with limited or nontraditional credit histories.
| Leadership change | Details |
|---|---|
| Departing executive | Silvio Tavares, president and CEO |
| Interim successor | Anthony Hutchinson |
| Tavares’ tenure | Five years |
| Company-reported growth | Market presence more than tripled |
Hutchinson takes over temporarily
Hutchinson has more than 30 years of experience in housing finance, public policy and the industry, according to VantageScore. Before joining the company four years ago, he held senior positions at Freddie Mac, Fannie Mae and the National Association of Realtors.
In his interim role, Hutchinson will work with VantageScore’s board and management team on the company’s strategic priorities. He said VantageScore is helping lenders make more informed decisions across the credit lifecycle, a term covering the process from an initial credit application through account management and repayment.
“I look forward to working with the VantageScore board and management team to further advance our strategic priorities,” Hutchinson said in the release.
Tavares previously served as president and CEO of the Digital Commerce Alliance, where he remains chairman of the board, according to his LinkedIn profile. The company’s announcement did not say how long Hutchinson’s interim appointment will last or identify a permanent successor.
