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Did you hear the good news? It was announced last week that Equifax, Experian, and TransUnion have teamed up to develop a new credit scoring system. Scores using the new system, dubbed VantageScore, will be available for purchase from the three major credit bureaus within a few months. Unlike FICO's scores that range from 300-900, VantageScore scores will range from 501-990 and can be compared to a typical academic grading system: 901-990 = A; 801-900 = B; 701-800 = C; 601-700 = D; and 501-600 = F. But do we really need a new credit scoring system?

One of the advantages being touted by the new system is scoring consistency across credit bureaus. Currently, your credit score will usually vary from one credit bureau to the next. A common algorithm should make the scores consistent across the board, right? Well, not exactly. Just because all three bureaus will be using an identical scoring algorithm does not mean that the results will be the same. There will still be discrepancies between scores from different credit bureaus because the data that is plugged into the algoritm differs from one credit bureau to the next. Some creditors report to one bureau. Others will report to two or all three. So a consumer will have a different credit report, and therefore a different score, from each of the three bureaus. This will still continue, even under the new VantageScore model.

What's more is that the vast majority of lenders have been using Fair Isaac's FICO credit scoring model for decades. A switch to the new VantageScore model is unfeasible and unlikely. Perhaps the 501-990 model put into the context of a typical academic grading system is a bit simpler to understand, but in fact, it's all quite arbitrary. For lack of a better comparison, I find this somewhat analogous to the United States government attempt at metrication by replacing the standard measurement system of feet, miles, gallons, etc. with the decimal-based metric system.

Bottom line: Admittedly, this is a great PR stunt by the credit bureaus to get us consumers to buy their new scores, but in truth, it doesn't seem like it's worth all the fuss. Just because the scoring system is changing doesn't change your credit history. Bad credit is still bad credit; good credit is still good credit; and one foot still equals 0.3048 meters.

The buzz surrounding contactless credit cards began in late 2002, when American Express and MasterCard started testing swipeless versions of their credit cards. While ordinary credit cards store their data on a magnetic stripe that are swiped through magnetic card readers, contactless credit cards store their data on a chip embedded in the plastic of the card. The data on these contactless cards is transmitted via radio waves through a technology called radio frequency identification (RFID) based on ISO 14443.

In 2005, MasterCard began to roll out its PayPass sytem. Chase launched blink, which works with MasterCard's PayPass system. Shortly thereafter, American Express launched the ExpressPay system. ExpressPay is now available on American Express Blue and Blue Cash cards. Consumers can also get an ExpressPay key fob which can be linked to most existing credit card or debit card accounts. Contactless payment currently is available at select retailers across the United States, including 7 Eleven, McDonald's, AMC Theatres, Arby's, Cinemark, CVS Pharmacy, and KFC, just to name a few.

Credit card companies are marketing these contactless payment systems to consumers as more convenient and more secure than using more traditional credit cards or cash. But what are the real facts of contactless credit cards? Below is a list of the pros and cons that one should consider before getting a contactless credit card.

Pros of RFID Credit Cards

• The card never leaves the cardholder's hand, thereby increasing security.
• The account number that is transmitted by the contactless card is only good for RFID transactions. It is different than the actual credit card number, making it difficult for a savvy thief to go on a shopping spree with any data stolen from an RFID transaction.
• The card can only be read by certain readers at close range.
• Waving the card over the reader is faster than swiping a more traditional card or paying with cash.
• Like more traditional cards, cardholders are not liable for fraudulent charges.
• Most contactless cards also have a magnetic stripe as well, so they can also be used at checkouts not yet equipped with the RFID readers.

Cons of RFID Credit Cards

• RFID transmissions are not encrypted. The data transmitted could fall into a criminal's hands if he had the right reader.
• There is no need for authentication on most purchases under a certain amount (usually $25), thereby leaving the card vulnerable to fraud.
• There is no on/off switch for the data chip embedded in the card.
• An errantly positioned reader or combination of readers could charge a cardholder for someone else's items if he were to come too close to the checkout stand.
• Fraud concerns could lead to a need for special protective radio-proof wallets or sleeves for your RFID credit cards, thereby making them more inconvenient.

To be frank, the pros listed above have all been realized. The contactless cards do appear to be more convenient and faster than traditional forms of payment. In some ways, they even improve security. The cons, while concerns at this time, have not yet come to fruition. Only time will tell whether or not the security of contactless credit cards can be breached.

If you are interested in applying for a contactless credit card, feel free to browse our contactless credit card offers page.