What is a beacon score?
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I’m new to credit scores, and I’ve been reading a lot about credit reports and scores lately. Yesterday I run into a new term – “Beacon Score”. What is a beacon score exactly whoa uses it and how is it compared to a FICO score?
Thank you in advance for your replies.
Re: What is a beacon score
It may sound confusing, but it’s really simple. Beacon score is the name Equifax is using for their version of FICO (or should I say the Old FICO/Classic FICO).
On January 2009 Fair Isaac has updated the FICO formula. They do minor tweaks all the time, however this was a major change. Big enough for them to come up with a new name for it – NexGen FICO or FICO 8.
Equifax has also updated their model accordingly, and are now calling it Pinnacle score.
Although the Beacon score is basically a FICO score, Equifax has incorporated a few minor changes to the FICO formula, which can account for the differences between your score from, say myFico to your Beacon score.
So – to sum things up:
Beacon score = Equifax’s version of Old/Clasic FICO.
Pinacle score = Equifax’s version of the New/NexGen FICO.See beacon-credit-score.html for more information.
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