Credit Reports

[Anonymous]

Does anybody know what a BEACON score is? These dealers wont go off the FICO score anymore. Whats the deal?

[EW800]

I could be wrong, and will default to others that are more knowledgeable than I am, however I believe Beacon score is the Equifax FICO 08 score.  

[Anonymous]

So the NEW FICO 08 score is only available to lenders I read.

If thats what they use and its so diferent than the regular fico score we are sold, why do we waste our time and money with the regular FICO score. It means nothing to us if its not being used when we apply for credit.

I say this because when I went to the dealership I had fico scores in hand, the dealers took a look and said we use the BEACON instead. So they pulled up the BEACON and there was a almost 70 point difference for mine and a 30 point difference on my wifes (LOWER). Of course higher interest rates. It just feels like misrepresentation, here im thinking my score is in the mid 600's come to find out its in the low 500's! What kind of garbage is that?

[Anonymous]

A waste of time and money IMO i have one more month then i am out. a month and a half and only a hand full of alerts its a joke and a waist of 60.00

[Anonymous]

I think I agree there's so many out here and credit karma alerts me way more than fico

[Anonymous]

Beacon is a generic term. There's beacon 5.0, 9.0, etc. All Equifax and all Fico's. You're simply dealing with someone who doesn't know what they're talking about.