topic Beacon score? in Understanding FICO® Scoring

Beacon score?

Anonymous — Thu, 28 Aug 2008 21:56:42 GMT

i just had a conversation with CSR at my credit union, and she mentioned that they use a Beacon score...what is that exactly?

i thought it was a average of all three scores, is this correct?

Re: Beacon score?

llecs — Thu, 28 Aug 2008 22:09:44 GMT

No. Beacon is provided by EQ only. There are a few versions of the Beacon used. Did their score match with yours? Someone correct me if wrong, but I think this site uses Beacon 5.0, of course as does EQ on their site. My bank uses this also. It was the same score pulled on the same day.

Re: Beacon score?

Anonymous — Thu, 28 Aug 2008 22:38:10 GMT

thanks llecs,

no i did not auth PP cuz i was not clear on the BEACON, so i dont know if our scores match ....but EQ is my best score, i may reconsider..

Re: Beacon score?

Anonymous — Fri, 29 Aug 2008 00:29:55 GMT

Correct. FACTA, BEACON, is the FICO model designed specifically for Equifax. The mortgage score uses Beacon 5.0. But then there is Card and Auto, don't know what they are called or version numbers. But if you hear Beacon 5.0 it should be the score you get from MyFICO... Unless there are multiple versions of 5.0, one for Auto, credit cards and mortgages. Either way Beacon = Equifax FICO.

Message Edited by ilovepizza on 08-28-2008 08:29 PM

Re: Beacon score?

fused — Fri, 29 Aug 2008 00:34:32 GMT

Most lenders pulling EQ today are using version 5.0...very few lenders still use Beacon 96.