topic Re: NO EXPERTS on this Board!!! in General Credit Topics

NO EXPERTS on this Board!!!

Anonymous — Tue, 24 Mar 2009 19:02:20 GMT

Frustrated with the responses of several on this board to a very basic question... What is a Beacon score? The most prevelant answer is "Beacon is FICO"; or is it "Beacon is FAKO"; or is it "Beacon is old-school"; or is it "Beacon is car-enhanced"; or is it "Beacon is more accurate"; or is it "Beacon is not used by many therefore should be ignored"....

Good grief, Charlie Brown, what the heck is going on here?

Re: NO EXPERTS on this Board!!!

fused — Tue, 24 Mar 2009 20:25:52 GMT

Beacon score is the name given for your FICO Equifax score. It has nothing to do with FAKO scores, nor does it have anything to do with your FICO Experian or FICO Transunion scores. The current and most widely used version is Beacon 5.0. Also, it was just announced that FICO and Equifax have rolled out a new Beacon score called Beacon Mortgage Score. AKA, a mortgage-enhanced Beacon FICO score. The new model only applies to EQ

New FICO Credit Score for Mortgage Lenders Debuts

Message Edited by fused on 03-24-2009 10:25 AM

Re: NO EXPERTS on this Board!!!

Anonymous — Tue, 24 Mar 2009 20:02:37 GMT

+1, correct. Sometimes they have names associated with them and that's what confuses some. You have to take information with a grain of salt and use some judgment to narrow down and validate. Not everyone is an expert but when the experts do give their answers, they are generally right or they get refined and enhanced by others who comment. Sorry you had a bad experience but I find that regardless of how much something is a fact, there are those who will disagree with it. I just finished having a long discussion with a person who insists that in the past 10 years soft inquiries have been killing his score, I told him they don't but he insists, all I can do is tell him what's what and hope he resolves it for himself. Now someone seeing his comments may decide to go with it and they would be wrong but nothing the rest of us can do about that, right?

Re: NO EXPERTS on this Board!!!

Anonymous — Tue, 24 Mar 2009 21:55:27 GMT

Thanks for response.... often too much mystery to this whole scoring thing... don't know if intentional by CBs or just the nature of the beast.

Re: NO EXPERTS on this Board!!!

Anonymous — Tue, 24 Mar 2009 22:05:55 GMT

@Anonymous wrote:
Thanks for response.... often too much mystery to this whole scoring thing... don't know if intentional by CBs or just the nature of the beast.

A little of both. Its the nature of the beast to be mysterious and confusing.