Beacon is the trade name that Equifax uses to describe their version of the FICO score it is the same scoring model though for more information see thecreditguy.tv
A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.
The Beacon version 5.0 is the formula which was created by FICO (Fair Isaac Company) and is used by Equifax to calculate a credit score. Considering that the average FICO score in the US is 680, your score would fall just below average.
Your beacon score is basically an equifax branded FICO score, there is no difference except that a beacon score uses data found in your equifax credit report only. So if data furnishers do not report to equifax it will not appear on their credit report and thus this information will not be reflected in your beacon score.
BEACON is the trademarked name of a scoring software program. It uses the information displayed in an Equifax credit file. (Think Kleenex vs. tissue paper) There are many different versions of BEACON programs. Some of these are BEACON 96, BEACON 5.0 and BEACON Auto Enhanced. A score requested with each program would yield a different number, even though the data in your credit report was the same. All scoring programs originate with the Fair Isaac Company, headquartered in California (FICO). They lease FICO software to Experian (formerly TRW). EMPIRICA is leased by TransUnion. Consumers may also get their own version of a score from certain companies.
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.
The Beacon version 5.0 is the formula which was created by FICO (Fair Isaac Company) and is used by Equifax to calculate a credit score. Considering that the average FICO score in the US is 680, your score would fall just below average.
Your beacon score is basically an equifax branded FICO score, there is no difference except that a beacon score uses data found in your equifax credit report only. So if data furnishers do not report to equifax it will not appear on their credit report and thus this information will not be reflected in your beacon score.
BEACON is the trademarked name of a scoring software program. It uses the information displayed in an Equifax credit file. (Think Kleenex vs. tissue paper) There are many different versions of BEACON programs. Some of these are BEACON 96, BEACON 5.0 and BEACON Auto Enhanced. A score requested with each program would yield a different number, even though the data in your credit report was the same. All scoring programs originate with the Fair Isaac Company, headquartered in California (FICO). They lease FICO software to Experian (formerly TRW). EMPIRICA is leased by TransUnion. Consumers may also get their own version of a score from certain companies.
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
No Fico is not the only credit score company. There are three major credit companies as well as Fico. Experian, Equifax and Trans-Union. Each one will give you a different credit score as well
Mortgage companies use your FICO score, Credit card companies use you Advantage Score which is a different scoring formula from FICO
Which action will help increase a low FICO score?
FICO stands for Fair Isaac Corporation, which is a company that calculates the credit score that most creditors use to determine your creditworthiness. So, your FICO score is a type of credit score. They use the information that each of the three credit bureaus (Experian, Equifax, TransUnion) possess on each consumer, and they turn that information into your FICO score. However, there are many other companies, including the credit bureaus themselves, the create their own versions of your credit score, and these scores are often different than your FICO score, since they are not using the same mathematical calculations to come up with your score.
Fico is what one would call a peson's credit score. FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score. A person's FICO score will range between 300 and 850
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
A FICO score is obtained with information taken from a person's available credit information. The score is sold by the FICO Company to interested financial institutions.