Your beacon score and what is a beacon score
Written by shaners on April 21st, 2008If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
We just recently bought a new house and a car, what a weekend that was. And on of the things that came up was the beacon score. I had never heard of a beacon score and thought that it was something new. Luckily for me though my beacon score was relatively high 760.
Whats also funny about this is that in talking with some friends they too had never heard of the beacon score. So I figured I’d share what I understand with you about your beacon score and whats a good beacon score.
First off :
Your Beacon score is a generic risk score created by Equifax and Fair, Isaac that tries to predict if a credit account will “delinquent” in the next 24 months. “Delinquent” can mean:
- 60 days late
- 90 + days late
- Charge-off
- Repossession
- Bankrupt
Fair, Isaac also developed a generic risk score for Trans Union and Experian.
Beacon scores range from 300-850. The higher the score, the lower the potential for serious delinquency (The higher the score, the lower the risk).
Beacon Score is a non-judgmental tool.
Beacon Score is a living, breathing score.
As your credit changes so does your Beacon score. For example: As you open new accounts or start to slow pay a credit card – your Beacon score changes.
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