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What's the difference between a BEACON score and FICO score?
Posted on 7/9/13 at 3:32 pm
Posted on 7/9/13 at 3:32 pm
I was recently told by Regions Bank that I had a Becon score of 850? How do I translate that to a FICO???
2
Posted on 7/9/13 at 4:05 pm to Supermoto Tiger
quote:
I was recently told by Regions Bank that I had a Becon score of 850? How do I translate that to a FICO???
I'm going out on a limb and saying that nothing translates to anything. They are all proprietary scores. FICO is the only official.
(I'm a newbie so take everything I say with a grain of salt)
Posted on 7/9/13 at 4:58 pm to Supermoto Tiger
"FICO scores have different names at each of the different credit reporting agencies: Equifax (BEACON), TransUnion (FICO Risk Score) and Experian (Experian/FICO Risk Model)."
Now with that being said, I doubt very seriously that your true beacon score was 850, especially considering the Beacon ranges from 280-850.
Your 850 score was probably an arbitrary scoring system that your lending institution uses for its own scoring model. There is no way to tell how that translates to a FICO score.
And FICO is not the "official score" as was noted above, but it is the most trusted scoring model by lending institutions. However there are so many scoring models (as well as their own) that the institutions could be using.
Now with that being said, I doubt very seriously that your true beacon score was 850, especially considering the Beacon ranges from 280-850.
Your 850 score was probably an arbitrary scoring system that your lending institution uses for its own scoring model. There is no way to tell how that translates to a FICO score.
And FICO is not the "official score" as was noted above, but it is the most trusted scoring model by lending institutions. However there are so many scoring models (as well as their own) that the institutions could be using.
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