Beacon Score: Just what is it?
MANNER OF PAYMENT (NORTH AMERICAN STANDARD ACCOUNT RATINGS):
"R" = Revolving or Changing "I" = Static or Constant
0 - Too new to rate; approved but not used
1 - Pays (or paid) within 30 days of payment due date
or not over one payment past due
2 - Pays (or paid) in more than 30 days from payment
due date, but not more than 60 days, or not more
than two payments past due
3 - Pays (or paid) in more than 60 days from payment
date, but not more than 90 days, or not more than
three payments past due
4 - Pays (or paid) in more than 90 days from payment
due date, but not more than 120 days, or four payments
past due
5 - Account is at least 120 days overdue but is not yet rated “9”
7 - Making regular payments under a consolidation order or
similar arrangement
8 - Repossession (voluntary or involuntary return of
merchandise).
9 - Bad debt; placed for collection; skip
DEVELOPMENT OF BEACON
Overview
Beacon is a full service generic credit bureau scorecard system that has been developed jointly by Equifax Canada and The Fair Isaac Companies. Beacon converts the collective experience of reporting credit grantors, collection agencies, public record information, and inquiries that are found on a consumer’s credit bureau report to a numeric score that can be indicative of future payment behaviour. The score is particularly valuable if the associated performance is tracked within the framework of an individual credit grantor’s own decision making processes. Armed with a Beacon score and knowledge of the past relationships between score, approval decisions, and performance, a credit grantor can greatly enhance his effective credit management decisions’.
Beacon was developed using Equifax’s extensive national credit file database and Fair Isaac’s sophisticated scorecard development techniques. Employing seven individually targeted scorecards, each tailored to evaluate a particular segment of the population, Beacon is designed specifically to distinguish good credit risks from various types of bad credit risks.
Beacon scores range from the 400’s to the 800’s, with higher scores indicating better credit risks.
Score Range: 430 - 850
"R" = Revolving or Changing "I" = Static or Constant
0 - Too new to rate; approved but not used
1 - Pays (or paid) within 30 days of payment due date
or not over one payment past due
2 - Pays (or paid) in more than 30 days from payment
due date, but not more than 60 days, or not more
than two payments past due
3 - Pays (or paid) in more than 60 days from payment
date, but not more than 90 days, or not more than
three payments past due
4 - Pays (or paid) in more than 90 days from payment
due date, but not more than 120 days, or four payments
past due
5 - Account is at least 120 days overdue but is not yet rated “9”
7 - Making regular payments under a consolidation order or
similar arrangement
8 - Repossession (voluntary or involuntary return of
merchandise).
9 - Bad debt; placed for collection; skip
DEVELOPMENT OF BEACON
Overview
Beacon is a full service generic credit bureau scorecard system that has been developed jointly by Equifax Canada and The Fair Isaac Companies. Beacon converts the collective experience of reporting credit grantors, collection agencies, public record information, and inquiries that are found on a consumer’s credit bureau report to a numeric score that can be indicative of future payment behaviour. The score is particularly valuable if the associated performance is tracked within the framework of an individual credit grantor’s own decision making processes. Armed with a Beacon score and knowledge of the past relationships between score, approval decisions, and performance, a credit grantor can greatly enhance his effective credit management decisions’.
Beacon was developed using Equifax’s extensive national credit file database and Fair Isaac’s sophisticated scorecard development techniques. Employing seven individually targeted scorecards, each tailored to evaluate a particular segment of the population, Beacon is designed specifically to distinguish good credit risks from various types of bad credit risks.
Beacon scores range from the 400’s to the 800’s, with higher scores indicating better credit risks.
Score Range: 430 - 850
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