What is FICO®: FICO is short for Fair Isaac and Company, which develops the mathematical formulas used to produce scores like the BEACON ®score.

How are the credit scores calculated?
Every score is calculated by using a mathematical formula that evaluates many types of information on your credit report, compared to information patterns in millions of past credit files. The score can then identify your level of future credit risk.

What is the most important factor in a credit score?
FICO scores five main kinds of credit information. Listed from most important to least important, these are: payment history, amount owed, length of credit history, new credit, types of credit in use, etc..

What does credit scoring ignore? Your race, color, religion, national origin, sex, or marital status Your age Your salary, occupation, title, employer, date employed, or employment history Where you live Certain types of inquiries such as promotional, account review, insurance or employment related inquiries Any information not found in your credit report Any information that is not proven to be predictive of future credit performance

What is the highest and lowest credit score?
Credit scores range from 300 to 850.. The higher the score the lower the predicted credit risk for lenders.

Why do lenders use scores?
Scores provide an extremely valuable guide to future risk based solely on credit report data. The higher the consumer's score the lower the risk to lenders when extending new credit to a consumer.


Does everyone have a credit score?
For a score to be calculated on your credit report, the report must contain at least one account that has been open for six months or longer. In addition, the report must contain at least one account that has been updated in the past six months. This ensures that there is enough information, and enough recent information, in your report to compute an accurate score. Your score also will not calculate if there is a fraud statement on your credit file or if all trade lines are disputed.

How often does the score change?
Your credit file is continually updated with new information from your creditors. The BEACON ®FICO® score is calculated based on the latest "snapshot" of information contained in your file at the time the score is requested. So your BEACON FICO score from a month ago is probably not the same score a lender would get from the credit reporting agency today. Fluctuations of a few points from month to month are quite common.

What is a good BEACON ® FICO ® score?
Since there is no one "score cutoff" used by all lenders, it is hard to say what a good score is outside the context of a particular lending decision. Your lender may be able to give you guidance on the criteria for a given credit product.

How can I improve Credit Score and Credit Rating Online?
Your FICO score analysis will suggest things you can do to improve your score overtime. Generally, people with high scores consistently: pay bills on time, keep balances low on credit cards and other revolving credit products, apply for and open new credit accounts only as needed.

Will ordering this service cause my BEACON ® FICO ® score to drop?
No. Ordering your own Equifax Credit Profile TM and BEACON FICO score through this service will not change your score.

Can I share this information with my lender?
Yes, but please be careful about sharing your personal credit information with anyone. It is unlikely that a lender would use this credit report or score in considering a credit application. Most lenders will get a fresh credit report and BEACON ®FICO ® score on your credit standing if you decide to apply for a loan.

What if I find an error on my Equifax Credit ProfileTM report?
You should contact Equifax directly. If you report an error, Equifax will investigate and respond to you within 30 days. If you are in the process of applying for a loan, immediately notify your lender of any incorrect information in your report. Your lender will need to reorder your credit report and score once any changes have been made to your information at Equifax.

Once my Equifax Credit Profile TM is updated, how long before my BEACON ®FICO® score is updated?
Your next score will reflect the updated information. Since BEACON FICO scores are recalculated every time they are requested (rather than stored as part of your profile), they respond to meaningful changes instantly. What is a meaningful change? An update to your address, for example, would have no effect on your score. On the other hand, substantially lowering the balance on a "maxed out" credit card might have a notable impact on your score.

How can I see my BEACON ® FICO ® score after information is updated on my Equifax Credit Profile TM?
You will need to order another Score Power TM to see if the information on your Equifax Credit Profile has been updated and if your score has changed. Please keep in mind that it is impossible to say exactly how important any single factor or new information is in determining your score. That's because the importance of each factor depends on the overall information in your credit report. In scoring, what's important is the mix of information, which varies from person to person and for any one person over time.


Who do I contact if I have questions about the BEACON ® FICO ® score? For additional information regarding how your score was calculated, please call 866-345-8847 Monday through Friday between the hours of 9 a.m. - 8 p.m. EST

Who do I contact if I have questions about the Equifax Credit Profile TM? For questions regarding how to order a Score Power report or with questions on your Equifax Credit Profile report call 1-888-532-0179 Monday through Friday 8 am - 8 pm EST. Equifax Consumer Services, Inc.