How The Beacon Credit Scoring System Works
July 30th, 2008
There are different methods, used by credit bureaus, for the calculation of credit scores. Of these, the one used by the Equifax credit bureau is the beacon credit scoring system. The Beacon credit scores are used by banks to determine the loan amounts as well as the rates of interest. A Beacon credit score can lie anywhere between 300 and 850, depending on various aspects, like his/her debt history and changes of addresses. On an average, a score of 750 greatly improves your chances of getting the bank loan of your choice with a favorable interest rate to boot.
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