Whenever you go to check your credit score, you may notice something called your beacon credit score. You are probably interested in exactly what it is and what it means. Hopefully this will clear up some of the confusion that you may have.
There are three major credit bureaus which almost everyone uses to obtain their credit scores, however this particular score is the one used by Equifax. What they call the beacon score is really just another form of your fico score. Your score is determined by a number of factors, including your income and any debts that you may have. These factors are used to figure out your overall score, which can range anywhere from 300 to 850. The 300 score would be the one you want to avoid, while 850 is considered a perfect score.
This score is rather important, because it is what banks use to determine if you are going to be someone that they would want to lend to. To get any kind of bank loan at all, you would probably need about a score of 540, however these are the worse kind of high interest bank loans possible. To get a more reasonable style bank loan, you are looking at needing a score of about 640 to qualify. Bank standards vary though, so you should always check with whichever bank you are interested in.
You can always work to improve your score by paying off existing debts, increasing your income, or by not taking on more debt. It is a good idea to try to improve your score whenever possible, because if you take out high interest loans with you low score, then you are likely to make your debt situation worse.
This Equifax score is very important, and you should check to make sure yours is in good standing whenever you can. Try your hardest not to let it slip.
