information on what a beacon score is
A beacon rating is a three digit number between three hundred and 850. It is utilised to help determine an individuals credit worthiness whenever they apply for a loan or credit card. This rating is based off the data found in an individual’s Equifax credit statement.
A beacon score can be broken down in to five main groups; payment history, credit utilization ratio, length of credit history, new queries for credit and the different kinds of credit used. These are also all essential elements in the FICO score that the beacon credit rating is based on.
Payment record stands out as the biggest factor in figuring out the score, accounting for an enormous 35%. Any sort of overdue or defaulted debt obligations will hurt and a record of paying promptly will increase your beacon credit score.
Your credit utilization is responsible for 30 percent of the beacon credit score. This is calculated if you take the sum of credit used & dividing it by the total amount of credit available. Anything in between 0.1 & 0.3 is positive for your credit score whilst any thing outside this range will lower it.