WHAT IS A BEACON SCORE?

 

A Beacon Score is a number that reflects your willingness to repay debt. It is part of your total Credit Bureau Report. It is a score out of 900 that is constantly changing. Creditors report to the Agency( agencies) that collect this personal information about you each month. It is influenced by many factors.Some of these include:

 

1) payment history- regular minimum monthly  payments on credit  cards, loans, leases. Not paying within 30 days can put a blemish on even the cleanest record. Going over 60 days  on a paymentwill need an explanation when applying for a mortgage.

 

2) Public records show up on the Credit report, as do any judgements.

 

3) Inquiries form a part of your report. Any agency that looks at your credit bureau shows up on the report. These inquiries do decrease your score marginally. It is best to let a broker shop a mortgage for you as they can take your information to any lender with one hit on your bureau. If  you do it yourself, each place you apply at, will pull your Bureau and cause a decrease in your score.