Your Beacon Credit Score and the Reasons Behind It
By Abdul R. Aziz
Would you like to increase your beacon credit score as fast as possible? But before we jump into the details, it it important to note that BEACON and FICO can be used interchangeably. A FICO score is simply another name for credit score. But, more often than not, the FICO score is called the beacon score.
It turns out that the Equifax (arguably the largest consumer credit reporting agency) is the only agency with the right to market the FICO credit scoring algorithm invented by the Fair Isaac Corporation. In other words, Equifax distinguishes its credit-scoring model by using the name of beacon.
Case in point...take a quick look at the different scoring models credit reporting agencies use:
1. NextGen - A broad-based next generation credit bureau risk score.
2. Beacon - The scoring model used by Equifax.
3. EMPIRICA - The scoring model used by TransUnion
4. Fair Isaac Risk Model - The scoring model used by Experian
5. Industry Option SM - Scores used by major credit reporting agencies in the bankcard, auto loan, installment loan, and personal finance loan industry.
As you might have guessed, every agency will undoubtedly provide you with a different score. So, bite the bullet and order your credit report from the three major credit-reporting agencies to see what your average is.
With that being said, your beacon credit score is going to be paired with up to four reasons for your credit score.
The Fair Isaac Corporation holds the copyrights to the complete listing of reason codes and reason statements that are provided to creditors and prohibits the recording, retransmission, or use of its listing for commercial gain.
Here's a list of the most frequently used codes and statements.
· Amount you owe on your accounts: 01
· Your level of accounts that are delinquent: 02
· You have too many accounts with balances: 05
· Your proportion of balances to credit limits on your revolving accounts (credit card) is too high: 10
· Your delinquent accounts are too recent or unknown: 12
· The amount of time your accounts have been established: 14
· The Number of accounts with outstanding balances: 18
· You have serious delinquencies and public records or collections filed: 38
· You have serious delinquencies: 39
· You have a derogatory public records or collections filed: 40
Quite honestly, you can use these reason codes and statements to plot your course of action in order to increase your beacon credit score.
Identify the problems with your credit rating. You are in a position to correct those problems.
Do you want more information about beacon credit score? To learn more about how you can improve your credit score, visit http://www.creditscorecounsel.com today for free information.
=======================================
Learn to Read Your Credit Report Then Rebuild Credit Rating
By Tim Beachum
Understanding how to read your credit report is crucial to the credit repair process. It is a lot easier to comprehend your credit report now days than it was in the past. Despite all the changes to the credit reporting laws, by large the credit reporting agencies still remain somewhat a mystery.
You would think that the formatting of your credit report would be standardized. Unfortunately it is far from it. A credit report comes in a variety of formats and at first glance can be a little intimidating. No matter the format there will be some basic information on your report that will be familiar to you. Obviously you will recognize your personal information and the information of your creditor such as your account information.
Experian seems to be the easiest report to comprehend. Their report has a section entitled "accounts in good standing", this is where your positive account information will be located. They have another section entitled, "potentially negative." Do not let the word "potentially" fool you. The items located in this section are destroying your credit score.
Another thing that you will want to look out for is the "closed account" status. It doesn't matter if you or your creditor closed the account the reporting will be the same. It does however make a huge difference if you were the one to close the account. You will want them to show that the account was closed by the consumer. This will make a difference in the way that your credit score is reported.
In some cases you will see "Charge-Off" written on your report. A charge-off is an account that was written off for tax purposes by the creditor. Although the amount may be small it can still make a huge impact on your credit score. Even if you pay your charge-off the creditor will report that you have a "paid charge-off" which is just as bad as a charge-off.
The best way to rebuild your credit rating is to dive in and do it yourself. Stop what you are doing and commit to taking the first step right now... Get a credit repair kit.
Here's Your Credit Repair Kit
=============================================
The Least Understood Aspect of Improving Your Credit
By Jeff Kinsey
Most people traditionally only think of credit only in terms of good vs. bad. Well, that's not the whole story. There are many times where having a flawless credit history could be of no use whatsoever in terms of actually getting approved for a loan.
The difference between having "good" credit and "useful" credit may be one of the least understood, yet most important aspects of credit management and improvement.
After all, the bottom line for most people is the ability to actually get approved for something, right?
Many consumers don't realize it's possible to have stellar credit with a squeaky clean payment history and still not be able to get approved for a darn thing.
And as a matter of fact, it's also very possible to have "bad credit" (depending how you define it of course) and still be very approvable in a lenders eyes.
So while an 800 FICO score can give you some great bragging rights if the subject comes up in a conversation, if other factors aren't considered that great score could just be a useless number.
Why is that?
The reasons can be a little complicated. However, the driving factor behind it is most lenders look at multiple facets of your credit profile when deciding if they're willing to throw some credit your way.
Also, when it comes to determining your FICO score, there's much more to it than just having negatives vs. no negatives.
Other factors which come into play are things such as outstanding debt, types of accounts you currently have or previously had, the length of your history, and how much credit you actually use.
To go a little deeper than that, in some ways credit scores are determined on a curve. In other words, if you have a bankruptcy, your credit score is partially determined by ranking you against other people that have a bankruptcy. If your credit profile is better than the average person with a bankruptcy, that could turn out to be a nice boost to your score.
As a result, when working to improve your credit it's very important to be selective about what items to challenge on your credit report and what items to leave alone. In some cases it may even be better to challenge an erroneous good item to get it removed and leave a negative one alone.
That's where credit repair and credit improvement techniques can get a bit tricky if you're working on it alone and don't fully understand the implications of what you're doing. If you're working on your own credit, just make sure to take the time and investigate all the known credit scoring factors and the possible ramifications of each dispute. Then have a good strategy mapped out.
If you don't have the time or inclination to do all the necessary research yourself, you can find a reputable and legitimate credit repair service to help out. There's many scam services out there, so choose carefully and avoid any service that just blindly disputes negative items. Instead, find a company who understands the big picture and focuses their work on improving your credit in a way that you can actually use it.
Want to learn more about legal credit repair and avoiding credit repair scams? Get more free tips on restoring your credit and check out reviews and rankings of the Best Credit Repair Services
By Abdul R. Aziz
Would you like to increase your beacon credit score as fast as possible? But before we jump into the details, it it important to note that BEACON and FICO can be used interchangeably. A FICO score is simply another name for credit score. But, more often than not, the FICO score is called the beacon score.
It turns out that the Equifax (arguably the largest consumer credit reporting agency) is the only agency with the right to market the FICO credit scoring algorithm invented by the Fair Isaac Corporation. In other words, Equifax distinguishes its credit-scoring model by using the name of beacon.
Case in point...take a quick look at the different scoring models credit reporting agencies use:
1. NextGen - A broad-based next generation credit bureau risk score.
2. Beacon - The scoring model used by Equifax.
3. EMPIRICA - The scoring model used by TransUnion
4. Fair Isaac Risk Model - The scoring model used by Experian
5. Industry Option SM - Scores used by major credit reporting agencies in the bankcard, auto loan, installment loan, and personal finance loan industry.
As you might have guessed, every agency will undoubtedly provide you with a different score. So, bite the bullet and order your credit report from the three major credit-reporting agencies to see what your average is.
With that being said, your beacon credit score is going to be paired with up to four reasons for your credit score.
The Fair Isaac Corporation holds the copyrights to the complete listing of reason codes and reason statements that are provided to creditors and prohibits the recording, retransmission, or use of its listing for commercial gain.
Here's a list of the most frequently used codes and statements.
· Amount you owe on your accounts: 01
· Your level of accounts that are delinquent: 02
· You have too many accounts with balances: 05
· Your proportion of balances to credit limits on your revolving accounts (credit card) is too high: 10
· Your delinquent accounts are too recent or unknown: 12
· The amount of time your accounts have been established: 14
· The Number of accounts with outstanding balances: 18
· You have serious delinquencies and public records or collections filed: 38
· You have serious delinquencies: 39
· You have a derogatory public records or collections filed: 40
Quite honestly, you can use these reason codes and statements to plot your course of action in order to increase your beacon credit score.
Identify the problems with your credit rating. You are in a position to correct those problems.
Do you want more information about beacon credit score? To learn more about how you can improve your credit score, visit http://www.creditscorecounsel.com today for free information.
=======================================
Learn to Read Your Credit Report Then Rebuild Credit Rating
By Tim Beachum
Understanding how to read your credit report is crucial to the credit repair process. It is a lot easier to comprehend your credit report now days than it was in the past. Despite all the changes to the credit reporting laws, by large the credit reporting agencies still remain somewhat a mystery.
You would think that the formatting of your credit report would be standardized. Unfortunately it is far from it. A credit report comes in a variety of formats and at first glance can be a little intimidating. No matter the format there will be some basic information on your report that will be familiar to you. Obviously you will recognize your personal information and the information of your creditor such as your account information.
Experian seems to be the easiest report to comprehend. Their report has a section entitled "accounts in good standing", this is where your positive account information will be located. They have another section entitled, "potentially negative." Do not let the word "potentially" fool you. The items located in this section are destroying your credit score.
Another thing that you will want to look out for is the "closed account" status. It doesn't matter if you or your creditor closed the account the reporting will be the same. It does however make a huge difference if you were the one to close the account. You will want them to show that the account was closed by the consumer. This will make a difference in the way that your credit score is reported.
In some cases you will see "Charge-Off" written on your report. A charge-off is an account that was written off for tax purposes by the creditor. Although the amount may be small it can still make a huge impact on your credit score. Even if you pay your charge-off the creditor will report that you have a "paid charge-off" which is just as bad as a charge-off.
The best way to rebuild your credit rating is to dive in and do it yourself. Stop what you are doing and commit to taking the first step right now... Get a credit repair kit.
Here's Your Credit Repair Kit
=============================================
The Least Understood Aspect of Improving Your Credit
By Jeff Kinsey
Most people traditionally only think of credit only in terms of good vs. bad. Well, that's not the whole story. There are many times where having a flawless credit history could be of no use whatsoever in terms of actually getting approved for a loan.
The difference between having "good" credit and "useful" credit may be one of the least understood, yet most important aspects of credit management and improvement.
After all, the bottom line for most people is the ability to actually get approved for something, right?
Many consumers don't realize it's possible to have stellar credit with a squeaky clean payment history and still not be able to get approved for a darn thing.
And as a matter of fact, it's also very possible to have "bad credit" (depending how you define it of course) and still be very approvable in a lenders eyes.
So while an 800 FICO score can give you some great bragging rights if the subject comes up in a conversation, if other factors aren't considered that great score could just be a useless number.
Why is that?
The reasons can be a little complicated. However, the driving factor behind it is most lenders look at multiple facets of your credit profile when deciding if they're willing to throw some credit your way.
Also, when it comes to determining your FICO score, there's much more to it than just having negatives vs. no negatives.
Other factors which come into play are things such as outstanding debt, types of accounts you currently have or previously had, the length of your history, and how much credit you actually use.
To go a little deeper than that, in some ways credit scores are determined on a curve. In other words, if you have a bankruptcy, your credit score is partially determined by ranking you against other people that have a bankruptcy. If your credit profile is better than the average person with a bankruptcy, that could turn out to be a nice boost to your score.
As a result, when working to improve your credit it's very important to be selective about what items to challenge on your credit report and what items to leave alone. In some cases it may even be better to challenge an erroneous good item to get it removed and leave a negative one alone.
That's where credit repair and credit improvement techniques can get a bit tricky if you're working on it alone and don't fully understand the implications of what you're doing. If you're working on your own credit, just make sure to take the time and investigate all the known credit scoring factors and the possible ramifications of each dispute. Then have a good strategy mapped out.
If you don't have the time or inclination to do all the necessary research yourself, you can find a reputable and legitimate credit repair service to help out. There's many scam services out there, so choose carefully and avoid any service that just blindly disputes negative items. Instead, find a company who understands the big picture and focuses their work on improving your credit in a way that you can actually use it.
Want to learn more about legal credit repair and avoiding credit repair scams? Get more free tips on restoring your credit and check out reviews and rankings of the Best Credit Repair Services
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