Beacon Credit ScoreLighthouse credit check
Even though you may have repaid your credit cards debt, you should also terminate those you do not use, as a creditor will not be lucky if you have multiple creditors. Creditors, however, would rather see a small amount of credit that you disburse on time and prove your solvency.
To take the while to organize your credit record and finance will increase your odds of being approved for a home loan.
Isaac Fair Improves FICO Creditworthiness for Canada
Today, Fair Isaac Corporation (NYSE:FIC) released the launch of its latest FICO Credit Score for Canada Creditors, available from Equifax Canada as BEACON 5.0. The new score, computed using Fair Isaac's upgraded and extended FICO score methodology, provides creditors with an advanced credit management instrument by arranging credit exposures according to the probability that they will meet their credit commitments as anticipated.
"Looking at large sample credit report studies from Equifax Canada, we have found that consumer credit opens up more credit facilities, has higher credit levels, and generally uses more credit than ever before," said Ron Totaro, Fair Isaac VP of Global Scoring. "These more comprehensive datasets have aided Fair Isaac's researchers in creating a more efficient credit score, especially when applying it to new customers and those who have had serious credit issues in the past.
Fair Isaac also led it to extend an important convenience for its customers that was already integrated into the previous FICO score scheme, which protected customers seeking the best car credit or the best mortgages from multiple creditors. Therefore, both creditors and customers will profit when creditors use BEACON 5.0 Equifax Canada scores."
Previously, Fair Isaac's credit rating scheme provided protection for those customers who received a credit for a maximum of 14 working day. With the new score system, this proprietary purchasing time is extended to 45-day. In the case of mortgages or car credits, creditor requests are scored on the consumer's Equifax Canada credit statement through the credit score scheme as a unique request within a 45 day timeframe.
The consumer benefits from being able to buy the best credit without worrying that several requests from lenders will significantly impact their BEACON 5.0 results in the near term.