I have been shopping for a refi on our house. I had a tri-merg report pulled. On the Equifax report it read Fico 594, Becon 96. What? What is worse that within this month the first score check on the Equifax was 656. I am totally confused by the drop in a 2 week period, with nothing changing at all on either report. Just pulled by two different companies. Thanks, Becky
There are two basic credit report scoring models used today: Credit Score: Fair, Isaac and Company developed the most widely used credit scoring model - the FICO® score. The Equifax BEACON® score is a FICO score used by many lenders to evaluate your payment risk. You can obtain your Equifax Credit Report and your FICO credit report score online, instantly with Score Power�. Score Power also provides an explanation of your credit score to better understand how lenders view your credit report and allows you to analyze the impact to your credit score from simulated changes in your credit report (such as paying off balances or assuming a loan). I read somewhere (can't remember where?) that a 96 is equal to a 660 or something to that effect
