| A common misconception among consumers is the | | | | assess your creditworthiness." It appears that Experian |
| idea that they have a "credit score." The truth is, | | | | has opted to compute and compile its own credit |
| consumers have three scores. A Beacon credit score | | | | ratings for consumers as Experian will continue to use |
| is just one of those scores. It is the rating marketed by | | | | myFICO for its business clients. |
| Equifax. Trans Union, and Experian market their scores | | | | Usually, when a person speaks of his/her rating, such |
| under different names but the underlying process by | | | | person fails to acknowledge that what is meant is one |
| which the scores are calculated is about the same. | | | | of three credit numbers since seldom will one's credit |
| However, businesses most likely will think of a myFICO | | | | score be the same at all three bureaus. That is why it |
| score or a VantageScore or Plus Score. Typically, | | | | is a good idea for consumers to obtain all three scores |
| even though consumers contact a credit reporting | | | | and then take the average of these as his/her credit |
| agency to secure their credit report and | | | | score. |
| accompanying score, the grade is most likely | | | | A consumer rarely knows which of the credit bureaus |
| computed by one of the aforementioned credit score | | | | a particular creditor will use and some creditors might |
| agencies. | | | | get data from more than a single credit reporting |
| For instance, Experian announced recently on its | | | | agency. That is why it is so important for potential |
| website that "As you may be aware, Experian® | | | | borrowers to know that a Beacon rating or score is |
| has opted to discontinue its relationship with myFICO | | | | just one of three credit to which attention needs to be |
| effective February 14, 2009. This change by no means | | | | paid. |
| eliminates your ability to obtain your credit score and | | | | |