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FICO Extends Distribution Agreement with Equifax for FICO® Score in Canada

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  • Sep 14th, 2018 6:43 pm
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FICO Extends Distribution Agreement with Equifax for FICO® Score in Canada

Looks like the days are numbered for the famous Beacon Credit Score in Canada.
There’s been much confusion and debates on whether a FICO Score is/was available in Canada.
While Beacon is based on the Fico Score blueprint, it was never marketed in Canada as a Fico Score.

The FICO® Score is the standard measure of consumer credit risk used in more than 25 countries.
FICO extends multi-year agreement with Equifax® Canada to distribute FICO® Scores to lenders, consumers and additional businesses in Canada
BEACON Score to be renamed FICO® Score in Canada


https://www.newswire.ca/news-releases/f ... 42221.html

Of course, this won’t do consumers a lot of good, whether this new Fico Score will be available to them or not, there’s still no way to tell what score a lender will use, if they use a bureau score at all.
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now the wait who will offer it for free :)
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coolintheshade wrote:
Sep 12th, 2018 11:06 pm
Looks like the days are numbered for the famous Beacon Credit Score in Canada.
There’s been much confusion and debates on whether a FICO Score is/was available in Canada.
While Beacon is based on the Fico Score blueprint, it was never marketed in Canada as a Fico Score.

The FICO® Score is the standard measure of consumer credit risk used in more than 25 countries.
FICO extends multi-year agreement with Equifax® Canada to distribute FICO® Scores to lenders, consumers and additional businesses in Canada
BEACON Score to be renamed FICO® Score in Canada


https://www.newswire.ca/news-releases/f ... 42221.html

Of course, this won’t do consumers a lot of good, whether this new Fico Score will be available to them or not, there’s still no way to tell what score a lender will use, if they use a bureau score at all.
Nothing will change other than the name.
Fico tops out at 850, Beacon tops out at 900
Fico allows piggybacking and pay to delete or ignores deleted tradelines without creditor justification. Equifax Beacon has always ruled against these practices.
Our Equifax score models have always been repackaged(Fico blueprint) for the Canadian market and will continue to do so.
The change to the name Fico is mainly a marketing strategy.

We have not received any notification that any score models are now going to be lowered to 850
When this all lands if your score range is still at 900 then in reality it's still Beacon but with the Fico Canada name
Last edited by mikeymike1 on Sep 14th, 2018 3:23 pm, edited 1 time in total.
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So in the USA, FICO 8 model is what they use on Experian and everyone is allowed to get for free. If this now comes to Canada, I don't really expect my credit line is any better or any improved LOL
it's simply another calculation/algorithm then we're going to see some score variation
mikeymike1 wrote:
Sep 14th, 2018 2:33 am
Fico allows piggybacking and pay to delete or ignores deleted tradelines without creditor justification. Equifax Beacon has also ruled against these practices.
Our Equifax score models have always been repackaged(Fico blueprint) for the Canadian market and will continue to do so.
the piggybacking isn't a thing in Canada, even with TransUnion, it's a Canadian market regulation thing perhaps?
But piggybacking is a great way to start off credit building, I wish it were available.......
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dekvitaly wrote:
Sep 14th, 2018 1:37 pm
So in the USA, FICO 8 model is what they use on Experian and everyone is allowed to get for free. If this now comes to Canada, I don't really expect my credit line is any better or any improved LOL
it's simply another calculation/algorithm then we're going to see some score variation
It is not going to be another scoring model.
The current models used right now are based on the core fico architecture and always have been but without the fico name attached to it. The main reason why our models were never called fico in the first place is because some key elements were changed thus no longer making it fico, thus the name beacon.
dekvitaly wrote:
Sep 14th, 2018 1:37 pm
the piggybacking isn't a thing in Canada, even with TransUnion, it's a Canadian market regulation thing perhaps?
But piggybacking is a great way to start off credit building, I wish it were available.......
Piggybacking is nothing more than a credit cheat.
Starting a credit profile and history should be from obtained credit from day one from the applicant. Plain and simple. Not borrowed or assumed.
Currently in the US an 18 year old can piggyback someones good credit(not always a parent) and obtain a score and history where they have never ever made a payment.
Example: If he piggybacks a person with 15 years of good credit and this 18 year old goes out and applies for all kinds of credit himself, his profile will show he obtained credit when he was 3 years old? Average age of accts would be like what?
Moreover, piggybacking is being abused by real credit flakes. skippers and bankrupts and straw.
The entire credit underwriting system will never know who a good credit risk is and who isn't and who bought theirs.
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The FICO credit scoring algorithm is owned by FICO (what was originally called Fair, Isaac and Company). This is nothing but an extension of an existing licensing arrangement to distribute data generated by that algorithm (or parts of it) and to now use the "FICO" name in Canada.
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So does this mean other FICO-using countries will be able to use a person's Canadian credit history? Or is it still the same system where you'd have to start over from scratch if you moved to the US?
Could HAVE, not could OF. What does 'could of' even mean?
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Piro21 wrote:
Sep 14th, 2018 4:12 pm
So does this mean other FICO-using countries will be able to use a person's Canadian credit history? Or is it still the same system where you'd have to start over from scratch if you moved to the US?
It means nothing other than Beacon now taking the name Fico.
I doubt the scale, scoring metrics or anything else will change.

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