Equifax Canada and FICO FICO introduced the BEACON(R) 9.0 Score for lenders and other businesses in Canada. BEACON 9.0, offered by Equifax, is the newest FICO(R) Score version in Canada. It was developed using recent Equifax credit data which, for the first time, includes mortgage data.
The BEACON 9.0 Score offers lenders a substantial improvement in predictive power compared to prior BEACON scores. Internal FICO development studies show a double-digit percentage lift in predictive performance for certain credit product types and population segments. BEACON 9.0 features innovative methods for assessing lines of credit and consumers who are new to credit, as well as a refined methodology for evaluating a consumer’s repayment performance across all accounts to derive an even more accurate risk profile. These features are designed to help lenders reduce losses within existing portfolios and identify more profitable prospects for credit offers. In addition to offering increased risk assessment precision, the BEACON 9.0 Score maintains consistency with prior BEACON Scores in such key areas as the minimum scoring criteria, 300-900 score range, reason codes and odds to score relationship, making it as easy as possible to adopt and use.