How to Calculate Beacon Score

Credit Card

Your beacon score, or credit score, is crucial to making any type of large purchases or getting a credit card. Missing payments is one of the ways credit scores often plummet. Beacon scores are calculated using a number of different factors. Your score will range from 300 to 850, with 850 being the best. Most people are happy with a score of 600 or higher.

Difficulty:

Moderately Easy

Instructions

1. Visit AnnualCreditReport.com to request a free credit report.

2. Fill out the form on the site correctly otherwise your score will be incorrect.

3. Choose which sites that you would like to receive a credit report from. You will then be taken to each site you chose.

4. Answer the questions on each site correctly. This is where account numbers and other account information may be needed.

5. Complete the remaining steps, if any, on the site you chose in Step 1. You will then be sent your free credit report with your calculated beacon score.

Tips & Warnings

• See the Resources section for information on the percentages used when calculating the beacon score.

• You are given three choices to choose from when requesting the free report. You can choose all three at once, or choose to stagger them throughout the year.

• You can pay at certain sites to have access to your credit score any time of the year. Sites include Experian, TransUnion and Equifax.

• Never give your information to questionable sites. For free credit reports, only use the site listed in Step 1. Only use the sites in the Tips section to purchase credit reports. If you still feel uncomfortable, don’t try to calculate your beacon score online.

Resources

• Read this Article in Spanish
• Percentages Used to Calculate Scores
• Detailed Information on Beacon Scores
• Consumer Rights and Warnings on Credit Reports