An extension of an agreement between Equifax Canada and FICO will mean the end of the BEACON Score.
FICO has announced that it has extended its multi-year agreement with Equifax Canada to distribute FICO Scores to lenders, consumers and additional businesses in Canada.
As part of the deal, BEACON Scores will be rebranded as FICO Score, bringing it in line with more than 25 other countries in 5 continents including the US.
"The extension of our distribution agreement ensures that the Canadian market will continue to benefit from one of the most predictive, trusted credit scoring tools for risk management," said Kevin Deveau, Vice President and Managing Director, FICO Canada and Head of NORAM Insurance. "The FICO Score has been a critical part of the lending process in Canada for nearly 30 years."
FICO says this extended agreement continues to enable customers to enhance their credit risk management in Canada and drives value for organizations, as accessible data can be used for more informed credit decisions.
"Our continued relationship with FICO underscores Equifax Canada's dedication to delivering innovative insights to the Canadian market," said Lisa Nelson, president of Equifax Canada. "The FICO Score has served Canadian customers well and continuing to offer it as part of our product suite ensures we are providing a comprehensive selection of scores that empower our customers to make better business decisions."