Definition
A Score Power score is a consumer credit score product marketed by Equifax that is designed to mimic a Beacon score.
Analysis
A Score Power score is not a FICO based credit score. It differs from the Beacon score that lenders would see.
Real World Test
In order to test how similar the Score Power score was with the Beacon score, I pulled my own Score Power score 1 hour prior to a lender that requested it for a vehicle loan. Since pulling my own credit score is a soft inquiry, it had no impact on my actual credit score.
My Score Power score was 15 points higher than the Beacon score pulled by my lender. In my situation, it did not change the rate that I qualified for. However, many other consumers might not be so fortunate.
Sometimes 15 points can mean the difference between receiving different rates. This is due to risk based pricing that many lenders provide. As many as 15 points might even affect loan qualification altogether.
The conclusion is that a consumer may get an estimate of their actual credit score by purchasing their Score Power score. However, the Beacon score is the actual credit score supplied by Equifax.
