Myth #7

Credit reporting and credit scoring were developed to educate and inform consumers.  False.  The Big 3 and FICO serve the banking community along with any other service provider looking for an excuse to “rate” their service to consumers.  Evidence: why do bankruptcies, parking tickets, public records, etc. report twice?

Who in the heck are the Big 3 and FICO?  The Big 3 are Equifax, Trans Union, and Experian.  FICO is a company that was founded in 1956 by Bill Fair and Earl Isaac.  FICO stands for Fair Isaac Company.  In 2007, FICO sold it’s 100 Billionth (that’s with a B) FICO score.

Surprise!  The Big 3 and FICO sell your credit scores to make a profit.

Tags: Buying a home in West Jordan, Buying a home in West Valley City, Mortgage Information, Utah

Posted on Friday, March 19th, 2010 at 1:46 pm and is filed under Credit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.