All Articles Tagged "credit bureaus"
(Bankrate) — Q: What is the relationship between FICO and the three credit bureaus?
A: FICO is not a credit reporting agency. We have a relationship with the bureaus so that when it comes to developing FICO scores, they provide the credit data that are used to develop the scores. They provide that to FICO, and FICO does the analysis of that data. So when you request your credit report, that request, whether you go through myFICO or one of the other sites, that will ultimately go to the credit bureau where they will pull the credit file, calculate a score and that will be delivered back to you the consumer or the lender.
Main piece of advice: Get a firm mattress — to store money in! End of story.
Just kidding. Saving for rainy days is a great rule of thumb. Think long-term. For example, before you buy that house or lease that car, think about where you will be in five years. Leasing a car means you will still have to pay it off before it’s yours. If you choose to buy, the cost may have been more comparable if you had just purchased the car originally. Having a house means insurance, property tax, repairs and more. But renting doesn’t invest your money into anyone’s pocket besides your landlords. There are many large and small decisions to consider in the scheme of the future.