At Nyca, we get very excited about credit, which like many areas of financial services, credit is undergoing a disruptive period. Why are we seeing cracks in the system, and what is contributing to the problem?
This statement is inaccurate: "Bureaus then consolidate the data to produce a single credit file for each consumer within their data universe (or, more commonly, for all consumers who have at least 6 months of credit history), and then sell these credit files to FICO to compute FICO scores. "
The bureaus don't sell credit reports for FICO to score. The bureaus license the scoring model(s) from FICO to create the scores that are delivered with each report.
FICO’s Ubiquity and Lender Complacency
This statement is inaccurate: "Bureaus then consolidate the data to produce a single credit file for each consumer within their data universe (or, more commonly, for all consumers who have at least 6 months of credit history), and then sell these credit files to FICO to compute FICO scores. "
The bureaus don't sell credit reports for FICO to score. The bureaus license the scoring model(s) from FICO to create the scores that are delivered with each report.