Repair My Credit Rating: The Big Three Credit Reporting Agencies To Look Out For
Any person who is taking steps to repair their credit rating really needs to comprehend a few factors about the "Big 3".
The Big 3 credit scoring agencies are Equifax, Experian and Trans Union and they in fact do not want you to improve your credit rating.
The key reason why?
Because the big 3 are private, for profit companies and these private for profit corporations generate billions from reporting adverse credit.
That's right...
Were you aware that it is approximated that the big 3 make 7 times more income by reporting bad credit compared to reporting a good credit rating.
I can sense a perplexed look so allow me to explain...
The Big 3 generate income every time a potential creditor draws a credit rating for an individual like you or even me wanting credit.
1. It is estimated that someone with bad credit tries 7 times to acquire credit before gaining approval whilst a person with a good credit rating applies only once and gets approved right away.
2. The Big 3 charge creditors each month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact data to prospective creditors who would like to fill your mail box and my mail box with junk mail offers.
You now know how they got your name and address.
They make billions from reporting poor credit.
Once the credit dispute companies, or you either fire off rounds of dispute letters or even receive "verified as accurate" response letters this is the Big 3 blowing you off.
There is however worse - the Big 3 may in reality flag your legitimate disputes as frivolous therefore shutting you out from getting the accurate reporting you lawfully deserve.
Plainly the 3 major credit reporting organizations are not that interested in helping you to improve your credit rating.
Effective credit repair is not only just about dispute letters that is just one part.
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