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Repair My Credit Rating: The Top Three Consumer Credit Reporting Organizations To Watch Out For
Any individual who is doing their best to repair their credit rating needs to fully understand a few factors about the "Big 3".
The Big 3 credit scoring agencies are Equifax, Experian and Trans Union and they actually do not want you to improve your credit rating.
The key reason why?
Because the big 3 are private, for profit organizations and these private for profit corporations make billions from reporting poor credit.
That's right...
Were you aware that it is calculated that the big 3 make 7 times more income by reporting a bad credit score than for reporting a good credit score.
I can sense a perplexed look so allow me to explain...
The Big 3 generate income every time a potential financial institution pulls a credit rating for an individual like you or even me wanting credit.
1. It is estimated that someone with poor credit will try 7 times to get credit before receiving approval whilst a person with a favorable credit record applies only once and gets approved right away.
2. The Big 3 charge creditors monthly for reporting bad creditor accounts.
3. The Big 3 sell our contact details 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 generate billions off 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 could possibly in fact flag your legitimate disputes as frivolous therefore shutting you out from getting the accurate reporting you legally deserve.
Plainly the 3 major credit scoring agencies 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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