Repair My Credit Rating: The Major Three Credit Reporting Agencies To Watch Out For
Anyone who may be doing their best to repair their credit rating ought to fully understand a few things concerning 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.
Why?
Mainly because the big 3 are private, for profit organizations and these private for profit corporations generate billions from reporting poor credit.
That's right...
Are you aware that it is actually calculated that the big 3 make 7 times more money by simply reporting a bad credit score compared to reporting a good credit score.
I can sense a puzzled look and so allow me to explain...
The Big 3 generate income each time a prospective financial institution draws a credit rating for someone just like you or even me wanting credit.
1. It is estimated that a person with low credit score will try 7 times to obtain credit before receiving approval whereas someone with a favorable credit record applies only once and gets approved straight away.
2. The Big 3 charge credit card companies monthly for reporting bad creditor accounts.
3. The Big 3 sell all of our contact details to potential lenders who would like to fill your mail box and my mail box with junk mail offers.
Now you know how they acquired your name and address.
They generate billions from reporting poor credit.
When the credit dispute companies, or perhaps you either fire off rounds of dispute letters or even receive "verified as accurate" response letters this is the Big 3 blowing you off.
But there is even worse - the Big 3 could possibly in reality flag your legitimate disputes as frivolous thus shutting you out from obtaining the accurate reporting you legally deserve.
Clearly the 3 main credit scoring organizations are not that interested in wanting you to improve your credit rating.
Successful credit repair is not only just about dispute letters that is only one part.
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