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Repair My Credit Rating: The Major Three Consumer Credit Reporting Companies To Look Out For
Any individual who may be taking steps to repair their credit rating really needs to fully understand a few things regarding 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 history.
The key reason why?
Mainly because the big 3 are private, for profit companies and these private for profit corporations generate billions from reporting poor credit.
That's right...
Did you know that it is actually calculated that the big 3 generate seven times more income by simply reporting bad credit compared to reporting a good credit score.
I can sense a puzzled look and so allow me to explain...
The top 3 generate an income whenever a prospective creditor draws a credit rating for someone just like you or even me looking for credit.
1. It is determined that somebody with low credit score tries 7 times to acquire credit before receiving approval whereas somebody with a favorable credit record applies just once and gets accepted right away.
2. The Big 3 charge credit card companies each month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact details to potential lenders who would like to pack your mail box along with my mail box with junk mail offers.
You now know how they acquired your name and address.
They make billions from reporting poor credit.
When the credit dispute companies, or maybe you either fire off rounds of dispute letters or even are sent "verified as accurate" response letters this is actually the Big 3 blowing you off.
However, there is even worse - the Big 3 may in reality flag your legitimate disputes as frivolous thus shutting you out from obtaining the accurate reporting you lawfully should have.
Plainly the 3 main credit reporting 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 barely one aspect.
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