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Repair My Credit Rating: The Big 3 Consumer Credit Reporting Agencies To Look Out For
Everybody who may be taking steps to repair their credit rating ought to fully understand a few things regarding the "Big 3".
The Big 3 credit rating agencies are Equifax, Experian and Trans Union and they in fact do not want you to improve your credit.
So why?
Mainly because the big 3 are private, for profit companies and these private for profit corporations generate billions from reporting adverse credit.
That's right...
Did you know that it is actually approximated that the big 3 make 7 times more income by simply reporting bad credit compared to reporting a good credit rating.
I can sense a puzzled look and so allow me to explain...
The Big 3 make money whenever a prospective creditor draws a credit rating for someone just like you or even me wanting credit.
1. It is estimated that somebody with low credit score tries 7 times to obtain credit before gaining approval whereas somebody with a good credit rating applies only once and gets approved without delay.
2. The Big 3 charge credit card companies each month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact data to potential lenders who would like to fill your mail box and 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 receive "verified as accurate" response letters this is 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 deserve.
Definitely the 3 main credit reporting organizations are not that interested in wanting you to improve your credit rating.
Successful credit repair is not only about dispute letters that is just one part.
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