Repair My Credit Rating: The Big 3 Consumer Credit Score Reporting Agencies To Watch Out For
Any person that is making plans to repair their credit rating really needs to learn a few things about the "Big 3".
The Big 3 credit scoring agencies are Equifax, Experian and Trans Union and they actually do not want you to raise your credit ranking.
Exactly why?
Simply because the big 3 are private, for profit organizations and these private for profit corporations generate billions from reporting poor credit.
That's right...
Did you know that it is calculated that the big 3 make seven times more money simply by reporting poor credit compared to reporting a good credit score.
I can sense a puzzled look so allow me to explain...
The Big 3 generate profits every time a potential lender draws credit for someone like you or even me wanting credit.
1. It is determined that someone with poor credit attempts 7 times to acquire credit before receiving approval whereas a person with a favorable credit record applies only once and gets accepted immediately.
2. The Big 3 charge lenders every month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact details to potential creditors who would like to fill your mail box along with my mail box with junk mail offers.
Now you know how they obtained your name and address.
They generate billions from reporting bad credit.
When the credit dispute companies, or you either fire off rounds of dispute letters or even receive "verified as accurate" response letters this is actually the Big 3 blowing you off.
There is however worse - the Big 3 might in reality flag your valid disputes as frivolous thus shutting you out from getting the accurate reporting you legally should have.
Obviously the 3 major credit rating organizations are not that keen on wanting you to improve your credit rating.
Effective credit repair is not only just about dispute letters that is only one element.
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