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Repair My Credit Rating: The Major Three Consumer Credit Reporting Agencies To Watch Out For
Anyone who is taking steps to repair their credit rating really needs to know a few facts concerning the "Big 3".
The Big 3 credit rating agencies are Equifax, Experian and Trans Union and they in fact do not want you to raise your credit score.
Why?
Because the big 3 are private, for profit companies and these private for profit corporations generate billions from reporting bad credit.
That's right...
Do you know it is actually approximated that the big 3 generate 7 times more money by reporting bad credit compared to reporting good credit.
I can sense a bewildered look and so allow me to explain...
The top 3 generate profits each time a potential creditor draws credit for anyone just like you or even me looking for credit.
1. It is estimated that a person with bad credit tries 7 times to acquire credit before getting approval whilst someone with a good credit rating applies just once and gets approved straight away.
2. The Big 3 charge creditors each month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact information to prospective lenders who would like to pack your mail box and my mail box with junk mail offers.
Now you know how they got your name and address.
They make billions from reporting bad credit.
As soon as the credit dispute companies, or perhaps you either fire off rounds of dispute letters or even are sent "verified as accurate" response letters this is the Big 3 blowing you off.
But there is worse - the Big 3 may in reality flag your valid disputes as frivolous therefore shutting you out from obtaining the accurate reporting you lawfully deserve.
Clearly the 3 major credit reporting organizations are not that keen on helping you to improve your credit rating.
Successful credit repair is not only about dispute letters that is barely one element.
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