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Repair My Credit Rating: The Big 3 Consumer Credit Score Reporting Companies To Look Out For
Anybody who is making plans to repair their credit rating must know a few things concerning the "Big 3".
The Big 3 credit reporting agencies are Equifax, Experian and Trans Union and they actually do not want you to improve your credit.
Exactly why?
Because the big 3 are private, for profit organizations and these private for profit corporations generate billions from reporting bad credit.
That's right...
Did you know that it is actually estimated that the big 3 make 7 times more money by reporting poor credit compared to reporting good credit.
I can sense a puzzled look and so let me explain...
The Big 3 make money each time a potential lender draws credit for someone just like you or me wanting credit.
1. It is estimated that a person with bad credit attempts 7 times to obtain credit before getting approval whereas someone with good credit applies only once and gets approved immediately.
2. The Big 3 charge creditors every month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact information to potential lenders who want to fill your mail box and my mail box with junk mail offers.
Now you know how they got your name and address.
They generate billions from reporting bad credit.
When the credit dispute companies, or perhaps you either fire off rounds of dispute letters or receive "verified as accurate" response letters this is the Big 3 blowing you off.
But there is worse - the Big 3 might in reality flag your valid disputes as frivolous thus shutting you out from obtaining the accurate reporting that you legally deserve.
Obviously the 3 major credit rating organizations are not that keen on wanting you to improve your credit rating.
Successful credit repair is not just about dispute letters that is only one part.
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