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Repair My Credit Rating: The Big Three Consumer Credit Reporting Companies To Look Out For
Anybody who is doing their best to repair their credit rating must learn a few factors about the "Big 3".
The Big 3 credit reporting agencies are Equifax, Experian and Trans Union and they in fact 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 make billions from reporting bad credit.
That's right...
Were you aware that it is estimated that the big 3 make 7 times more money by reporting a bad credit score than for reporting good credit.
I can sense a bewildered look so let me explain...
The Big 3 make money each time a potential financial institution pulls credit for anyone like you or me wanting credit.
1. It is estimated that a person with bad credit will try 7 times to obtain credit before getting approval whilst a person with good credit applies only once and gets approved immediately.
2. The Big 3 charge creditors monthly for reporting bad creditor accounts.
3. The Big 3 sell our contact information to prospective creditors 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 off reporting bad credit.
As soon as the credit dispute companies, or 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 could possibly in fact flag your valid disputes as frivolous therefore shutting you out from getting the accurate reporting that you lawfully deserve.
Obviously the 3 major credit scoring agencies are not that keen on helping you to improve your credit rating.
Effective credit repair is not just about dispute letters that is just one part.
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