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Repair My Credit Rating: The Big 3 Credit Reporting Organizations To Look Out For
Anybody who may be taking steps to repair their credit rating really needs to comprehend a few facts regarding the "Big 3".
The Big 3 credit reporting agencies are Equifax, Experian and Trans Union and they actually do not want you to raise your credit ranking.
Exactly 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...
Do you know it is actually estimated that the big 3 make seven times more money by simply reporting bad credit compared to reporting a good credit rating.
I can sense a bewildered look and so let me explain...
The Big 3 earn cash each time a prospective creditor draws a credit rating for anyone just like you or me wanting credit.
1. It is determined that a person with low credit score tries 7 times to acquire credit before gaining approval whilst somebody with good credit applies only once and gets accepted immediately.
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 prospective lenders who want to fill your mail box along with my mail box with junk mail offers.
Now you know how they acquired your name and address.
They make billions from reporting poor credit.
As soon as the credit dispute companies, or maybe you either fire off rounds of dispute letters or receive "verified as accurate" response letters this is actually the Big 3 blowing you off.
But there is even worse - the Big 3 may in reality flag your legitimate disputes as frivolous therefore shutting you out from obtaining the accurate reporting that you legally should have.
Obviously the 3 main credit reporting organizations are not that interested in helping you to improve your credit rating.
Successful credit repair is not just about dispute letters that is only one element.
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