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Repair My Credit Rating: The Top Three Credit Reporting Companies To Watch Out For
Anybody who is making plans to repair their credit rating really needs to learn a few points concerning the "Big 3".
The Big 3 credit scoring agencies are Equifax, Experian and Trans Union and they in reality do not want you to improve your credit.
Why?
Because the big 3 are private, for profit organizations and these private for profit corporations generate billions from reporting poor credit.
That's right...
Are you aware that it is approximated that the big 3 generate 7 times more money by reporting poor credit compared to reporting a good credit score.
I can sense a puzzled look so allow me to explain...
The top 3 make money each time a potential lender draws credit for someone like you or even me looking for credit.
1. It is estimated that a person with bad credit attempts 7 times to acquire credit before receiving approval whereas someone with a good credit rating applies just once and gets approved straight away.
2. The Big 3 charge creditors every month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact details to potential creditors 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 generate billions from reporting bad credit.
When 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 might in reality flag your valid disputes as frivolous thus shutting you out from getting the accurate reporting you legitimately deserve.
Clearly 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 barely one part.
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