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Repair My Credit Rating: The Big 3 Credit Reporting Agencies To Look Out For
Anybody who may be making plans to repair their credit rating must fully understand a few factors regarding the "Big 3".
The Big 3 credit rating agencies are Equifax, Experian and Trans Union and they in fact do not want you to improve your credit.
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...
Did you know it is actually believed that the big 3 make 7 times more money by simply reporting poor credit compared to reporting a good credit rating.
I can sense a perplexed look and so let me explain...
The Big 3 make money each time a prospective lender draws a credit rating for an individual just like you or me wanting credit.
1. It is estimated that a person with low credit score attempts 7 times to obtain credit before gaining approval whilst somebody with a good credit score applies only once and gets approved straight away.
2. The Big 3 charge credit card companies every 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 and my mail box with junk mail offers.
Now you know how they acquired your name and address.
They make billions from reporting poor credit.
Once the credit dispute companies, or maybe 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 even worse - the Big 3 might in reality flag your legitimate disputes as frivolous therefore shutting you out from obtaining the accurate reporting that you lawfully deserve.
Clearly the 3 main credit rating organizations are not that interested in helping you to improve your credit rating.
Successful credit repair is not only about dispute letters that is just one part.
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