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Repair My Credit Rating: The Big 3 Credit Reporting Services To Watch Out For
Anyone who is making plans to repair their credit rating really needs to comprehend a few points regarding the "Big 3".
The Big 3 credit scoring agencies are Equifax, Experian and Trans Union and they actually do not want you to raise your credit ranking.
Why?
Because the big 3 are private, for profit companies and these private for profit corporations generate billions from reporting adverse credit.
That's right...
Are you aware that it is actually calculated that the big 3 make seven times more money by reporting poor credit compared to reporting a good credit rating.
I can sense a puzzled look and so allow me to explain...
The Big 3 generate profits each time a potential lender draws a credit rating for someone just like you or even me wanting credit.
1. It is determined that a person with bad credit attempts 7 times to acquire credit before gaining approval whereas somebody with a favorable credit record applies only once and gets accepted straight away.
2. The Big 3 charge creditors every month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact data to potential lenders who would like to fill your mail box along with my mail box with junk mail offers.
Now you know how they got your name and address.
They make billions from reporting poor credit.
When the credit dispute companies, or maybe you either fire off rounds of dispute letters or even receive "verified as accurate" response letters this is actually the Big 3 blowing you off.
But there is worse - the Big 3 might in reality flag your legitimate disputes as frivolous thus shutting you out from obtaining the accurate reporting you legally should have.
Clearly the 3 major credit rating organizations are not that interested in wanting you to improve your credit rating.
Successful credit repair is not only just about dispute letters that is just one element.
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