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Repair My Credit Rating: The Big 3 Credit Reporting Organizations To Look Out For
Anybody who is taking steps to repair their credit rating ought to know a few facts concerning 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.
Why?
Because the big 3 are private, for profit companies and these private for profit corporations generate billions from reporting bad credit.
That's right...
Do you know it is believed that the big 3 make seven times more money by reporting bad credit compared to reporting good credit.
I can sense a bewildered look so let me explain...
The Big 3 generate profits each time a potential creditor draws credit for anyone like you or me wanting credit.
1. It is determined that a person with bad credit tries 7 times to acquire credit before getting approval whilst someone with a good credit score applies only once and gets accepted straight away.
2. The Big 3 charge creditors each month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact information to prospective creditors who want 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 bad credit.
As soon as the credit dispute companies, or perhaps 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 worse - the Big 3 may in reality flag your valid disputes as frivolous therefore shutting you out from getting the accurate reporting that you legally should have.
Clearly the 3 major credit reporting organizations 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 element.
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