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Repair My Credit Rating: The Big 3 Credit Reporting Organizations To Look Out For
Anyone that is making plans to repair their credit rating has to fully understand a few factors about the "Big 3".
The Big 3 credit rating agencies are Equifax, Experian and Trans Union and they in fact do not want you to raise your credit ranking.
Why?
Simply because the big 3 are private, for profit companies and these private for profit corporations make billions from reporting adverse credit.
That's right...
Were you aware that it is approximated that the big 3 make seven times more money simply by reporting poor credit than for reporting a good credit rating.
I can sense a bewildered look so allow me to explain...
The Big 3 earn cash each time a prospective lender pulls a credit rating for anyone like you or even me wanting credit.
1. It is determined that a person with a bad credit score attempts 7 times to get credit before gaining approval whilst a person with a good credit rating applies only once and gets accepted straight away.
2. The Big 3 charge lenders every month for reporting bad creditor accounts.
3. The Big 3 sell our contact data to prospective creditors who would like to fill your mail box along with my mail box with junk mail offers.
Now you know how they obtained your name and address.
They make billions off reporting poor credit.
As soon as the credit dispute companies, or 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 even worse - the Big 3 might in fact flag your legitimate disputes as frivolous therefore shutting you out from getting the accurate reporting you lawfully should have.
Clearly the 3 main credit rating agencies are not that interested in helping you to improve your credit rating.
Effective credit repair is not only about dispute letters that is just one element.
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