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Anybody who may be taking steps to repair their credit rating ought to learn a few factors concerning the "Big 3".
The Big 3 credit scoring agencies are Equifax, Experian and Trans Union and they in fact do not want you to improve your credit history.
Exactly why?
Mainly because the big 3 are private, for profit companies and these private for profit corporations generate billions from reporting bad credit.
That's right...
Were you aware that it is actually calculated that the big 3 make seven times more money by simply reporting bad credit compared to reporting good credit.
I can sense a perplexed look and so allow me to explain...
The Big 3 generate an income each time a prospective creditor draws credit for an individual just like you or even me wanting credit.
1. It is determined that a person with low credit score tries 7 times to acquire credit before getting approval whilst someone with a favorable credit record applies only once and gets accepted immediately.
2. The Big 3 charge credit card companies each month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact information to prospective lenders who would like to fill your mail box along with my mail box with junk mail offers.
Now you know how they acquired your name and address.
They make billions from reporting bad credit.
Once the credit dispute companies, or perhaps 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 may in reality flag your valid disputes as frivolous therefore shutting you out from obtaining the accurate reporting you lawfully should have.
Obviously the 3 main credit reporting organizations are not that keen on helping you to improve your credit rating.
Successful credit repair is not only just about dispute letters that is just one aspect.
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