Repair My Credit Rating: The Major Three Credit Reporting Organizations To Look Out For
Any individual who is taking steps to repair their credit rating has to know a few things about the "Big 3".
The Big 3 credit rating agencies are Equifax, Experian and Trans Union and they actually do not want you to raise your credit ranking.
The key reason why?
Because the big 3 are private, for profit companies and these private for profit corporations make billions from reporting bad credit.
That's right...
Did you know that it is approximated that the big 3 make seven times more income by reporting bad credit than for reporting good credit.
I can sense a puzzled look so allow me to explain...
The Big 3 earn cash every time a potential creditor pulls credit for someone like you or even me wanting credit.
1. It is determined that someone with bad credit tries 7 times to get credit before getting approval whereas a person with a good credit rating applies only once and gets accepted right away.
2. The Big 3 charge creditors each month for reporting bad creditor accounts.
3. The Big 3 sell our contact information to potential creditors who would like to fill your mail box along with my mail box with junk mail offers.
You now know how they got your name and address.
They make billions off reporting bad credit.
When 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.
There is however worse - the Big 3 may in fact flag your valid disputes as frivolous thus shutting you out from getting the accurate reporting you legally should have.
Plainly the 3 major credit reporting agencies are not that keen on wanting you to improve your credit rating.
Effective credit repair is not only about dispute letters that is only one element.
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