Any individual who is taking steps to repair their credit rating ought to know a few points concerning the "Big 3".
The Big 3 credit reporting agencies are Equifax, Experian and Trans Union and they in fact do not want you to improve your credit rating.
The key reason 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...
Are you aware that it is estimated that the big 3 generate 7 times more income by reporting bad credit compared to reporting good credit.
I can sense a puzzled look so let me explain...
The top 3 generate income whenever a potential creditor draws credit for someone like you or me looking for credit.
1. It is estimated that somebody with bad credit tries 7 times to acquire credit before getting approval whereas someone with good credit applies just once and gets approved right 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 potential creditors who want to pack your mail box and my mail box with junk mail offers.
You now know how they got your name and address.
They make billions from reporting bad credit.
When the credit dispute companies, or perhaps you either fire off rounds of dispute letters or are sent "verified as accurate" response letters this is the Big 3 blowing you off.
However, there is worse - the Big 3 may in reality flag your valid disputes as frivolous thus shutting you out from getting the accurate reporting that you lawfully deserve.
Plainly the 3 major credit reporting organizations are not that keen on wanting you to improve your credit rating.
Effective credit repair is not just about dispute letters that is barely one part.
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