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Repair My Credit Rating: The Main Three Consumer Credit Reporting Agencies To Watch Out For
Any individual who is doing their best to repair their credit rating has to fully understand a few facts concerning the "Big 3".
The Big 3 credit rating agencies are Equifax, Experian and Trans Union and they actually do not want you to improve your credit history.
The key reason why?
Because the big 3 are private, for profit organizations and these private for profit corporations make billions from reporting adverse credit.
That's right...
Do you know it is actually approximated that the big 3 make seven times more income by reporting a bad credit score than for reporting a good credit rating.
I can sense a bewildered look and so allow me to explain...
The Big 3 generate an income whenever a potential financial institution pulls a credit rating for anyone just like you or even me wanting credit.
1. It is determined that somebody with poor credit will try 7 times to get credit before gaining approval whilst someone with a good credit rating applies only once and gets accepted right away.
2. The Big 3 charge creditors monthly for reporting bad creditor accounts.
3. The Big 3 sell our contact data to prospective lenders 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 generate billions off reporting poor credit.
As soon as 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.
However, there is worse - the Big 3 could possibly in fact flag your legitimate disputes as frivolous therefore shutting you out from obtaining the accurate reporting you legally should have.
Plainly the 3 major credit scoring agencies are not that interested in helping you to improve your credit rating.
Successful credit repair is not only about dispute letters that is only one aspect.
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