Anyone who is taking steps to repair their credit rating really needs to fully understand a few points about 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.
Why?
Because the big 3 are private, for profit companies and these private for profit corporations generate billions from reporting adverse credit.
That's right...
Are you aware that it is estimated that the big 3 generate 7 times more money by reporting bad credit compared to reporting a good credit rating.
I can sense a puzzled look so let me explain...
The top 3 make money each time a potential creditor draws a credit rating for someone like you or me looking for credit.
1. It is estimated that a person with bad credit tries 7 times to acquire credit before gaining approval whereas a person with good credit applies just once and gets approved straight away.
2. The Big 3 charge creditors each month for reporting bad creditor accounts.
3. The Big 3 sell all of our contact data to potential creditors who want to pack your mail box and my mail box with junk mail offers.
Now you know how they got your name and address.
They make billions from reporting poor credit.
When the credit dispute companies, or you either fire off rounds of dispute letters or are sent "verified as accurate" response letters this is the Big 3 blowing you off.
But there is worse - the Big 3 may in reality flag your legitimate disputes as frivolous thus shutting you out from getting the accurate reporting that you lawfully deserve.
Clearly the 3 major credit reporting organizations are not that interested in 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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