Just a few interesting facts you, as a consumer, should know about the Credit Bureaus. The Credit Bureaus make money selling your information. The three major Credit Bureaus are in business for two reasons only. Those reasons are to make money and be profitable for their shareholders. They make their money by selling consumer information to other businesses who lend money. With this information, those businesses can assess the risk level of potential borrowers. Many of those businesses are:
- Mortgage companies
- Credit Unions
- Car dealerships
- Credit Card companies
- Insurance companies
- Collection agencies
- Land lords
- Employers (with your permission only)
The Credit Bureaus Enjoy Greater Financial Success If You Have Low Scores
It is said that a credit bureau makes about $85 annually selling the information of someone with 700+ credit. If your credit is below 640, they make around $145 annually! The Credit Bureaus are rewarded for you having bad credit! And if that’s not scary enough, they write the rules of credit that govern you. Think about that for a moment. The most important number in your adult life is NOT controlled by you but by people that whose fortunes are made by how they manipulate your number and YOUR life!
Is Your Information Being Sold
Make Sure Your Reports Are Accurate
You are the only person in the equation who benefits from an accurate report and high scores. It is up to you, the credit consumer, to make sure your reports are as accurate as possible. Contrary to what you’ve been led to believe, you can dispute and take inaccurate or illegal items off your report. There are numerous consumer reporting laws that protect you. But they will only protect you if action is taken by you or on your behalf.
I have outstanding programs for all people when it comes to credit repair. If you’re suffering from bad credit, reach out to me. I’ll be happy to direct you to someone that can help.