Credit bureaus are companies that collect and maintain consumer credit information. They then resell it to other businesses in a consumer's credit report. There are three major credit agencies in the United States: Equifax, Experian, and TransUnion. When creditors and lenders check your credit, it will likely be through one of these three. These agencies retain information on more than 200 million Americans.
Credit bureaus create credit reports through information provided by lenders. They then sell this information to their clients when a consumer applies for credit. However, they do not determine your credit score. The Fair Isaac Corporation (FICO) calculates your credit score based on information is your credit report and is used by 90% of lenders to determine your credit worthiness.
Credit reporting process involves two parties – the credit buraus and businesses who pay the credit bureaus for consumer credit reports when they need them to determine the financial risks they will be taking in giving the consumer credit. The main job of the credit bureaus is to meet the needs of their paying customers, not consumers.
The problem for consumers in this scenario is that they have little to no say in these activities. Since they don’t make money for the credit bureaus, they are left out of the process. Yet, human errors made on their credit reports can have costly financial ramifications. The only defense you have is to actively work to keep your credit report clean.
The credit reporting agencies do not like credit repair at all! It makes their job harder (they make no profit from it) and it makes them look bad to their subscribers. A person with “bad credit” has 70% more inquiries on their file than a person with “good credit”; think about that for a minute, every time a credit file is pulled the CRAs make money (in between three and five dollars each)! CRA’s are a publicly traded company. Making money is their objective. So, do they want you to fix your credit, absolutely not! Therefore, do not be surprised if you get some “junk mail” warning you about “credit repair agencies”, it is mailed out randomly so you may not get any at all.
The CRA’s may send you a letter requesting you to notify them of our company. Please disregard their attempts to discredit our business, you can feel safe doing business with us! Remember, the CRA’s are NOT government agencies; they are for-profit multi-million-dollar companies that collect and sell your personal information! AND if they find out that you are working with a credit repair company, they will ignore any requests that we put in and make it VERY difficult to help your credit situation.
First create a credit repair folder and add a calendar to this folder. Mark on your calendar the date you started. Go forward in your calendar 36 days, mark that day as the date to expect updated reports in the mail. These reports will arrive in plain, white, nondescript envelopes.
(*If you do not receive any notification within this time period, it is your responsibility to let us know so we can take appropriate action. Not doing this will jeopardize the success of this program.)