Shocking News Regarding Credit Bureaus

SHOCKING NEWS: Creator Of #1 Credit Repair Kit Spills The Beans On Credit Bureaus

by Tim Beachum

Living with bad credit is like living with poison ivy. There is no reason on the face of this earth that anyone should have to live with bad credit. It is literally impossible for you to build wealth with bad credit. The question that you should be asking yourself at this point is this... What do I have to do to change my current situation?

You can start by making a single decision. I'm referring to a decision that will forever change your life, and that will ensure you will become a master of your destiny. Without you taking this first step all else is frivolous. If you are one of the few who I consider to be an exception to the rule, and you have decided to take your credit seriously let's get started right here and now.

Simply because of a lack of knowledge and a fear of the unknown, most people just find it easier to live with their bad credit. With everything surrounding us in the media, and online its easy to understand why people think repairing their own credit is so difficult. I didn't right this article to discourage you, but encourage you to take the leap of faith. At the very least I hope that I can spark something inside of you to make you at least take the next step and try do it yourself credit repair. The next few paragraphs are going to be a real eye opener for you I guarantee it.

I will start by exposing some fundamentals. The information from your consumer report is collected by the three major agencies. Most people know that information, because it's the only think that is shared with you by the media. Once the bureaus have your information it is then collected by a company called, "Fair Isaac." This company analyzes this information and comes up with a credit score. That score is how society judges you, and financial institutions determine if you are worthy of getting a loan. Businesses don't care why you have bad credit or what the circumstances may have been.

Most consumers are under the impression that the credit bureaus are there to help them. They couldn't be more wrong. The credit bureaus are a business, and just like every business their goal is to generate a profit. Hold on to your seat, because this next part is a jaw dropper.

It isn't in the credit bureaus best interest that you have good credit. Keep in mind I just told you that they were a business who's goal is to make a profit. It is important that you really think about what I'm about to say next. Statistics show that people with bad credit will on average apply for credit at least three times after being turned down. Now let's take a look at the other side of things, and view it from a business perspective. Every time you apply for a loan or a line of credit, the company you are applying with will purchase your information from one of the three major credit bureaus. The company is then charged a fee for that information which is usually in one way or another passed on to you.

Statistics have proven that those with bad credit normally apply for credit three times, that means that the credit bureaus on average makes three times as much from those who have bad credit than they do those who have good credit. Once you understand their business model you can't help but ask yourself, why would they try to help people to improve there credit?

If all else fails I hope that you at least gather the following from reading this article. Understand that you can and should repair your own credit. You should also realize that you didn't destroy your credit overnight and there is no magic button that you will be able to press that will repair it overnight. In most cases it will take you 60 to 90 days to improve your credit. Everyday that you procrastinate is just one more day that you are living on a sinking ship. Anyone can repair their own credit with a good credit repair kit and a little persistence.

by: Tim Beachum

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