Are the credit bureaus really helping you?

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Are the credit bureaus really helping you?
Are you looking for help on repairing your credit? Do you need assistance in understanding what a FICO score is? The below article was written to answer some of the general questions and provide vital credit bureau information.

The credit repair bureaus do not make one thin dime when honoring the FCRA (Fair Credit Reporting Act) laws and regulations. By law, the credit bureaus are required to investigate all disputes submitted by consumers, which in turn costs them millions of dollars each year. To help cut down the costs and save money, the credit bureaus do two things which you need to know about.

#1Credit bureaus will try to sell you what you really don't need and hope you give up. That's correct; a majority of the credit reports offered on the Internet cannot be used to repair your damaged credit. If the credit reports you order do not have a File Number, a Confirmation number, or a Report number, you will not be able to repair your credit!

So what happens next? The first step you follow is to launch a dispute with the credit bureau. You will find it almost impossible so you end up spending more money on new reports. Finally you get frustrated, and eventually give up. When you give up, you have saved the credit bureaus a lot of money.

#2Credit bureaus try to sell you what you really don't need again, and then they sell You. Credit bureaus will keep trying to sell you credit reports and some credit monitoring services, scaring you with identity theft and the fear of not knowing your credit score. Fear does work. Then the credit bureaus sell your personal information to any company willing to pay for it; credit card offers, credit counseling firms, debt solutions, debt management, mortgage offers, etc. In simple words, credit bureaus will allow companies to try and sell you back into debt!

So here is a quick rundown. The credit bureaus are private companies / firms and they operate as such. There are countless flaws in the credit scoring system, and the way the credit bureaus operate, it's almost criminal! I still get amazed by the fact that we have three scores and sometimes they vary by more than 100 points. Believe it or not, I have seen it all the time.



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