Credit Rating Wizard
Do You Ever Get the Feeling You're Being Watched?
You are.
Three credit bureaus are monitoring your every move, and delivering what can best be described as a report card of how you handle your finances as an adult. Of course, we're talking about credit scores...that little 3-digit number that many don't think about, but can have a profound affect on your disposable income.
Your credit scores affect everything in your life. Not only your interest rates, but where you live, how much you pay for insurance, and even whether you get that great job or promotion. It takes years to build great credit, and literally days to destroy it. But that's not the problem.
70% of all Credit Reports Contain Errors
That's the problem. Why would companies whose sole function is to monitor and report credit ratings be so lackadaisical with their reporting? Because they make more money that way.
Credit Bureaus Profit from Errors
Imagine this. You take pretty good care of your credit, you pay your bills on time and have a respectable 660 credit score; which would probably be a 720 if your name wasn't misspelled twice and your bank hadn't erroneously reported that late payment on your credit card. Still, 660 is pretty good, so you don't say anything.
Now it's time to buy a car. You head down to the local dealership and pick out a beauty, then head off to get financing. The car dealer looks at your credit, and pays the credit bureaus for doing so, then sends your file to 5 different lenders to secure financing. No big deal, it doesn't effect your credit score because it's a single transaction.
However, each of those lenders also orders your credit report and pay the credit bureaus as well. So in this single transaction, the credit bureaus received payment for your 660 credit score 6 times. What you didn't realize is that if your credit score had been 720, as it should have been, the car dealer would have had automatic financing for you at a variety of lenders without having to run any additional credit reports.
That's Why They Make Mistakes
If you could make a simple clerical error and boost your income 500%, would you? Don't lie. The credit bureaus feel the same way, it's a pretty good deal if you can get it. That's why they make it so hard to correct errors on your credit report, and they force most people to give up because it's too time consuming or they don't understand the process.
That's Why We're Here
We've partnered with our friends over at Credit Rating University to provide some solutions. When you are looking to repair your credit rating, you have two main options; do it yourself or hire a professional. Let's see which is best for you...pick an option to begin!
