It's important to understand how the credit bureaus work in conjunction with all of the creditors and how that impacts you and your ability to build and create wealth in this country. Simply put, the 3 major credit bureaus (Trans Union, Experian, and Equifax ) act as a clearing house for your financial data. They gather it from all of your creditors and create a mathematical algorithm which results in your personal credit score. This is simply a "RISK" model to determine your ability to re-pay a loan or credit if extended to you. More importantly, it also establishes the "COST" of that money. Hence, the lower your score, the higher your rate.
Several decades ago Congress enacted the Fair Credit Reporting Act which forces creditors to validate and accurately report your financial information. This is how you can take control of your credit scores. By using our credit management software, you will be able to analyze, organize, and force your creditors to do just that. Here is a brief analogy, if the law says your creditors need to be 100% accurate and you force them to do just that, what are the chances of them successfully handling that legal question? Can you remember what you had for lunch 2 weeks ago today? Of course you can’t. Now think about your creditors, will they be able to follow through? In a lot of instances, they do not. This results in old, outdated, or inaccurate information being removed from your profile. You've just raised your credit score! Don't you feel better? You should, now simply continue the process and lower your cost of borrowing.