Banks And Credit Bureaus Want You To Have Bad Credit – Profit from Cobalt Credit Services on Vimeo.
Employee Training Sneak Peak – Why Banks and Credit Bureaus Want You To Have Bad Credit. They are profiting from your bad credit!.
Most banks, lenders, credit bureaus and anyone that is reporting to the credit report do NOT like Credit Repair Companies because we LOSE them money! When items are disputed and removed, the consumer’s credit score often rises and that customer no longer needs to shop around for credit cards, auto loans, financing for their home, and qualify for the lowest interest rates which banks heavily profit from! When not only the bureaus, but also the original creditors receive disputes on a consumers file, they then are mandated under the Federal Law to respond within 30 days in writing or remove the negative items that were requested to be investigated. This process costs the companies tons of money to pay their employees to process the disputes, conduct an investigation, and send a response. These companies profit off a consumer’s less than perfect credit, so when Credit Restoration companies are successful with multiple disputes for one file, the bureaus and creditors then mandated to conduct a fair investigation for the disputed items and respond within their allotted time frame which they then are financially obligated and responsible for all for all costs to do so.
Say you are shopping for an auto loan and were not quite approved by that specific lender, that lender then offers to shop your credit file around, sending per say to TEN different lender’s who will as well request a copy of your report from the Bureaus sending your personal information floating into cyberspace which then will result in TEN hard inquiries on your credit report, Bureaus then received TEN different paychecks from those lenders! Sure there is most likely a lender that will approve you, but with poor credit the banks profit margin will then fortune off 20% annual interest rates paid by the consumer, and the Bureaus receive their profit from the lenders who paid to pull your credit!
In contrast, if a consumer is shopping for an auto loan and has great credit, and they are automatically approved by ONE lender, that is only ONE paycheck to the Bureaus, ONE inquiry, and most likely a MUCH lower interest rate at 2%. The banks, Bureaus, and lenders are NO longer profiting off of outrageous interest rates, and several requests to pull one’s credit history, and your personal information is not floating around. Good credit is a lose-lose situation for any profiteers in the grand scheme!
Call us or go to our website to have us help you with your Credit Issues 1-800-216-2725 http://BetterCreditGuaranteed.com
