Why do the credit repositories (bureaus) dislike credit repair companies?
When a person repairs their credit, the consumer reporting agencies lose money. People with poor credit get their report pulled (an inquiryThere are two types of inquiries. A hard inquiry is when you have applied for credit, which gives a lender permission to pull your credit report. All hard inquiries are available for all credit grantors to review. A soft inquiry is only available for you to see. It does not influence your credit score. This type of inquiry includes your request for your credit report or pre-screen inquiries for credit grantors.) far more often than people with good credit. Every time a credit fileA file containing customer correspondence and statements, credit ratings, credit history and payment patterns. is pulled the credit repositories are paid around three to five dollars. Multiply that by hundreds of millions of inquiries for tens of millions of people, and there is some serious money at stake for them.
