The average consumer knows very little about the three major credit bureaus - and that's the way the bureaus want to keep it. There's only one thing that's certain and that's the fact they yield major power and control over financial lives. Do you agree this is true, and if so, why is it we know so little about these bureaus?

I can only speak for myself, but I can tell you that when I applied for my first loan, I knew nothing about their policies and the factors that go into credit scores. I quickly learned, however, they were the ones to contact when I was declined. The only information my bank revealed was that I should contact the credit bureaus for any information regarding the reasons why I was declined. Like most consumers, I assumed it was a government agency that maintained private records of everyone's financial lives.

It would be years before I discovered that wasn't the case. Credit bureaus, also known as consumer reporting agencies and credit reporting agencies, are for-profit private companies. My first question was how were the profits earned? Their profits come from selling your private information. I don't recall giving permission to sell my personal and private information. Do you?

The truth is, most Americans are completely unaware of their rights when it comes to their credit reports, and more specifically, what's being sold, who it's being sold it and what can and cannot be reported. Of course, that's exactly the way the credit bureaus wish to keep it. And now I will tell you why.

When you dispute any information on your credit report, by law, the bureaus must respond within thirty days. They must have the manpower to ensure these disputes are addressed within the thirty day timeframe, which means they must hire personnel to deal with these issues. The more disputes they receive, the higher the payroll. Because it costs consumers nothing to dispute any information, this, of course, cuts into their profits. Fewer profits mean unhappy bureaus.

They would prefer consumers to accept what's reported, continue to collect denial letters and pay higher interest rates. In fact, when you dispute any information contained in your credit report, their policies make it quite difficult to for you to obtain an accurate credit history. Often, they operate outside the legal parameters in their efforts to stall, confuse and discourage you from contacting them.

Statistics show that 79% of all consumer credit reports have erroneous information. If only half of those with errors and mistakes on their reports took advantage of their federal rights to dispute their credit reports, the costs to the credit bureaus would be steep, to say the least. More importantly, it would save consumers millions of dollars on an annual basis. Wise consumers pay lower interest rates, which equate to lower profits for lenders and consumer reporting agencies.

Now you can raise your credit scores and beat the bureaus at their own game.