Three In One Credit Report - Why Everyone Should Get One Today

Three In One Credit Report - Why Everyone Should Get One Today

There are three major credit bureaus and a consumer can order a credit report from each of them once every year free or charge. The bureaus are Experian, Equifax and TransUnion, and they are in direct competition with each other to get all the credit information on a consumer. They do not, however, share the same database, so therefore it is possible that one of them may have information that is different to the other. This is all reliant on the provider of the information reporting it correctly as well.

The credit bureaus collect and sell the following information to potential lenders:

Your personal identification information including that of your spouse;

Your employment information for the last two years;

Your mortgage information including current and previous addresses;

Credit account information including a record of all creditors who have requested your credit history in the last year.

Your public records such as tax liens, bankruptcies and foreclosures.

It would make sense then to pull a three in one credit report that will give a consumer a overall and consolidated picture instead of three separate reports. Major credit institutions like the national banks report credit information to all three of the major bureaus, but smaller banks may only report to one or two. This means that there could be information missing in a single report.

A three in one credit report will provide you with the complete scenario of your credit history as reported by the three major credit bureaus. You will see a listing of all of your credit accounts as reported by each bureau line-by-line, that allows you to see the same financial history that a lender sees.

It is estimated that 70 percent of credit reports contain errors, so getting a three in one credit report will make it easier to review all the data for irregularities and errors, ensuring that nothing goes unnoticed. The implications of an incorrect report can have serious implications. It is also to your advantage in helping to pick up the first signs of identity theft.

The complete overview of the three in one credit report provides consumers with the best possible way to examine their credit history. Consumers can have peace of mind that their report is correct and therefore their credit score is correctly calculated, and false information or potential ID theft can be immediately blocked.

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