Three Bureau Credit Report Basics If you have ever applied for a home loan, car loan or any other types of credit, you probably already know that your credit history and credit scores are very important factors in any lending decision. One of the most important steps you can take towards maintaining good credit is being aware of and regularly viewing the information on your credit report. One easy way to understand your complete credit picture is to regularly monitor your credit by accessing a three bureau credit report. The Three Consumer Credit Bureaus There are 3 major credit bureaus (TransUnion, Equifax, and Experian) that collect consumer financial and credit information. They are forprofit corporations with no government affiliation. Each one collects personal information including your name, address, employer, payment histories, public records (bankruptcies, tax liens, and civil judgments), credit inquiries and more. The information collected is sold and used by lenders to help assess an individual's credit worthiness or ability to pay back a loan. Information found in consumer credit reports, for instance, is used to determine a loan's interest rate as well as general loan terms. The credit report on file with each bureau will vary. Each bureau will score your credit worthiness using the information they have on hand and their proprietary formula (algorithm) for assessing credit worthiness. This is why it is so important for consumers to get a complete overview of your credit worthiness on record with all three bureaus. Remember, that information included these reports can affect your ability to get a job, a mortgage, buy a car or even rent a home. Successfully managing your credit situation can save you a considerable amount of money in interest over time and prevent any barriers to obtaining employment and securing housing. What is a Three Bureau Credit Report? Many people often make the mistake of ordering a credit report from just one credit reporting agency. Doing this can give you a considerable amount of insight into your credit situation, but does not offer a comprehensive review of your credit history. To get the most complete picture of one's credit situation you should order what is known as a three bureau credit report. Getting a three bureau credit report combines information from all three into one easy-to-read report. It is far easier for the common consumer to understand a 3 bureau credit report than to analyze three separate reports. Plus, many lenders often rely on a three bureau credit report to get the most detailed comprehensive picture of an applicant's credit history. Ordering a three bureau report will also save you time because you will not have to order separate reports from each bureau. It will probably save you money as well. How to Order your 3 Bureau Credit Report
Ordering your three bureau credit report is easy. You can do so online and in minutes be able to view your complete credit history. In some cases, you can get these credit reports for free.