As far as your credit goes, it's not always best to get more. Many 3 in 1 credit reports fail to detail the information that you need to actually repair your credit. Equifax, Experian and TransUnion basically combine their reports into a single report in which they called a 3 in 1 credit report. Since one free 3 in 1 credit report is available each year, the credit bureaus have encouraged this practice. Getting this information in just one report, however, provides less information than you would otherwise receive.



Credit Rating Agency

A credit rating agency is a company that assigns credit ratings for issuers of certain types of debt obligations. A credit rating measures credit worthiness, the ability to pay back a loan, and affects the interest rate applied to loans.

Disadvantages of 3 in 1 credit reporting

Accepting a 3 in 1 credit report limits the provided information that would come with individual credit reports. This in effect, simplifies the data collection and you are not burdened with all the specifics from each credit report that would be needed in to facilitate credit repair. This means you won't have the individual details from each credit report that are important in helping you to improve your credit score.

Why do they make 3 in 1 credit reports?

The 3 in 1 credit reports looks like a very good plan in theory but in practice it does not work out. The original goal, however, was to make it easier for customers to process the information. The combined report is supposed to give a snapshot of your credit score and thus do away with the need to peruse three different reports. Never cut corners when it comes to your credit because you're going to need all the information to restore your credit.

What is my alternative?

Yes. Although, you may feel bullied into accepting a 3 in 1 report, you can access single reports. You can, of course, opt to obtain a credit report from each of the major credit bureaus. By looking at each report separately, you will be accessing all details of your credit. It will then be possible to pinpoint errors that could be affecting your credit score, and then take measures to have those errors corrected. It's important to know where to concentrate your efforts as each agency assigns a different credit score.

There is no risk involved, as these agencies must provide you with a copy of your credit report, once a year, at no cost to you. Besides, it's very important to have all of this information readily available. 3 in 1 Credit Reports provide specifics and make it easier to spot and avoid mistakes. After all, it is this information that will affect your credit future so having a good understanding of your credit report is the only way to help you improve your credit rating.