The first type of credit report is the credit report where you only get a credit report from one of the bureaus. There are 3 bureaus, and they are Equifax, Trans Union, and Experian. Typically the offer includes a report only from one of these bureaus. You might ask yourself how does this help me, and the answer is it does not help very much. The reason is since there are 3 bureaus, and they all report somewhat different information; you might want to get a credit report from all three bureaus. This is called a tri-merge, or a 3-1 credit report. In other words you get one report with all three bureaus and what they are currently reporting about you in regards to loans outstanding with your creditors.
The second type of credit report is the 3-1 credit report with credit score. This is somewhat better; you get all three bureaus reporting your information along with only one of the agencies giving a score. Well you might ask yourself again, what is the advantage and disadvantages of this type of credit report? Since there are 3 bureaus reporting your credit, it would only make sense to get all 3 scores since that is what most lenders look at. Mortgage companies pull your 3-1 credit report with all three scores and typically use the middle score for qualifying purposes. If this is the industry standard in the qualifying process, shouldn't you see the same report? I would have to say yes.
The third type of credit report is the 3-1 credit report with all 3 scores. This is the best type of credit report, because it is what lenders look at. Most people out there getting a free copy of there credit reports are not really sure what they are getting. Annualcreditreport.com advertises that you are entitled to a free copy of your credit report once a year, but fail to mention you don't get your scores. It is in your best interest to get your credit report with all 3 bureaus and all 3 scores, especially since this is what most creditors look at in the determining process for lending you money.
Here is the break down for credit scores and how they are classified for mortgage:
? 780-850 ? Low Risk
? 740-780 - Medium ?Low Risk
? 690-740- Medium Risk
? 620-690- Medium High Risk
? 620 and Below ? High Risk or ?Sub-Prime.?
With all of this being said, it obviously makes more sense to get your 3-1 credit report with all 3 credit scores. Especially since that is what creditors are looking at. When pulling a consumer credit report it does not affect your credit scores.
Get A Free Credit Report
The federal government stepped in and required the three major credit bureaus in the US to provide a free credit report to everyone. Equifax, Experian and TransUnion are obligated to provide you with a free report once every year. However, you must ask for it.
Merely go to the website every four months and ask one of the credit bureaus for a free report. Why would you do it any other way?
Do not make the mistake of going directly to the credit bureaus and asking for a free report. You can only get a truly free report from the above sources. You may see other offers for free credit reports, but they are not really free.
If you sign up for a credit monitoring service you can get a credit report at no additional cost. However, that is not really free when you are paying for the credit monitoring. Whether or not you need to monitor your credit is up to you.
If you feel the need to monitor your credit report you can find resources to do so our http://credit-reporting-agencies-bureaus-agency-credit-reports.com/ website.
Once you receive your credit report you should be sure to look it over. Review the report to determine whether or not it contains accurate information. If you find an error, then contact the credit bureau and the merchant that supplied the erroneous information.
The credit bureau is required to investigate all non frivolous claims. They will also provide you with a new updated credit report after they have made corrections.
Your credit report is important. It can affect your employment and your ability to secure credit cards, mortgages, payday cash advances, auto financing and other loans. It can also positively or negatively affect the interest costs you pay.
You should check it out today if you have not done so recently. While it is not a 100 percent protection against identity theft, it is a good start!
Both Mike Clover & Richard Meeuwsen Meeuwsen are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Mike Clover has sinced written about articles on various topics from Free Credit Report Score, Marketing Campaign and Free Credit Report Score. In this article we discuss the misconceptions of free credit report offers, and what you really get. In order to get your credit report with all 3 bureaus and all 3 scores, go to. Mike Clover's top article generates over 49500 views. Bookmark Mike Clover to your Favourites.
