Important Facts on Having Your 3-in-1 Credit Report

Important Facts on Having Your 3-in-1 Credit Report
What”s a 3-in-1 credit report? What”s in this credit reporting system? What is its importance?
Basically, a 3-in-1 credit report is a solo report of your credit information from the three major credit reporting bureaus namely: Equifax, Experian and TransUnion. Using this report, you can easily view your important credit information and recognize inconsistencies because it presents a compiled and easy-to-understand document of the complete credit information from the said bureaus.
The 3-in-1 credit report contains the following information: personal profile, credit summary, account history, and credit inquiries. The personal profile is used to ensure that the three bureaus are all reporting the same and precise name, address, employer and social security number of the credit holder. It also contains previous addresses, current and previous employers, and public records like liens, judgments or bankruptcies. With it, you can also identify wrong addresses if an identity theft has transmitted your mail to a false address. The credit summary, on the other hand, is utilized to view your complete credit report information quickly. It also says if the three credit agencies are reporting your credit information accurately. You must also check for inaccuracies because it may lead to a negative impact on your credit status.
The account history in the 3-in-1 credit report tells if an account is open or closed; states your total balance, monthly payment, and maximum limit; and notifies if you have late payments. This must also show if you have accurate and updated credit information that must be the same with all the three bureaus. In addition, you can also check for unfamiliar accounts that might be opened illegally using your name. Finally, the credit inquiries inform you if you”ve authorized all of the inquiries. There may be unauthorized inquiries with unfamiliar companies that will signify credit frauds. Take note that whenever you verify your credit report personally, the recorded inquiry will not harmfully affect the standing of your credit.
The 3-in1 credit report is necessary because lenders frequently view these credit reports from all of the three major credit report agencies to evaluate your credit history and review your credit score to assess your capacity to settle your debts. When you purchase this report, you are given all the key tools that will assist you in your planning of future expenses. Above all else, the cost of the joint result is economical than buying the two products individually. And with today”s continuously advancing technology, credit reports can now also be acquired on the Internet easily. You can now get your 3-in-1 credit report from the three major credit report agencies online immediately.
Indeed, making a review of your credit report regularly can help you prevent expensive errors. It is very much necessary for you to always have correct information in the report of your credit. Remember that negative remarks can tremendously make a big difference in the interest rate that you pay for mortgages, car loans, and even your credit card balances. As a general rule, it”s wise to check your credit report before you apply for credit for a major purchase or yearly. Examining a credit reporting agency must be enough except when you”ve got a few problems. So, if you have never verified your credit recently or are searching to do a major purchase, it”s worth your while to check and evaluate your 3-in-1 credit report.