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3 in 1 Credit Report

By: EconomyWatch Date: 25 August 2009

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A 3 in 1 credit report isa compilation of credit reports by the three major credit bureaus, namely Equifax, TransUnion, and Experian. All three bureaus receive individual credit information from different credit issuers. Credit information in the bureaus may differ because some creditors may not report to all the three agencies, while others may report sporadically. Therefore, it is absolutely essential for customers to ensure that the credit reports in all the bureaus are accurate.

3 in 1 Credit Report: What Does it Contain?

A 3 in 1 report includes information from all the three agencies. It generally contains:

Consumer’s basic information, such as name, address, DOB and employer’s name.
Consumer statement and account histories.
Public record section which mentions events, such as insolvencies and judgment filings
Creditors’ list and details their contact

3 in 1 Credit Report: Why is it Necessary?

The importance of a 3 in 1 credit report lies in its potential for reflecting the correct financial status as opposed to information from one of the three bureaus. Credit report inaccuracies occur very frequently due to flawed or infrequent reporting. The only way of ensuring comprehensive reports and checking errors before making large investments is a 3 in 1 report. All individuals are entitled to free credit reports from all the three bureaus.

3 in 1 Credit Report: Types and Pros and Cons of Each

The following are the two types of 3 in 1 credit reports:

· The first of the type includes a compilation of credit reports by the three agencies. Although this kind of credit report is less time-consuming, it has a major shortcoming. The consumer receives one report from the agency and will not be able to decipher any mistakes on the part of the bureaus (if any). In this way, s/he might end up with a wrong idea about his or her credit position.

· The second kind includes acquiring individual reports from each bureau. This is a time-consuming process but the likelihood of bias is minimal. The consumer is in a better position to understand his credit situation. The scores in each of the reports might be different. It is best to judge one’s credit reports on the basis of the middle score.