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There are 3 main credit reporting agencies that calculate and maintain a credit score based on your credit activity that is reported to them by the creditors from which you borrow money.

These 3 reporting agencies are TransUnion, Experian and Equifax. Anyplace that you go to borrow money will more than likely view your credit history and the credit scores provided by the credit reporting agency (or agencies) to determine if they want to approve a new loan for you.

Some places only use the credit history and score from just one of these credit reporting agencies and some use the information from all three of the crdit bureaus. When a credit report is retrieved with the information from all 3 credit bureaus it is called a tri-merge credit report.

Your information is merged together from all three bureaus and reported to the person retrieving the report as one report.

They will see one line item for each of your debts and then an indicator as to which of the three credit reporting agencies that it came from. In most cases it will be all three. However, some creditors report your debt data to only one of the bureaus.

On the tri-merge report (merged credit report) there will be a credit score from each reporting agency.

If you are applying to get a mortgage on a new home, the lender will use the middle of the 3 credit scores to base the approval for the loan on. For instance if your Equifax credit score is 680, your Experian score is 703 and your TransUnion score is 690. Then you middle score will be 690 and this is the score that will be used to decide if your credit score is sufficient for obtaining a mortgage loan.

If you are viewing a tri-merge report and you see something that needs to be disputed or corrected be sure that you send a letter with the proper documentation to all the credit reporting agencies showing as reporting that item on your credit report.

As was previously stated, since every creditor does not report the information about your debt with them to all three of the reporting agencies, then if you are getting a copy of your own credit report you will want to get a tri merge credit report so you will have the entire picture of your credit history.

It is good to make checking your credit history a habit. You might choose to take the time when you file taxes to be a friendly reminder for also obtaining and checking your credit report and scores.

Your 3 credit reports will also show your information about your current and previous home addresses, as well as, some employment information.

In addition, you will find information concerning the companies who are making inquires against your credit report.

Your credit history is used today to also determine cost on insurance for cars and homes and even in some situations where you are applying for a new job.

For some additional information on how to read a credit report, how to write correction or dispute letters concerning credit items that you find on your report that are incorrect visit: Learning About Your Credit Score.

 

 

 

 

 

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