Tri bureau credit report is a version of credit report that combines reports of all the three credit reporting bureaus, Equifax, Experian, and Trans Union. That is why it is known as multi dimension credit report.
Getting the Combined Report
When a prospective borrower or lender gets involved in the process of applying or getting loans or mortgages, they will have a couple of options before them.
-
They can have their individual credit reports from each of the bureaus;
-
While individual citizens are entitled to get one free report from each of the bureaus, lenders have to pay to obtain it;
-
Reports of each of the bureaus might vary from the other; and
-
Getting the combined report might help substantially in the process.
Facts of Importance for Lenders
Lenders looking for credit report help from the reporting agencies need to subscribe to the bureaus to draw the reports from them. If a particular lender does not want reports of one of the bureaus, he or she should simply leave it aside.
It is Not a Merger
Every lender should realize the meaning of the tri bureau reports on credit appropriately.
-
It is not a merger of the reports of three leading credit reporting bureaus;
-
Instead of merger of credit reports of the prospective borrower, tri bureau report offers three separate reports, one from each of the bureaus; and
-
It is necessary that the lender requisitioning the report is member of one of the bureaus or all three.
Features of Credit Reporting Bureaus
Some of the main features of the credit reporting bureaus are as follows.
-
They are real powerful institutions;
-
A single bad entry by either of the bureaus in your credit report can easily cripple your borrowing powers for years to come;
-
Credit reports are usually required by various types of people including the employers, insurance companies, and landlords; and
-
That is why it is essential to ensure that the credit report is accurate and true.
Errors in Credit Reports
A study that was conducted in 2004 on credit reports, it was found that one out of every four credit reports contains mistakes. Many of these mistakes are serious in nature like showing closed accounts as open, and debts belonging to other people showed against your account. Hence it is necessary monitoring the credit report periodically and getting tri bureau report can help.
At times people try to get out of the situation and lock credit reports. It will prevent the prospective lenders from accessing their credit reports and find the information. However, the downside is that if your credit report is locked, lenders may not like to lend you any loans on any account.
