A tri merge credit report or 3 in 1 credit report, as it is known popularly, contains details from the credit reports of all three credit agencies. You might know your FICO credit score report is based on the credit scores from the following companies:
- EquiFax
- TransUnion and
- Experian
If you are in Canada, your credit scores are based on only two credit score reporting companies:
- EquiFax Canada and
- TransUnion Canada
Though the names look same, the credit companies do not appear to interact with each other when comparing credit history of individual nations. This also means if you move from US to Canada or vice versa, you will have a new credit rating.
Furthermore, these companies do not consult each other even while creating and finalizing the credit reports for an individual. For example, the credit report obtained from TransUnion would not be the same as the one obtained from EquiFax. Similarly, the credit score report obtained from Experian would not be the same as that of TransUnion.
In summary, each of the above credit rating agencies are an independent body and thus, the credit reports they create are different at different levels. Though the report from each company is comprehensive in nature, you need to combine and contrast the 3 bureau credit report so that you get a final picture of your credit history. In addition, it becomes easier to spot mistakes and get them corrected when you tally the credit reports from all three companies, by placing them side by side.
Benefits of Tri-Merge Credit Report
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You can use it to check out on how your credit report will be seen by lenders
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You can check the accurateness of the credit reports created by each of the three credit agencies
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You get a side by side comparison of all three credit reports in addition
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It also allows in keeping a check on identity theft
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For your own reference, you can check your own credit history and use it to plan your future
In short, combining the three credit reports helps you gain a better view of your credit history so that you can act on it accordingly. If the report is bad, you might want to make it better. If the report needs correction, you know which credit agency is reporting errors so you can contact it directly with a request to correct the errors.
Locating Identity Theft
A detail view provides for further scanning of details. This not only helps in noticing and isolating errors, but in tracing identity thefts as well. If you notice any error in any of the three credit reports, you will contact the credit rating agency with details. When they say they have genuine information, it means there is trouble. You’ll have to contact an identity theft attorney.
If obtained directly from each of the three credit rating agencies, it might be hard to decipher and understand the credit report. Using some third party agency to merge the reports would make it more comprehensive and understandable.
