A 3 bureau credit report encompasses all your financial data from the three major credit bureaus. As mentioned previously in this site, Equifax, TransUnion and Experian are the three most important credit bureaus. These organizations report monthly on the financial standing of consumers.
Varying Scores
Though essentially these companies are reporting on the same people and the same numbers, their final credit scores often differ. Reporting times, account movement and other variables prohibit these three bureaus from reporting the same numbers. Though close in accuracy, you'll rarely find the exact score across the board.
Why Do I Need a 3 Bureau Credit Report?
While many creditors report to only one or two of these bureaus, most major financial institutions obtain the reporting statistics from all three. This is to ensure the most accuracy, thus eliminating risk for the bank or lender. When applying for a mortgage, a broker will often run a 3 bureau credit report on all applicants.
More often than not, a bank will take the highest of all three scores. This will help ensure you get the best rate on your mortgage. The internet has enabled consumers to run their own credit reports online, eliminating the need to seek professional help.
