3 Agency Credit Report

Written by Jessica Duquette
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A 3 agency credit report is necessary in order to view your full credit picture. While each agency can definitely provide credit information, some details may be missing, outdated or incorrect. Receiving a credit report from Experian, Equifax and TransUnion will ensure that all elements of a credit history are captured.

Why You Need a Full Credit Report

Unless you are financially savvy you may believe that your credit score is based upon valid, recent information. You have paid all of your bills on time, only have moderate credit card balances and bring in a solid income. Your may believe that your credit score does not affect you because you have never been denied a new credit card. The truth of the matter is that the majority of credit reports contain errors that can easily be fixed by you. These errors might otherwise go undetected unless you request a 3 agency credit report.

Benefits of a 3 Agency Credit Report

Credit scores can vary greatly from one agency to another based upon information gathered from creditors. Some issuing companies may stop using one particular agency or fail to update all credit history. As a result of this one agency may report an inaccurate score which may stop a transaction from being approved.

Most lenders typically use reports from all three agencies in order to have the best information needed to make a decision. Typically the lender will use the middle score to determine approval because of reporting inaccuracies. A higher credit score is better, but this may not include all credit accounts or have late payment information. A lower credit score may not take recent payments or other account activity into effect.

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