What Is A Three Bureau Credit Report?

2007-03-08 10:33:40

( Financial )



A three bureau credit report is a merged credit report from three major US credit bureaus, which show your identity and the history of payments which you have made in the past for credit card loans, payments of utility bills, car loans, mortgages and the like. It also shows information on your active outstanding loans, and the current situation of your accounts such as whether you have made any late payments, underpayments or paid on time. You can make use of a three bureau credit report to detect any fraudulent charges, and any charges that are a result of possible identity theft.

Each credit report shows a three digit credit score which is used as a determining factor by credit agencies for the approval of loans.

Your credit record is normally kept for a certain number of years, after which it is disposed of.

Some people do not know how to read a three bureau credit report. All types of credit reports contain the same basic information. The first part will show information on your personal identity such as your name, current and past addresses, information on your spouse, your birthday, phone numbers which your name has been connected with, your driver’s license number and your social security number.

The second part will show your financial history for a certain period.

The third part will show any records on filed bankruptcies, tax allegations or any court cases against you.

The last section will show information on the companies that have requested for your credit information.

You can obtain a copy of your on line credit report from the three major credit bureaus on the Internet by providing some personal information on yourself and paying a small service fee. There are some companies that will even provide your credit report for free; you should be extremely cautious with these companies. Some companies have certain conditions that you must meet in order to be given a freee credit report such as having to be an active member of the credit reporting service for a certain number of months. You can also be a victim of identity theft if you are not careful in providing your personal information to these companies.

The request for a credit report should be done at least twice a year in order to be able to monitor your credit history properly.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.