Why Home Buyers Should Check 3 Bureau Credit Report and Scores

When you are buying a home, it is imperative to check 3 bureau credit report and scores on a regular basis during the time period leading up to your purchase. For most people, their home is the single largest purchase that they are going to make over the course of their lives and their home is also where the bulk of their net worth comes from. This makes it imperative to make smart choices when it comes to your home, which means keeping careful tabs on your credit when you are getting ready to buy.

Checking 3 Bureau Credit Reports and Scores Helps Get Your House

When you make an offer on a house, you usually have a limited period of time to close on the deal before the offer falls through and you end up not getting the house (and even perhaps losing your escrow money). This means you don’t want anything to delay the mortgage lender from giving you a loan. Unfortunately, a mistake on your credit report could do just that.

If you have incorrect data or wrong information that makes your credit score much lower than it should be, you could end up getting denied for a loan. This, in turn, could result in you potentially losing the house. While you can correct the mistakes with your credit report, there may not be time to do this and get the loan before the home is gone. Don’t take that risk; instead, check your 3 bureau credit reports and scores regularly to ensure that your data is accurate.

Checking 3 Bureau Credit Reports and Scores Helps You Get Lower Rates

Lenders not only look at your 3 bureau credit reports and scores when deciding if you should get the loan but they also use your score to determine the amount of interest that you are going to have to pay. A higher interest rate can cost you much, much more over the time when you own the house. As such, it is important to correct errors that raise your interest rate and also to see areas for improvement where you might be able to raise your credit score before buying the house.

Checking 3 bureau credit reports and scores lets you keep an eye on how lenders are going to view your payment history and creditworthiness so you can make the changes you need.

Check You Scores and Report Today

If you are thinking about buying a home any time soon, it is never too early to start keeping a close eye on your credit. To learn how to check your 3 bureau credit report and scores, visit Credit Report 123 today.

How to Understand Your 3 Score Credit Report

When you want to keep tabs on your credit and know how lenders are going to look at your loan applications, it is a good idea to get a 3 score credit report. This report will include details on your past borrowing behavior from each of the three major credit bureaus in the United States. The report is also going to include a credit score, which is a three digit number that ranks whether you are a good borrowing risk or not. It is important to understand your 3 score credit report so you will have a good idea of whether a lender is going to look favorably at your loan application or whether you are likely to be denied a loan or charged more due to bad credit.

The Scores on Your 3 Score Credit Report

The scores on your 3 score credit report are the most critical part of the report since many lenders just look at the score and don’t go into detail about the specifics of the report.  The score is determined by a proprietary formula that each of the credit bureaus use. It is based on your payment history; how much of the credit you have available that you actually use; the length of time you’ve had credit; the mix of different kinds of debt; and whether you’ve applied for a lot of new debt lately. If you have a score above around 720-740, you are likely to be able to easily qualify to borrow money and you can expect to get favorable rates. A low credit score of around 640 or lower is going to potentially prevent you from borrowing or result in you being charged a high rate.

The Credit Card and Debt Data on Your 3 Score Credit Report

In addition to the credit score, your 3 score credit report is going to have information on all of the different borrowing accounts that you have including your mortgage loan or your car loan as well as credit cards. The report will list what you owe; how much credit you have available; and the payment history for each account.  This is the data that is used to credit your score.

Check Your 3 Score Credit Report Carefully

You should carefully review the details on your accounts and payment history to see if there are any mistakes. Some reports do have errors and you’ll want to get those corrected right away. Spotting mistakes and understanding your credit score are the key reasons why you should check your 3 score credit report on a regular basis. It is easy to do this, and you can learn more about how you can get your 3 score report by visiting Credit Report 123.

Why It’s Important to Check All Three Credit Reports and Scores

Financially-conscious consumers understand that it’s important to check all three credit reports and scores. A credit score is a reflection of your credit worthiness, and it is what lenders will use to determine whether or not to lend to you. Not only that, but credit reports and scores are an effective way to ensure that your information has not been compromised.

All Three Credit Reports and Scores Mean Multiple Scores

Most consumers are aware that they have three credit reports which are generated by the three major credit bureaus: TransUnion, Equifax, and Experian. However, many do not realize that each credit bureau also creates its own credit score for an individual based on the information it has on file for that consumer. These numbers will only vary by a few points or so for the most part, but there are times when the numbers vary significantly. This is an indicator that something is amiss, which is why it is important to check your credit score from all three credit bureaus in addition to your credit reports.

All Three Credit Reports and Scores Give An Accurate View of Financial Records

Checking your credit reports regularly allows you to ensure your personal information is accurate, the appropriate history has been properly reported, and that your personal information has not been compromised. In addition to your credit reports, it is equally important to check your credit scores. The scores will vary slightly between the different bureaus; however, if there is a large variance, it could indicate something that needs attention. It is important to note that a variance could be the result of a creditor not reporting to a particular credit bureau. However, since credit scores are used to determine your eligibility for lending, it is important for your credit report and score to accurately reflect your usage and history. The best way to do that is to ensure that all of your credit records are accurate, and all information has been appropriately reported.

All Three Credit Reports and Scores Help Prevent Identity Theft

Identity theft is on the rise in the United States, and it can ruin a person financially if they are not diligent with their credit. This is one of the best reasons for you to keep an eye on your credit files. If mysterious creditors suddenly appear on your credit report, or your score suddenly drops for no reason, you may be experiencing identity theft. From there you can place fraud alerts, or in severe cases, a freeze, on your credit reports to help prevent further damage. If the fraudulent accounts have already hit your credit report, you can immediately contact the creditor and inform them of the theft so that accounts can be closed and further attempts to use your credit will stop. By proactively checking your credit reports and scores, you are able to prevent identity thieves from severely damaging your credit profile, thus keeping your good standing intact.

For more information on checking your credit reports and scores from the three major credit bureaus, be sure to check out http://www.identityguard.com.

A Credit Reporting Bureau Can Make Mistakes

The job of a credit reporting bureau is very important in the United States. There are three credit reporting bureaus that keep track of consumer credit information. Whenever an individual wants to borrow money, rent an apartment, get auto insurance or even get a job, the lender, landlord or company is likely going to obtain information about the applicant from a credit reporting bureau. Unfortunately, credit reporting bureaus can make mistakes, which can end up costing consumers in a major way.

A Credit Reporting Bureau Can Make Mistakes

Credit reporting bureaus are supposed to obtain detailed information about your mix of credit, the types of debt you have, and how responsible you have been with paying your bills. This information is supposed to come from the creditors that you have a relationship with. All of the details provided by the creditors are listed on a credit report, which is in turn used to set a credit score that lenders look at to decide whether to lend to you.

Unfortunately, sometimes credit reporting bureaus obtain incorrect information or include the wrong information on your credit report. For example, a credit reporting bureau may accidentally include information on your credit report that applies to someone with a similar name or with a social security number that is close to yours. This incorrect information could be used in calculating your credit score, and could be seen by lenders who don’t know it is a mistake. This could mean you might not get a loan that you should qualify for, or that you might have to pay more to borrow.

Credit Bureaus Need to Correct Mistakes

If a credit reporting bureau does make an error, you have the right to have that mistake corrected. You can request in writing via mail to have incorrect or inaccurate information removed from your credit report. You can also request to have inaccurate information removed online by contacting the credit reporting bureau using available forms over the Internet. It is up to you to let the credit reporting bureau know that a mistake has been made that you want corrected; if you do not alert the bureau and ask to have the inaccuracy fixed, it might not be caught ever.

How to Spot Mistakes

In order for you to alert the credit reporting bureau to the fact that they have made a mistake, you need to know that the mistake is there. You should check your report from each of the three major credit reporting bureaus regularly so that you can learn as soon as possible about errors that have been made and so you can move forward as quickly as possible to get those mistakes corrected. Order your reports from each credit reporting bureau today using a service that provides all three credit reports and scores.

Is Checking Your Annual Credit Report Enough?

Most people have heard that it is important to check their annual credit report, and that it is possible to obtain a credit report for free once per year so that they can keep track of their credit history. The reality, however, is that checking your credit one time per year may not be enough for most people. Furthermore, simply obtaining a free annual credit report is also not going to be sufficient to give you a full picture of how lenders view your borrowing history or of whether your credit is good or bad. Instead, there is more you need to do in order to be on-top of your credit score and to make sure that you never face higher interest rates than you should because of problems with your credit information.

Your Credit Report is Updated Frequently

Checking your annual credit report is not enough to know what is going on with your credit because your report is updated much more often than once a year, and because a lot can happen over the course of the year. Creditors report new information to the three major credit reporting agencies once per month. This new information might be details about payments you have made, new accounts opened in your name or judgments against you. You need to know about this new information as soon as possible, because the information on your report could show that a mistake has been made (like incorrect information being included) or that identity theft has occurred (if someone opened an unauthorized account in your name). If you wait a year to find out about an error or identity theft, you could have a big mess on your hands to try to undo all that the thief has done, or you could end up missing out on credit opportunities.

Your Report Can Be Checked More Often

Waiting for an annual credit report is also not a good idea because lenders don’t just check your report once per year. Every time you apply for credit, your report will be checked. Likewise, if you get a job of try to rent an apartment, your landlord or employer may check your credit. You want to ensure that the info they are obtaining is accurate, which means you need to look at your report regularly so you’ll always know what lenders are seeing no matter what time of year they pull your credit.

Check Your Credit More Often Than An Annual Credit Report

Checking your credit once per month is generally a better choice for most people than just checking once a year. Fortunately, with Credit Report 123, you can obtain more than just an annual credit report- you can regularly get three credit reports AND your credit score, which lenders often rely on to give them an idea about your credit without having to check the entire report.

When You Check Your Credit Report, 3 Bureaus and Score Information is Key

When you check your credit report, 3 bureaus and score information is key. Your credit report is a record of all of your past borrowing and of how responsible you have been with your debt. You don’t want to just pull one credit report from one of the major credit reporting agencies. Instead, you want to obtain a report from all three credit bureaus and you also want to obtain score information. Only by pulling a credit report from all three bureaus and obtaining score information can you have a comprehensive picture of your financial state.

Why a Credit Report 3 Bureaus and Score Information is Important

It is important to obtain your credit report from all three credit reporting bureaus and to obtain your score information because you want to ensure that you have a full and complete picture of everything that lenders can see when you want to borrow money. Lenders, a landlord, utility companies and even employers may all check your credit to see if you are trustworthy and responsible with money. You never know which of the major credit reporting agencies they are going to pull your report from, so checking your credit report from all 3 bureaus is very important.

Why Do You Need To Check Your Score?

In addition to getting a credit report from all three of the major credit bureaus that keep tabs on your borrowing history, you also want to ensure that you are obtaining score information from each of the three credit reporting agencies. Just looking at your report can give you a detailed description of how you have borrowed in the past, but without the score, you won’t know whether your past borrowing actions have helped you to be viewed in a positive or a negative light. It is the score that most lenders use as a shortcut glimpse to tell them how creditworthy you are, since the numerical score lets creditors (and you) know at a glance how you are doing.

How To Obtain a Credit Report 3 Bureaus and Score Information

To obtain your credit reports and scores from all three credit reporting agencies, you could individually order your report and score from each agencies. Unfortunately, this can be a time consuming process, especially if you plan to watch your credit report and score over time to make sure that it doesn’t change unexpectedly. Instead of having to individually obtain your credit report and score all the time, you should consider using a service that makes it possible to obtain a 3in1 credit report. This is the simplest way to obtain a credit report, 3 bureaus and score information on a regular basis.

What Information is on a 3 in 1 Credit Report Score?

A 3 in 1 credit report score contains information about your credit history and about your credit score. The report will provide this information from each of the three major credit bureaus in the United States so that you can get a full picture of everything that a lender sees when he checks your credit, no matter which reporting agency that lender uses to look into you.

Your 3 in 1 Credit Report Score Contains Account Details

Credit-Report-5734663Your 3 in 1 credit report score will contain details on all of the credit accounts that you have. This will include mortgages, credit cards, student loans, personal loans and any other kinds of debt that you have taken out and that are reported to the credit bureaus. The reports contain not just information on open accounts, but also information on accounts that you have closed and that are no longer active. This paints a full picture of your credit and of the length of your borrowing history for lenders.

Your Reports Contain Information On Payment History

One of the most important things that lenders look at is the information on your credit report that deals with your payment history. A 3 in 1 credit report score will contain details about your track record of paying all of the accounts that you have. This means that lenders can quickly see if you have ever been late on a payment. If you have been tardy at paying a bill, the report will detail whether you were 30 days late, 60 days late, 90 days late or more.

A 3 Score Credit Report Also Has Your Score

In addition to having a list of all of your accounts and details about whether you have paid them, a 3 in 1 credit report score will also provide to you information on the credit score that each of the credit bureaus has assigned to you.

The credit bureaus have their own proprietary formula for scoring your creditworthiness based on your payment history; the amount of your credit you use; the mix of different kinds of credit that you have; the age of your accounts; and the amount of new credit that you have recently applied for. For most lenders, the scores are the most important part of your credit report since they provide a shortcut way of knowing whether you are a good credit risk or a bad one. As such, you should look carefully at your scores when you check your record to see whether you are doing well or have some work to do to become a better borrower.

Checking all of your scores from each of the bureaus is easy with a 3 in 1 credit report score, so visit Credit Report 123 today to get started and see how lenders will view you if you try to borrow.