Tri-Merge Credit Reports - The Law of Averages
Basically, it's the pulling of all three of your credit reports merged together as a single document.
Mortgage lenders evaluate the three credit scores and use the middle score as your final credit rating.
Currently there are three major companies that maintain your personal credit history - Equifax, Experian and TransUnion.
Each of these bureaus often have varying information about your payment history, since some credit agencies don't always report all items to all three companies.
By pulling a tri-merge credit report a mortgage firm can evaluate the borrower's credit history in one document, instead of three individual reports separately.
The three scores are averaged and the middle score is the basis for a rejection or an approval.
Since your credit score is a summary of your credit history as reported by credit card companies and banks where you may have an outstanding balance, having a clean record is important when looking for a high credit score.
People who have a history of on-time debt payments and who have not declared bankruptcy in the past seven years will have higher scores than people who have a history of delinquent payments or bankruptcies.
It is recommended that people pull their personal credit report at least once a year, which is free due to a 2005 law that allows one free report a year, per person.
You can get your free annual credit report from: annualcreditreport.
It's important to know what is on your credit report so that you can immediately fix errors as well as take corrective action to repair your credit if your personal credit score is low.
If you choose to contact the credit bureaus directly, their information is as follows: o Equifax, P.
O.
Box 740243, Atlanta, GA 30374, Ph.
800-685-1111 oExperian, P.
O.
Box 2002, Allen, TX 75013, Ph.
888-397-3742 oTransUnion, P.
O.
Box 1000, Chester, PA 19022, Ph.
800-916-8800 Fixing errors now can assure that your Tri-Merge score is the highest it can be.
The cost of obtaining a tri-merge credit report is around thirty five dollars.
There are numerous providers of tri-merged credit reports.
Below is three vendors to look into: oAmerican Express credit secure oChase Identity Guard oTrue Credit
Mortgage lenders evaluate the three credit scores and use the middle score as your final credit rating.
Currently there are three major companies that maintain your personal credit history - Equifax, Experian and TransUnion.
Each of these bureaus often have varying information about your payment history, since some credit agencies don't always report all items to all three companies.
By pulling a tri-merge credit report a mortgage firm can evaluate the borrower's credit history in one document, instead of three individual reports separately.
The three scores are averaged and the middle score is the basis for a rejection or an approval.
Since your credit score is a summary of your credit history as reported by credit card companies and banks where you may have an outstanding balance, having a clean record is important when looking for a high credit score.
People who have a history of on-time debt payments and who have not declared bankruptcy in the past seven years will have higher scores than people who have a history of delinquent payments or bankruptcies.
It is recommended that people pull their personal credit report at least once a year, which is free due to a 2005 law that allows one free report a year, per person.
You can get your free annual credit report from: annualcreditreport.
It's important to know what is on your credit report so that you can immediately fix errors as well as take corrective action to repair your credit if your personal credit score is low.
If you choose to contact the credit bureaus directly, their information is as follows: o Equifax, P.
O.
Box 740243, Atlanta, GA 30374, Ph.
800-685-1111 oExperian, P.
O.
Box 2002, Allen, TX 75013, Ph.
888-397-3742 oTransUnion, P.
O.
Box 1000, Chester, PA 19022, Ph.
800-916-8800 Fixing errors now can assure that your Tri-Merge score is the highest it can be.
The cost of obtaining a tri-merge credit report is around thirty five dollars.
There are numerous providers of tri-merged credit reports.
Below is three vendors to look into: oAmerican Express credit secure oChase Identity Guard oTrue Credit
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