When it comes to your credit, more is not always better. Many individuals have received a 3 in 1 credit report, which fails to provide the necessary detail to help you fix your credit. A 3 in 1 credit report is basically a combined report from all three credit reporting agencies - TransUnion, Experian, and Equifax. You are required to one free credit report every year, so these agencies have teamed together to encourage consumers to get all the information in one report. Though it might sound good on paper, this actually leaves you with less information than you need.
Credit Rating Agency
A credit rating agency is a company that assigns credit ratings for issuers of certain types of debt obligations. A credit rating measures credit worthiness, the ability to pay back a loan, and affects the interest rate applied to loans.
Drawbacks of 3 in 1 Credit Reporting
When you go in for a 3 in 1 report, the disadvantage is that the organized information of individual credit reports is no longer available. You will be given a report that merges all information into a single page in place of having each different report to examine. You will still be left with blindly attempting to repair your credit since it will not provide all the information involving your credit.
What exactly is the purpose of a 3 in 1 credit report?
It seems like a good plan in ideal, but fails in real life application. The idea behind the merged report was that it would make processing the information easier for people. Instead of having to look at three different reports, people would be able to get a credit score snapshot just by looking at their combined report. Your credit is not something that you should be looking to shortcut, though. You want all of the information, so that you start rebuilding your credit.
Do I have a choice?
You have probably been offered a 3 in 1 credit report since they are often offered, but hopefully you opted not to get one. Just because the 3 in 1 Credit Report is being pressed, doesn’t mean you can’t opt for the original single version of credit reports. They allow you to look at each item individually. You will be able to trace any errors on your credit report and start a plan to raise your credit score.
Obtaining your free credit report each year can only help you, so don’t delay. You should personally have access to and file all of your own documentation. Remember that your information will be more useful to you in individual, single reports. You can’t improve your credit if you don’t know what to improve, so get your credit reports, read over them, and start fixing your misdoings.