However, less people are aware that they can also request a combined, or 3-in-1, report. A combined report shows you the information each agency has on you consolidated in one single report. Because creditors report to different credit reporting agencies, often leading to discrepancies, this can simplify your job when conducting your own credit checkup.
If you’re planning to make a major purchase you may want to review the information from all three credit reporting agencies. Consumers are entitled to one free credit report from each credit bureau annually, but utilizing a combined report may make it easier to spot differences in your credit information.
Whether you choose to review a combined or multiple credit reports, you should definitely check your credit information at all three credit reporting agencies well in advance of a major purchase. This gives you the opportunity to add missing information and dispute incomplete or inaccurate information. That way, no matter which credit bureau your lender uses, your credit report looks as good as possible. If alternatively, your lender only looks at a combined report, you want the information provided by the three major credit reporting agencies to look as consistent and favorable as possible.
You can purchase your combined report by going directly to the official website of one of the three credit reporting agencies. It will cost you about $30. to obtain the 3-in-1 report, or as mentioned you can simply request a free credit report from each credit bureau once a year.
The Federal Fair Credit Reporting Act (FCRA) requires credit reporting;agencies to follow reasonable procedures for gathering, maintaining, and distributing the information they collect. It also sets accuracy standards for creditors that provide information to a credit bureau. You have the right to contest any inaccurate, incomplete, or untimely information contained in your credit report and to see who has requested copies of it within the last year – 2 years for employment purposes.
Since the odds are great that your credit report will contain some type of error, be sure exercise your right to a free credit report at least annually, or purchase a combined report to expedite the chore and you are planning a major purchase. Doing so will help you keep tabs on your credit information and ensure that you head off any unexpected surprises the next time you apply for credit.
Mark Andrade is a business writer specializing in personal finance. He has an MBA and is currently assisting TooManyPaydayLoans.com as a financial advisor. Visit this website for unbiased information about American Payday Loans or if you are interested in affordable Faxless Payday Loans and discount Cash Call Loans.
