Free Credit Reports Three Bureau Credit Report

What is the benefit of a three bureau credit report?

What is a credit bureau and how does it obtain information on an individual? It is an entity that gathers information about a consumer’s credit history. This history includes information concerning your identity, your payment habits, and your public record. There are three major credit bureaus that credit grantors, such as banks, finance companies, and retailers report to. Credit grantors use a three bureau credit report to determine whether or not you are creditworthy. The major three bureau credit report consists of your credit report from the three major U.S. credit bureaus, which are Experian, Equifax, and Trans Union. These three bureaus provide nationwide coverage of consumer credit information.

Credit bureaus obtain credit and identification information from credit grantors, such as banks, retailers, and collection agencies. Bureaus obtain monetary-related public record information directly from the court systems. The credit bureaus then keep your personal credit history for a period of approximately ten years. They keep closed or inactive accounts for 10 years from the date of last activity, and derogatory accounts for 7 years from the date of original delinquency. Plus, public records for 7 years form the date of payment or indefinitely if the public record is an unpaid tax lien. Chapter 7 bankruptcies are kept for 10 years from the date filed. The three bureau credit report will give you a look at all three credit histories that they are handing out and sharing with other credit bureaus.

It is in your best interest to get your three bureau credit report, so you may compare each of these reports. Information may differ between the three major credit bureaus. The main contributors to “bad” credit are; inaccurate information, bills have been paid late or not at all, and too much debt has been accumulated. If there are any errors you will want to correct them on the three bureau credit report.

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Last Updated: 18-Mar-2006