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How good is your credit? Is it as good as it could be? Is the information reported by the credit bureaus accurate? These are all questions that you may be asking regarding your credit report. All three of these questions can be answered with one simple step: getting a copy of your credit report. That may seem an easy enough thing to do, but you may not realize you should get a copy of your credit report from each of the three credit bureaus--TransUnion, Equifax, and Experian. Although you can get some idea of your credit standing by looking at one of your credit reports, you will get a much more complete review if you request your credit report from all three agencies. Credit Report Contents There are many reasons to review your credit report. The information contained there can have a major impact on your ability to get a loan, receive premium rates on your car insurance, or land the perfect job. Your credit report includes a number of things about you and your use of credit. - Credit payment history. One of the main areas of the credit report is your record of debt payments. Every payment you make is noted by the credit bureaus, including late payments and missed payments. These payments can be for credit cards, automobile loans, mortgages, and student loans. It may even contain reports from landlords, utility services, and insurance companies.
- Personal information. Your credit report also shows a history of your addresses and contact information. It lists current and past employers and how long you worked for each.
- Loan amounts. One of the most useful pieces of information on your credit report is how much money you have borrowed. Lenders use this information, along with the total amount you have available, to calculate your debt ratio. This helps them determine if you are a good credit risk or not.
Getting a 3-in-1 Credit Report Each of the credit bureaus is responsible for providing detailed and accurate information. They do the best they can, but sometimes creditors and other organizations report data that is flawed or inaccurate. The credit bureau has no way of knowing if the information is accurate or not-- that is up to you. The only way you will ever know if information on your credit report is wrong is by getting a copy of your report. Depending on your individual needs, you may find it helpful to seek the services of a credit monitoring company. This service will watch your credit information and report any changes in the data being reported. With all of the problems with credit fraud and identity theft, such monitoring services can be extremely helpful. When you apply for a copy of your credit report, you can get all three credit reports at the same time. This is known as a 3-in-1 credit report. It provides the details of all three credit bureaus and will give the most up to date information regarding your credit history. Why Are My Credit Reports Different? When you get a three bureau credit report, you may notice that the three agencies don't report the same information. The differences may be for any number of reasons. Some of your lenders may not report to all three bureaus, and even if they do, the way each bureau displays the information may be different. The credit bureaus post information at different times and according to their own schedules. It's not unusual for one credit bureau to have more complete information than the others. This is why it is prudent to get a report that covers all three bureaus. Your credit report is a direct reflection on you. Make sure that the information contained in that credit report is accurate and up to date. Getting a copy of your 3-in-1 credit report ensures you that you have the most complete and up-to-date information available. Joy Mali is an active blogger who is fond of writing articles on credit monitoring and educating people to monitor their monthly credit report to prevent you to be a victim of credit fraud. Follow her on Twitter to know more on getting all three credit reports at the same time.
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