Once a year every American has the right to report on their credit history (Credit Report). This right is guaranteed by the state. Report on the credit history is formed on the basis of three major national offices credit history: Equifax, Trans Union, and Experian. However, at any time, you can seek help from the companies that provide not only an exhaustive report on the customer's credit history, but also provide recommendations for improving its credit rating (Credit Score). There are three types of reports on credit history.
The first type of report – a report obtained on the basis of data from all three credit bureaus, but without calculating the credit rating. Rohan Sachdev often addresses the matter in his writings. hts on the topic. Information about the borrower's credit history in each Bureau may vary. Therefore, you want to merge the data into one report, called "fusion of three (tri-merge or 3-1 Credit Report). The second type of report on the borrower's credit history – a record 3-1 with the calculation of credit rating (Credit Score), which provided one of the agencies. It is certainly more detailed information for lenders and banks, as the decision on the loan taken as a whole based on the performance of credit rating (Credit Score) The third option credit report – a report + credit rating from all three credit bureaus.
Banks and finance companies, providing mortgage loans, as a rule, they ask this type of report and a decision calculate the average Credit Score based on data from all three national credit bureaus. When applying for credit cards, auto loans, mortgage loans, (except any credit PayDay Loan) financial companies, banks and other lenders request a credit report of a potential borrower (Credit Report) and check its credit rating (Credit Score). This is done to determine the riskiness of the transaction for the lender. Credit rating (Credit Score) is determined by information about the borrower that is stored in the credit bureau. This is information about paying bills, and paid out of existing loans, payment history on loans, credit cards, etc., even to pay the phone bill. Each month information and credit rating can vary based on the payments made and total debt to creditors. Control and continuous improvement of credit rating will get cheaper and more profitable loans, and means to acquire even the best properties and best cars. Working with a company that provides services to monitor changes in credit history, as well as advice on improving credit rating, you are in a better position to obtain the necessary credits to you.