The term ‘3 bureau credit score’ or rating comes from a compiled credit report derived from the overall findings of credit reports from the three main bureaus in the United States. These are Experian, Equifax and Trans Union collectively.
As each bureau uses different data to conclude a person’s credit rating, by using all three bureaus reports the closest to a perfect rating that is possible can be achieved, if you consider all three to be as reputable as the other, that is!
A 3 bureau credit report is an in-depth analysis at a persons past and current credit history. The credit score is an overall evaluation of a person’s credit history based on their credit report. The score is a numerical value ranging from 300 to 850, where the higher the number, the better the score.
Obtaining a 3 bureau credit score report can be used to the individuals advantage. Action can often be taken to increase a credit score by removing old and negative entries on the report that are no longer valid. This can be done on all 3 bureau reports and will increase the person’s chance of getting further or better credit in the future.
It is a legal right for an individual to receive a free credit report once a year from either or all of the three major bureaus (according to the Fair Credit Reporting Act (FCRA)). It is important to note however, that the free report does not include a person’s credit score, whereas the 3 bureau credit report does, from each provider.
For American residents that are interested in both monitoring their credit rating and improving or mending their credit score; the 3 bureau report is really the ultimate resource as it gives detailed information about an individual from the three top credit agencies. Each report will be different as will the score given; however it is easy for a person to understand how to go about improving their credit score in order to successfully apply for credit cards, loans, mortgages and so on.
Many online solutions that provide this particular report on behalf of the 3 agencies ensure that all information can be viewed instantly on a website as well as offering side-by-side comparisons and tips to help someone improve their rating.
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