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3 in 1 Credit Report

May 7, 2008
When it comes to your credit, more is not always better. Many individuals have received a 3 in 1 credit report, which fails to provide the necessary detail to help you fix your credit. A 3 in 1 credit report is basically a combined report from all three credit reporting agencies - TransUnion, Experian, and Equifax. You are required to one free credit report every year, so these agencies have teamed together to encourage consumers to get all the information in one report. Though it might sound good on paper, this actually leaves you with less information than you need.

Credit Rating Agency

Credit ratings are determined by credit rating Agencies, which are companies that focus on placing ratings on individuals carrying debt obligations. Your credit score establishes your worthiness of credit and signifies your skills in paying back debts and also directly impacts the interest rate you receive on loans.

Drawbacks of 3 in 1 Credit Reporting

Accepting a 3 in 1 credit report limits the provided information that would come with individual credit reports. This in effect, simplifies the data collection and you are not burdened with all the specifics from each credit report that would be needed in to facilitate credit repair. This means you won't have the individual details from each credit report that are important in helping you to improve your credit score.

Why do they make 3 in 1 credit reports?

Many people think this will work, but soon realize that their plan failed once applied to the situation. The merged report was initially made to allow for easier processing as a way to help people. The intentions were to make the materials more comprehensive to the consumer and have all the information gathered in one report rather than having the consumer try to read through several papers. However, this was a failed attempt and the consumer would have benefited more without a shortcut. Take the steps necessary to gather all, not some, of the information and you can start renewing your credit.

What is my alternative?

You have probably been offered a 3 in 1 credit report since they are often offered, but hopefully you opted not to get one. Just because the 3 in 1 Credit Report is being pressed, doesn't mean you can't opt for the original single version of credit reports. They allow you to look at each item individually. You will be able to trace any errors on your credit report and start a plan to raise your credit score.

Further, these agencies are required to give you one credit report for free each year, so you have nothing to lose. Having all of this documentation for your files is important, as well. Being able to pick out specifics instead of having to read through merged information in a 3 in 1 credit report will help save you from any mistakes that might occur. After all, this information is the life blood of your financial future and without a clear picture of what is going on; you will have a hard time making it better.
About the Author
Follow Richard Lakin's debt industry analysis including credit reports and in depth studies of 3 in 1 credit report and credit restoration tips.
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