3-in-1 Credit Report and Its Usability

If you are applying for a loan, what a lender always does is to seek information on your credentials with the aid of credit reports. As such, credit report is something, which is the first step towards obtaining any loan.

There are three credit rating bureaus in the US. Thus, it is necessary to know the credit rating based on all three credit bureaus. As such,

3 in 1 credit reports give a probable borrower the power to know what his or her credit worthiness is. Each of these credit bureaus has different parameters to evaluate an individual’s credit worthiness. While some lenders go for a particular rating from a credit bureau, another lender may opt for another credit bureau.

Difference in the evaluation of the credit standing by the different lenders thus requires a would-be borrower to have good credit rating with all these credit bureaus. If someone is to apply for a loan and he or she does not have good credit score with a particular credit bureau, it may be hard for the borrower to avail loan.

The evaluation of an individual’s credit standing is done according to the need of the lender. While some lenders may go for the income aspect of the applicant, other borrowers may give more importance to the past record of accomplishment of the borrower. 3-in-1 credit report thus gives a borrower a chance to know what his or her credit rating is before applying for any loan.

A 3-in-1 credit report gives a borrower the knowledge on his or her credit standing with the three national credit bureaus at a go. There are a number of online facilities, which give this information. While some online facilities charge a minimal amount to seek the report, some provide the report free of cost. 3-in-1 credit report is the way to move forward if you are to avail a loan. But be sure that you seek the report from an online agency, as the report generation is fast.