Things You Didn’t Know About The 3 Bureau Credit Report And Scores

While most people have a vague idea about 3 bureau credit report and scores, there is still a lot that

most average individuals will have to learn about this information. Learning about 3 bureau credit

report and scores could seem somewhat daunting, these numbers have such an impact on your life

that it is most certainly worth taking the time to find out more about them.

What Makes Up a Score?

The five facets that make up 3 bureau credit report and scores

include a person’s credit history, their payment history, the

accounts they have, the credit they have used and any new credit

facilities they might have recently obtained. You might find that

one credit bureau has different 3 bureau credit report and scores

for a person than other bureaus, and this is because they tend to use

different algorithms to work out this score.

The Average Credit Rating

Most people have 3 bureau credit report and scores that fall between 500 and 700. Most agencies

will have scores that go up to about 800 or 900, although it is quite rare for individuals to reach these

numbers. Still, individuals with higher 3 bureau credit report and scores not only find it easier to

apply for credit, they also find it much easier to pay for credit. For more information on how this score

can affect you, visit CreditReport123.

Just About Anyone Can Access These Reports

Most people aren’t aware that just about anyone can access their 3

bureau credit report and scores, although individuals such as

potential employers will need to ask for the permission of

prospective employees to do so. It doesn’t matter whether you are

applying for an apartment or applying for credit to purchase

furniture, if you provide the person with information such as your

full name and social security number, they will most likely be able to access your 3 bureau credit

report and scores.

You Could Pay More For a Loan Based On Certain Reports

There are three major agencies that currently provide 3 bureau credit report and scores and they

differ somewhat with regards to how they score people. This basically means that when a lender pulls

up specific 3 bureau credit report and scores, they could see someone as a great payer or a mediocre

one, depending on which report they opt for. This might not seem like a big deal, but when it comes to

taking out a loan, it could affect the interest a person pays, which makes all of the difference.

Credit Reports Can Be Faulty

Everyone should remember that not all 3 bureau credit report and scores are accurate. Some 3

bureau credit report and scores fall victim to faulty information which could really end up hurting

someone’s ability to obtain credit.

It is generally a good idea to get to know as much as possible about your credit report so that you can

take control of it from the get-go. For more information on how to achieve this, download our Credit

Management Guide.