Bankruptcy vs debt consolidation, which one is right for your current debt problems?

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

A credit rating agency is a company that assigns credit ratings for issuers of certain types of debt obligations. A credit rating measures credit worthiness, the ability to pay back a loan, and affects the interest rate applied to loans.

Drawbacks of 3 in 1 Credit Reporting

When you opt for a 3 in 1 credit report, you are sacrificing the organized information that comes with individual credit reports. Instead of having each different report to look at, you will receive a three bureau credit report that merges all of the information into one page. This means that you won’t have all of the specifics from each credit report that you would need in order to facilitate credit repair.

What exactly is the purpose of a 3 in 1 credit report?

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.

Obtaining your free credit report each year can only help you, so don’t delay. You should personally have access to and file all of your own documentation. Remember that your information will be more useful to you in individual, single reports. You can’t improve your credit if you don’t know what to improve, so get your credit reports, read over them, and start fixing your misdoings.

About the Author:

Follow Richard Lakin’s credit industry analysis including credit report tools and in depth studies of 3 in 1 credit report and credit score restoration tips.

Richard Lakin | Credit Repair |

Tags: credit report

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