Basically, a 3 in 1 Credit Report of a company or individuals is prepared jointly by the 3 principal credit bureaus, namely the TransUnion, Experian and Equifax. Also known as the 3 Bureau Report or the 3 Agency Credit Report, a 3 in 1 Credit Report analyzes the fiscal health of a commercial firm. In fact, it is this report which determines the credit worthiness of a firm, and obtain larger amount of loans.
Contents of a 3 in 1 Credit Report:
Why is a 3-in-1 credit report advantageous?
- A complete overview about a company is obtained from credit history, as prepared by the 3 credit bureaus.
- The information provided in a 3 in 1 credit report are clear, simple, hence easily understandable.
- The completion of financing a loan is also facilitated by a 3 in 1 credit report.
- The parallel comparison of the information in a 3 in 1 credit report allows easy detection of the differences in opinion on the part of the 3 main credit bureaus.
- It offers comprehensive information to the lenders about an individual or corporation.
- It guarantees the accuracy of the information recorded in the reports.
- It safeguards the theft of the identity of the concerned person or commercial firm.
Benefits of a 3-in-1 credit report over a single bureau credit report:
The 3 major credit bureaus operate independently while preparing a 3 in 1 credit report. So, there are least possibilities of interchanging of information among them, and the information thereby remains completely intact.Since this is not a procedure followed by a single credit bureau in making a single bureau credit report, so that way, it may miss out significant information.
