Monday, November 4, 2013

Your 3 Bureau Credit Report and Scores Have a Major Impact On Your Finances

Your 3 bureau credit report and scores are extremely important to your financial health. Your 3 bureau credit report and scores dictate not just whether you can borrow money, and at which interest rate, but also many other things as well. Your ability to rent an apartment or get a job can be affected by a credit check. Your credit report and score can also impact your car insurance costs.

What Do 3 Bureau Credit Report and Scores Show? 

Your 3 bureau credit report and scores show the data being reported on you by each of three major consumer credit reporting agencies in the United States. The reports reveal whether you have made payments on time, the amount of money owed, whether or not you’ve applied for new credit and many other important details about your financial history. These details are important to lenders as they provide key information on whether or not you are a credit risk. The score is a shortcut for lenders as they can just look at the three-digit number and quickly decide if you are a good credit risk or not.

Why Is it Important to Check Your 3 Bureau Credit Report and Scores? 

Different creditors report to different consumer credit reporting agencies and there may be accounts that show up on only one, but not all, of your reports. There may also be errors or mistakes that show up on just one report. If you fail to check that one, you might miss the data that needs to be corrected.

Check Your Reports and Scores Regularly To Protect Your Finances

Since your 3 bureau credit report and scores have a profound impact on so many aspects of your financial life, you owe it to yourself to keep up-to-date on this key financial metric. Fortunately, with services such as IDENTITY GUARD® Platinum, you can regularly check your score to understand what lenders, and others with whom you do business, are seeing. To learn more about why it is necessary to keep tabs on your 3 bureau credit report and scores, contact IDENTITY Guard® today.

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