There some confusion out there when it comes to free credit reports. You have likely seen the many articles that are floating around that state that you can get your free credit report, but just what does a free credit report consist of? In this article will will look at the differences in the 3 different types of credit reports advertised and learn more about which one is the most beneficial to have.
Type # 1) Single Credit Bureau Report
One type of credit report is one where you can get a report from only one of the three bureaus. These three bureaus are Equifax, Trans Union and Experian; most of the time with this type of report you will have to choose one of these companies to get your report from. This may not help you very much because each of the three bureaus differs a bit in the content they report. You would probably benefit more from a 3-1.
Type # 2) 3-1 Credit Report
A 3-1 report would include a report from each of the three bureaus. The advantage to this is you get all three reports. The downside is that you get only one score from one bureau. It would be more sensible to receive all three of the bureaus scores. Mortgage companies look at the three scores and usually go by the one in the middle. I would only be logical to see what they see if you are attempting to get a loan.
Type # 3) 3-1 Credit Report With Credit Scores
This brings us to the third type. This is the 3-1 credit report that included all three scores. This is the best offer there is due to the fact that this is what lenders look at. You will want to ensure that you know what you are getting when you request a credit report.
Usefulness: A +
Every consumer is entitled to one free report from each of the three bureaus annually, but this does not include a credit score. By using the services of on of the popular online free credit report sites, you can get instant access to not only your credit reports but your credit scores as well. You would be best off off obtaining a 3-1 with all three scores so you can have a clear view of what lenders are looking at when deciding whether or not to approve your loan.