One of the long standing problems with the mortgage application process is understanding your credit file. It can be overwhelming and confusing with 3 different credit reports from the three major credit bureaus.
Each one, has some unique features and you may see some different citations (entries) on each version of your credit reports.
Thankfully, lenders and consumers are now able to combine all three reports into one easy to read 3-in-1 format. This is called a Tri Merge credit report.
These reports are available online, instantly , can be easily customized, and will remove any duplicate entries from your file. They are especially useful when used as a mortgage credit report to prequalify applicants or for a landlord to prescreen tenants.
Tri-merge Reports Easy To Read Format Maximizes Opportunities For Rescoring
Customized credit report layouts allow you to view and edit the information into any format your prefer. They can also include credit scores into the single inline report. This consolidated credit information allows you to look behind the reports to see what is negatively impacting your credit scores.
This data will help you know the steps needed to drive your score higher and quickly get better rates on new loans, mortgages, etc… Just making a few small changes that often cost the borrower nothing can create significant, positive moves in credit scores. With Tri-Merge credit reports you can make faster, more educated decisions on new mortgage applications.
What Is Included In The Tri-merge reports?
- Trade Comparison Shows the raw data from each credit bureau to find possible inaccurate data that could be impacting your score.
- Public Records
Includes all inquiries made into someone’s credit history by any financial institution. All public records include past bankruptcies, defaults, and foreclosure.
- Credit Worthiness
Summarizes your complete financial including your credit utilization , revolving loans , outstanding debts, and total balances.
- Your Credit Scores
This consolidates your scores from all three credit reporting agencies into a single trimerge credit score. Certain companies may provide additonal insight into the scores by making suggestions for rapid rescore opportunities.
- Basic Background Check
All your past addresses, legal names, social security numbers.
- Debt Collections
Any information about you that have been turned over to collection companies. Obviously, this will serve as a big red flag but could also give you an opportunity to dispute the collections inquiries and remove them from your reports.
- Adverse Summary
Summarizes all potential derogatory accounts and public records into one report to quickly check for errors.
Lending companies and other banks use this data to make sure they have a total view of your credit file. It also helps them arrive at the correct decision when deciding on a loan application and the applicant’s ability to repay the loan in a timely fashion.
Other notable advantages of this type of 3-in-1 credit report include:
- Interface with all major loan origination systems / online banking platforms
- Reports are accepted by Fannie Mae and Freddie Mac
- Data verification services for the most up-to-date information
- 24/7 online access
- Export into .pdf, Microsoft Office or web
- Real time updates
- Ability to share report with underwriters, applicants and other team members
- Ability to add or remove spouse from report