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 3-in-1 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. *Not Criminal History
- 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 (see midlandfundingllc.net) 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.
Handling finances in real life is a tough job especially when you are the sole earning member in your family. Hence, many people believe that they need to come up with better plans that can help them to manage their finances in a better way. This is why many people today prefer to hire companies that can help them to handle their finances in a better way. On the other hand, there are many other people that still prefer to handle their finances on their own and therefore they also look out for better information that can help them to make use of the finance the way they want it.
Credit information is really important when you are looking for better ways to handle your family finances for the month. If you are supporting your family you need to make sure that you are providing them with all their needs without losing out more money. Many household owners prefer to make their own budget where they usually write down how much they will spend for the month and how they will manage their expenses. However, that all cannot prove useful if you don’t have the that is also very important to keep you on track.
Most people today love to have the credit information on their side because they know exactly where they stand on financial grounds. They usually look out for companies that can provide them with all the credit information that they can get from banks and various other financial companies. There are many banks and financial companies that can provide you with annual credit report that you can look out for if you want to manage and handle all your expenses. On the other hand, there are many others who have never heard about it and therefore they are never able to handle their finances in the right way.
So, what makes accurate credit information so important?
Credit information is a financial report that tells you more about your loans and credit that you have taken from the banks and various financial institutions. This means that you get to see how much money you owe to the bank and how much you will need to pay. This will help you to decide how you can repay the money as quickly as possible. There are many people that have negative credit report and they can have various problems in the future that can leave them financially cripple.
A low credit score can actually impact your life and therefore it is important that you know the credit score that you have. When you known your credit score you know your financial standing and you can work on that to improve it in next few months or year. You can quickly repay all the debts and credit that you have taken from the bank to ensure that your credit score improves and you get better ratings from the bank. With better credit score you actually get better financial help from banks in your city.
Still on the fence?
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