3 Credit Scores
What is a 3 credit score?
The term "3 credit scores" is the term given when a person, business or company want to conduct a search on an individual or business and they use the three main credit scoring bureaus that are the most reliable and trusted. The three main bureaus are Equifax, Trans-union and Experian. Every country differs with the way a credit score is carried out and most countries have their own trusted credit scoring agencys.
The reason that most lenders and creditors use the 3 credit score system to find your credit score is because no one single credit report will usually give you the same results as the next credit report. In other words, if you carry out a credit check with Equifax the results will probably be different from a credit check carried out by Transunion.
So a credit company will check all three results from three different credit check companies to help them make a decision based on the results they receive.
Why Should I Know My 3 Credit Score?
You should aways be aware of you credit score and what score the 3 major credit score companies give you. Even if you aren't looking for credit to borrow money or to take out a loan. There are many reasons why you should still be aware of your credit score results. Maybe you have moved address and overlooked a bill that needed paying before you moved house or apartment or maybe there has been a mistake from a credit company because they forgot or made a mistake when marking a credit taken out by you as unpaid insted of paid.
The most important reason you should be aware of your credit score would be to be aware of idenetity theft. They say that there are billions of dollars a year stollen from business and personel accounts throughout the world and with more and more of our personal information being stored online by credit card companies, loan companies and banks, you can see why it has become important to make sure that you have not become a victim of fraudulent identitiy Theft. This is also another reason why you should get a 3 credit score check. If there has been a fraud carried out against you, either by them applying to a credit company to take money direct from your account or pretending to be you in order to purchase or obtain credit for a purchase, then one of the three credit scores will show the fraudulant activity to you.
As we know some companies do offer free credit in order to give you an incentive to purchase their products so its vitaliy important that your score reflects your true credit status if you are thinking of borrowing money, taking out a mortgage or being given credit for a product you want to buy. If you have a negative score then chances are you wont be given any credit by a company you are looking to get credit off.
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How do you make sure you get a good 3 credit score?
Credit reference agencies (CRA's) base the results of credit checks they carry out on every type of credit that is given to you. This can include credit card companies, utility companies, mortgage companies, store cards, etc. If you have been given credit for anything that involves money the CPA will want to see if you have made payments on time, in full and honored the debt in full.
Mistakes do happen by major credit checking companies with credit scores and any misreported or fraudulent transactions on your report can be rectified by law. You have a legal right to have a correct credit score.
The best way to ensure that you have a good credit score from the 3 main credit scoring agencies is to make sure that you check to see there are no incorrect transactions on your report. To make sure you pay all your credit demands on time and if you do have any outstanding payments due , that you pay them and then get your credit report updated to show these changes.