What are the benefits of 3 bureau credit score monitoring? You've probably heard about the three national credit bureaus, but do you know what they really do or what the difference is?
A credit bureau is a data collection company. Credit bureaus collect and sell information about the creditworthiness of customers. Another name for a credit bureau is a credit reporting agency.
Credit bureaus assemble your credit history based on your credit accounts using your Social Security number or any other form of identification. The bureaus then compile this information into a file for every customer.
There are three major consumer credit reporting agencies/bureaus and several other regional consumer credit bureaus in the U.S. Most of these bureaus are owned or under some contract with one of the county's major consumer credit agencies.
Credit reporting companies collect information about your lending history and share it with potential creditors. Your home mortgages, credit cards, car loans, and other credit lines are listed on your payment history and credit report.
When you want a loan, lenders ask for your credit reports from all or one of the "Big Three" agencies:
These same credit reporting agencies also calculate your official credit score using their variation and a formula developed by FICO.
When checking on your credit, you may notice that your credit scores can vary from bureau to bureau.
Here are some of the reasons why that could be the case:
3 bureau credit score monitoring allows you to see and understand what credit bureaus do when they do it and how they determine your credit score, which plays a vital role in helping you understand your overall credit.
You are advised to regularly review your credit reports to ensure the information included is accurate and to look out for any signs of identity theft.
There are two ways to get your three-bureau credit reports:
#1. For Free
You can always access your credit reports from any of these three sources, Equifax, TransUnion, and Experian. The law mandates that TransUnion, Equifax, and Experian grant you access to a credit report once every 12 months. (This may change to once a month soon.)
When requesting to review your credit reports from the three credit bureaus, the chances are that you will have to answer a couple of questions to verify you are who you say you are.
Here, the information required involves a home address, a Social Security number, a name, and a date of birth. The data used to help create these questions comes directly from your credit reports. For instance, you will need to verify information found on your credit report, like car loans or student loans.
There are also free apps in the market that monitor your credit for free and give you access to scores from one and sometimes two of three major bureaus. However, non of them offer access to all three credit bureaus.
Another way to access your credit reports is through credit monitoring companies.
#2. Credit Monitoring Companies
If you're interested in getting your credit reports more often, then credit monitoring agencies are for you. These companies keep track of all your credit info and regularly review your credit reports.
In addition to protecting you against identity theft, they also offer:
Credit score monitoring companies notify you of any changes in your credit scores and reports. All of the top three credit reporting agencies also offer credit monitoring services.
If you're trying to improve your credit score and maximize your creditworthiness so that you can apply for a mortgage, new credit, or negotiate better terms with your lender, credit monitoring services can help you get there.
The last thing you want is to learn that your credit isn't as excellent as you thought. Sadly, this is what happens when you're not watching your credit reports from all three bureaus.
As a result, it's recommended you go through independent credit monitoring agencies that offer 3 bureau credit score monitoring. That way, there's no room for surprises.
Monitoring your credit reports weekly, monthly, or quarterly can help you keep track of your credit data. However, you must monitor your reports from all three national credit bureaus.
That's why the best credit monitoring companies offer 3 bureau credit score monitoring as part of their services. Besides, three-bureau credit monitoring will allow you to know which bureau your lender uses, which can help you make smarter decisions when applying for credit or loans.
Three bureau credit score monitoring enables you to receive your latest credit scores associated with each report more frequently. That way, you can view your entire file regularly, which is vital for finding and correcting errors and even stopping fraudulent activities.
With 3 bureau credit score monitoring, you'll probably get access to both FICO Scores and VantageScores credit scores - which are the most widely used. You can then view the right VantageScore or FICO score. That's an incredible insight into your credit data you can't get anywhere else.
You can take control of your credit with credit monitoring services that offer 3 bureau credit score monitoring today. If any key changes occur to your Equifax, Experian, or TransUnion credit files, you will be alerted, by email, text message, or a phone call.