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Significance of the Triple or Tri-merge Credit Report

Particularly if you've been shopping for a new home and applied for a mortgage you've encountered the phrase "tri-merge credit report." A triple credit report is exactly what the name implies; a would-be creditor, like a mortgage broker, uses three credit reports to evaluate a borrower's credit potential. A credit report is obtained from each of the three credit bureaus (Equifax, Experian, and TransUnion). The average of the three supplied scores is taken as the basis of the loan acceptance or rejection.

A credit score is simply a summary by a given credit reporting agency of the information accrued by a consumer's financial activity. The computed score is based on an individual's credit history and patterns of payment. Generally those people who have a history of paying their debts and bills on time and who have not undergone a personal financial crisis such as bankruptcy, can count on having a good credit score, but it is recommended that individual's take the time to review their credit report each year. Since 2005 it has been the law in the United States that Americans are entitled to one free credit report from each of the the major credit-reporting companies or "bureaus" once a year. If you choose to contact these entities directly, their information is as follows:

Equifax, P.O. Box 740243, Atlanta, GA 30374, Ph. 800-685-1111
Experian, P.O. Box 2002, Allen, TX 75013, Ph. 888-397-3742
Trans Union, P.O. Box 1000, Chester, PA 19022, Ph. 800-916-8800

For the purpose of simply acquiring and reviewing the individual reports, most consumers find it easier to go to annualcreditreport.com. In the event of an issue, however, it may be necessary to contact the individual credit bureau.

If you are planning a major purchase that will require you to seek credit, it's a good idea to review your credit reports first and if possible to correct any issues before applying for your mortgage or other loan. Remember that a triple credit report seeks the average of the included scores, so one low score can seriously effect your chances of qualifying for financing. A given credit bureau must be able to prove any negative items that appear on your report within 14 days or those negative items must be removed. Most consumers are not aware that:

Due to operator error, negative items may remain on their reports long after the issue has been resolved, for instance a loan that continues to show as "outstanding" when the amount has in fact been repaid.
Old items can linger even after they cannot be verified because the reporting business is no longer in operation, has moved, or has discarded the relevant records.
Some instances of bad credit are false because they result from mistaken identity or identity theft.

Simply by contacting the credit bureau involved, disputing the item, and backing up your dispute with as many facts and supporting documents as possible, most bad credit items can be expunged from your credit history without the assistance of a lawyer or credit repair agency.

Before entering into a credit application process where a tri-merge credit report will be used to determine your eligibility, protect yourself by looking at your own credit history and taking proactive steps to improve your overall credit score. While the law of averages tends to work in your favor in a triple credit report situation, anyone who has ever seen their grade plummet in an academic class due to one "off" day on a test will also understand that a single negative number can have a huge impact on the final score. Since you are, by law in the United States, entitled to examine and question your credit report and history, use the rights and privileges to which you are entitled and take control of your own financial future. Why let the numbers work against you when you have the power to make them work for you?

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