3 Credit Scores – The Importance of Getting All 3 Credit Bureau Scores

A good or bad credit score is a direct representation of you and your financial status. Your credit can also be a window into your personality. That is why some major companies nowadays have started to utilize credit reports as a basis for new hire. With this in mind, it is important to know exactly what is going on with all 3 of your credit bureau scores.

The three major credit reporting agencies cover different areas of the United States. Equifax covers the east coast, Experian covers the midwest and Trans Union covers the west coast. Depending on what region you live in, some institutions will only check the credit score for that region. The bad news is that all major creditors such as credit card companies, mortgage banks, and dealerships check all 3 credit bureau scores.

Banks that offer mortgages will customarily use the middle score of the 3 credit bureaus as a barometer to assess your credit worthiness. In essence if you have a high score with one credit reporting agency and low scores with the others, the bank will choose the second to lowest score as a representation of you. That is why it is important to know exactly what your scores are.

There are several factors that can be responsible for lowering your credit score. Some of the most damaging factors include: late payments, missed payments, charge offs and identity fraud. There is no way to know what is on your report until your request a copy of both your report and credit scores. You may be surprised at how many errors that can easily be addressed to raise your credit score.

Errors on a credit report is not something that is uncommon. The credit bureaus are ran by humans whose job is to make sure that your credit report is accurate, but at the same time, it is human to make errors. Obtaining a copy of your file will let you know exactly where you stand as far as credit worthiness and what you need to correct.

Since all 3 credit bureau scores account for a full representation of you as a person, it is imperative to protect your character. There is nothing worse than finding out about your credit report and scores when you are trying to make a big purchase. There are ways to avoid dealing with unfortunate scenarios such as being the last to know about your bad credit, possible identity theft, or the reason you were passed on a good job, and it starts with knowing your credit scores.