This term refers to the three consumer reporting companies that monitor your credit card reports in the U.S. They are TransUnion, Experian and Equifax. The companies offer a total of three credit reports and scores for free within the twelve months of the year. Gauging by the significance of the credit report and the credit scores, it is important to plan strategically on how to make good use of the three reports and scores to manipulate decisions in your favor.
Most financial advisors suggest the staggering of the reports across the twelve months. This ,they say is a good way of keeping your self up to date on your credit rating at all times across the year. It is also advisable to keep such staggered track of the scores and reports as it helps in discovering any possible cases of identity theft that may occur to your credit cards.
Advantages of 3 bureaus credit
Each of the three bureaus has its own source of information depending on who submits a report on your card. This therefore means that as much as all the information from all the three bureaus is about you, they could display different information at any given time. Perhaps you may be wondering how this situation could benefit you. The main advantage here is to enable you to know which of your business associates views you in bad light. You may also decide to send a copy of your report to a potential business associate if you feel its score is more favorable.
Another major advantage of the 3 bureaus credit is the availability of flexibility. This means that you can decide to use only one bureau at a time and spare the reports from the remaining two for speculative purposes. In this, I mean that you may never know when a situation that demands of you to know your credit report may arise. Keeping the remaining two unused chances will save you the money you would have spent on the report supposing you had already exhausted your three chances.
Lastly, it is very important to have the 3 bureaus credit report or score as it implies your average report and score. As most potential business partners, be they employers, finance institutions or even mortgage companies with whom you intend to conduct business are more likely to look for the 3 bureaus credit report and score, it would save you some pain if you had the information at your finger tips as this can help you in preparing well for any queries that may arise as a result.