Questions about Credit Reports
What’s the difference between a 3-source report and a 3-bureau report?
A 3-source report is pretty much what it sounds like – a report that pulls data from three different sources. Be cautious, however – a 3-source report typically combines information from two credit bureaus and a third ‘other’ source. A 3-source report can’t be called a 3-bureau report because the report provider hasn’t met Equifax’s eligibility requirements to provide Equifax data.
Why does this matter?
Our research shows that reports pulling from only two bureaus (and a third ‘other’ source) leave out vital data as much as 40% of the time.
We use a 3-bureau report which includes data from all three national credit bureaus: Experian, TransUnion and Equifax, plus public records information, detailed medical collections information. Most of our reports include prefiling and predictive post bankruptcy credit scores.
What’s the difference between free credit reports and a 3-bureau report?
A free credit report typically contains a single bureau, and may contain outdated information. Once obtained, you need to compare each and every item on each individual report to find out and evaluate your credit for errors. This process can be time consuming, and prone to errors.
Why is it important to have information from all three national credit bureaus?
The three national credit bureaus, Experian, TransUnion, Equifax, are all trusted brand names. They also happen to be competitors vying for exclusive information from creditors. As a result, a creditor often reports information to a single credit bureau only, meaning that single- bureau and even two-bureau reports often miss debts owed to other creditors. The result is that you or your attorney may not have the full picture of your credit history.
What about Medical Information?
Many times you have medical liabilities. In fact, medical liabilities account for the reason that up to 40% of individual bankruptcy filings happen. (Ask you congressperson and senator if this matters to them). You need to know all your creditors, if the credit reports you order don’t have medical information on them, you have an incomplete picture.