Given that there are three credit reporting bureaus, we often find ourselves asking which credit report is best? All three differ from each other and if you have already gotten hold of your credit report from each of the bureaus perhaps even paid extra for your credit score, you have found that not all three scores are the same. This is confusing since you should get the same, if not somehow similar scores because after all you only have one track record. The fact that each of the agencies, Equifax, TransUnion and Experian are legit makes the matter all the more confusing. So which credit report is best?
Which credit report is best?
The direct answer would be depending on which credit report your creditor will be using. Scores between all three of the credit bureaus can differ from as much as forty points so it would be somehow pointless to keep track of all three. It is useless to pay attention to your record from Experian if your creditor will use TransUnion. That’s another reason why it is hard to say which credit report is best.
If you are applying for a mortgage or a loan and want to find out your chances of getting one or getting a good deal, your best bet is to ask your creditor which of three bureaus they will be pulling your credit record from. Then avail of the once-every-twelve-months free credit report that you are entitled to. Yes, you can get your free credit report from each of the bureaus once every year at no charge.
When you get your credit report though, you won’t be getting your credit score along with it. Credit scores are available for around $10. If you don’t want to pay that amount for a score, you don’t have to because what’s important really is your credit record. Sure, credit scores are important but as long as everything in your credit record is correct and in order then your your credit score is inconsequential.
Now what you should do once you have your credit report is to take a good look at it and see if you should improve it. Make sure that all the transactions have indeed been made by you and that everything else is true. Fraudulent transactions and incorrect details are commonly found in credit reports. If you find anything suspicious in your record, contact the agency as soon as possible. You will have to submit documents to prove that the record is incorrect. Remember that even the smallest details matter because you will be held accountable and it will affect your credit score.
If you get the chance to compare your credit records from all three bureaus you will notice that not all contain the exact same information. TransUnion for example, will have more detailed information regarding your employment history and Equifax will have an 81-month credit history containing your past credit accounts. So because each of the three consumer credit bureaus will not contain the same exact information about your credit history nor will they calculate your credit score the very same way either. Again, it’s more important to pay attention to which your lender will be looking at and the accuracy of your credit report. All this makes it hard to pinpoint which credit report is best.