To the average person, the term tri merge credit report will sound like a foreign language. It is, however, a very important concept that you may deal with when you try to apply for a housing loan or other big financial decisions. To better prepare you for these situations, this piece will clarify what it means and how it’s used.
In a nutshell, tri merge credit report means your credit status will go through three separate evaluations. Lending institutions do this to ensure that they have the proper basis to decide on a loan application, particularly eyeing whether the applicant has the ability to pay them back.
In order to put this report together, they will ask three different parties for your credit score. When they get the results, they will compute the mean score and this will largely determine the fate of your application.
Seeing as how influential the tri merge credit report can be to your chances, it would do you well to evaluate your credit score yourself especially if you don’t know what’s a good credit score before filing your papers. This will give you the opportunity to spot potential concerns and find ways of fixing them to raise your score before any credit inquiries are conducted.
If you feel that you have conducted yourself well financially yet still have a relatively low score, do not be afraid to ask the credit company for information. They are legally obliged to do so. You can ask them to explain the issues and give suggestions on how to resolve them to improve your mark.
The tri merge credit report is a double-edged sword than can either aid you in your goals or harm your chances of getting them. Be proactive and inquire as to whether the lending institution you are considering does this type of checking. If so, your due diligence is required to sort out your credit score prior to application. Your efforts will be duly rewarded.