What Is A Tri-Merge Credit Report?

What Is A Tri-Merge Credit Report?

When you apply for a mortgage loan, lenders may request a tri-merge credit report. This report includes details from all three credit reporting bureaus, in the form of a single credit report. It contains a record of your financial transactions for the past several years, specifically related to your management of credit and debt. What is a tri-merge credit score in relation to a merged report? A tri-merge credit score does not exist in the same way as a merged credit report. Instead, lenders obtain an individual credit score for each of the three bureaus. Here are a few important aspects you should know about tri-merge credit reports.

What Is Included in a Merged Credit Report?

What is a merged credit report and how does it differ from other types of credit reports? A typical credit report only includes the information reported directly to that credit reporting bureau. Some reports include more data than others, and they may focus on specific aspects of your use of credit. By comparison, a tri-merge report combines all the information into one document, including:

  • Name
  • Current and past addresses
  • Credit scores from each bureau
  • Credit history from current and recent creditors
  • Public records, such as bankruptcy or foreclosure

The goal of the report is to provide the most comprehensive data at once, for the lender’s review. Although you cannot request a merged credit report directly from the bureaus, you may receive a copy from the lender as part of the application process.

What Is the Purpose of a Tri-Merge Report?

What is a tri-merge credit report and why does a mortgage lender need this information? Start by recognizing that mortgages are often the biggest loans you will ever receive. Lenders want to be sure that they have all the information, despite inconsistencies in reporting between the three bureaus. The underwriting process for a mortgage can be much more complicated than a car loan or credit card. Requesting a report with organized data simplifies this aspect of the review process, while ensuring that the lender does not miss any relevant detail.

How Can I Improve My Credit Scores?

Tri-merge credit reports include credit scores from the three reporting bureaus, giving a numerical representation of your risk as a borrower. These scores are tailored to mortgage risk factors, which means that they might not be the same ones you get when you request a copy of your individual credit reports. Since the merged credit report simply includes all the details from your individual reports, you can use that information to help improve your credit scores.

Get a Copy of Your Reports

By law, you can request a free copy of your report from each bureau once per year. You should take advantage of this benefit as a way of verifying the information. Additionally, if your application for a loan is declined, you can ask the lender to provide a copy of the report it used in the decision-making process.

Correct Errors

Errors in your credit report are more common than you might expect, and these mistakes can affect your credit. For example, an open account that shows as closed might decrease your available credit or increase your credit utilization, leading to a lower credit score. When you find an error, submit a request to the bureau to correct it.

Increase Positive Reporting

If your credit history is limited or has a few negative reports, you can help by contributing to positive reports. The best path depends on your credit history and the negative aspects of your reports. In most cases, you can improve your score by making on-time payments and avoiding opening or closing accounts right before you apply for a mortgage.

How Can Stein Saks, PLLC Help?

Need to know, “What does tri-merge mean?” At Stein Saks, PLLC, we can do much more than provide useful information for your research. Our firm specializes in helping consumers. Navigating the process of correcting your credit report is one of our many areas of practice. Contact us to learn more about how you can minimize problems related to your credit report.

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