3 in 1 credit report: A Guide To Improving your Credit Rating

Information given on a credit report portrays the past and present situation of the customer. Any bad credit rating, county court judgments, bankruptcies or payments could lead to negative entries on a credit report and repel potential lenders. For maintaining a clear credit report, you can obtain a 3 in 1 credit report, which allows you to compare your credit reports prepared by all the three credit-reporting agencies. With a 3 in 1 credit report, you can save your time and money that are required for obtaining individual credit report copies from all the three agencies. The financial information on a 3 in 1 credit report is the same as given in individual credit reports of all the three agencies.

Useful Steps to Improve Credit Rating

• All three major credit-reporting agencies (Equifax, Experian and Transunion) provide detailed report to the customers. Information given on a credit report is collected from various sources and collectively compiled as one single report attracting discrepancies. Therefore in either case, the accuracy of the reports should be checked.
• Request for removal of out-dated or inaccurate information.
• Accounts with balances over 50% of the allocated credit should be reduced to approximately below 30%.
• Timely payment of dues would always be suggested to optimize the score.
• Closing down unused cards with a view to raising FICO score could act in rebound and lower it.
• It is suggested to avoid applying for credit if the customer is being turned down. Over piling inquiry requests from the customer or lender can negatively affect the score. In case of the former, it could mislead the lender into thinking that new credit accounts are being opened because of bad finances.
• For a good credit, apply for a joint credit card or loan with a family member or friend who has a good credit history to.
• You can update information on a credit report by co-coordinating with creditors to resolve disputes. This way the accounts are not reported as ‘bad debt’ or delinquent.
• Unpaid collection accounts can be revised by negotiating a pay-off settlement. In this case, an individual can reduce bills or even demand removal of all derogatory remarks.
• It is advisable to ensure that you are listed in the electoral register, as it’s easier for the lender to crosscheck personal information.
• Opening new account could make a creditor feel that you have reserved money to pay debts, and are working on saving a fair amount of money.

Conclusively, credits can be turned down after looking at the credit rating. To make it more appealing to potential lenders you should try and keep a good record of your payments and debts.