The fair credit reporting act allows the lenders to share the reports they receive as a result of an enquiry with the consumer. The reports pulled by landlords and employers can also be shared with the person that it belongs to for the purpose of explanation and discussion. A Tri- merged report is particularly common in mortgage lending and is prepared by combining the consumers credit reports from each of the three national credit bureaus. A mortgage company usually takes the service of the third-party mortgage reporting company in order to do this. The mortgage reporting company pulls the consumer’s report from each one of the national credit bureaus and merges them into a single report by removing duplicate accounts and performing other procedures to make a comprehensive picture of the consumer’s creditworthiness based.
A mortgage reporting company may also provide analytical analysis and apply credit scores before sending it to the mortgage lender. The legislation allows the sharing of the reports by the lender with the consumer as they may need to discuss it with the borrower. It should be remembered both by lenders and that the consumer that the credit report provided to businesses is specifically meant for the business and the lending decision making process.
Certain information is missing from the business credit reports such as contact information for the credit bureaus, disputing instruction and the record of soft enquiries. The personal credit report that a consumer gets directly from the credit bureau includes the same credit report information but in a format that is very easy to read and understand. Each enTri- is numbered and contact information is provided for the person to dispute information they believe is inaccurate. Information like enquiries that have been made into the credit report along with names and addresses and contact information for lenders is shown only on the personal credit report meant for the consumer.
It is difficult for a consumer to get assistance from a customer care representative of a credit bureau without ordering a recent copy of his personal credit report as that is the exact copy that the representative will be looking at when providing assistance. The consumer will be able to provide the same point of reference to the representative without which searching for the same record on two different credit reports can become time-consuming and frustrating.
While a lender can share his copy of a Tri- merged report to the consumer she should explain to the consumer that in order to better understand his credit report he should order of his own personal report from directly from the credit bureau. He should also inform the consumer that any other analytical data that he might have received such as credit scores is not a part of the personal credit report, especially if he is accessing his from the website of the annual free credit report. They will most likely have to purchase a credit score separately as an additional service. If any adverse action is taken based on the credit report from a certain credit bureau such as the denying the credit, application the consumer becomes eligible to access of free credit report from that particular credit bureau..