Do I Need All Three Credit Reports?
Mom's Response: You might not need all three credit reports but some of the companies that you might want to get a loan from do want all 3 financial records.
Why? Not all financial institutions report to the three different bureaus. Some companies only report to one agency. While other institutions will report to all three.
This is very common with collections and credit unions. They report their information to one agency and don't send it to the other agencies.
So if you came to me for a loan and I considered extending credit to you, I would want to know as much about your financial background as I could.
I would ask you a ton of questions regarding your ability to pay...income, job, etc. and then I would want to know as much as I could about your payment history.
How do I find out your history? Check all 3 reports
as they might not have the same information.
If I get all 3. I have covered my bases on you background and your money habits. Now armed with all that information I can make a better decision as to whether or not I want to loan any money to you.