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Tri-merge credit report? How it works, & what’s included?

A tri-merge credit report combines data from all three major credit bureaus into a single document.

This report gives mortgage lenders a fuller and more nuanced view of an applicant's credit history.

This helps lenders evaluate risk more accurately since credit information can vary between bureaus.

What is a tri-merge credit report, and how does it work?

A tri-merge credit report acts as a consolidated financial snapshot created specifically for mortgage lenders and other creditors who underwrite significant loans.

Also known as three-bureau reports, these specialized documents compile credit data from Experian, Equifax, and TransUnion into a single overview.

Third-party mortgage reporting companies generate these reports by gathering and merging a borrower's data from all three major credit bureaus.

Duplicate entries are removed, and a summary section show underwriters a borrower's open accounts, account balances, payment history, and credit utilization ratio.

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Why do you have multiple credit scores?

Many creditors don't report data to all three major bureaus. This causes discrepancies between a borrower's Equifax, TransUnion, and Experian reports. These discrepancies can cause different lenders to see different FICO or VantageScorenumbers for the same borrower.

A tri-merge credit report solves this problem. Rather than relying on a single bureau's data which could exclude a significant problem, mortgage lenders use tri-merge reports which are less likely to exclude important data.

What does a tri-merge credit report include?

A tri-merge report typically contains:

• Your personal information (name, address, Social Security number)
• Active debts (mortgages, student loans, auto loans, credit cards)
• Payment history and open accounts
• Credit inquiries, especially hard credit checks
• Late payments from the past seven years
• Collections, bankruptcies, and foreclosure records
• Work history and previous addresses

The report may display your FICO scores from each bureau, allowing lenders to use the middle score for assessment. 

What are tri-merge credit reports used for?

Lenders and financial institutions use tri-merge credit reports for several purposes beyond checking credit scores. Loanofficers will look beyond the credit score numbers to see the borrower's financial decisions.

Tri-merge credit reports can help:

Assess borrower's ability to repay

Lenders need to know whether a borrower can repay the loan and whether they're likely to repay the loan.

The least risky borrowers have a history of making on-time payments on all their debt and keeping their consumer creditbalances low.

Tri-merge credit reports provide the most thorough data to help answer those questions. These answers affect both loanapprovals and interest rates.

Verify identification

Tri-merge credit reports also verify the borrower's identity. Financial institutions must confirm you are who you claim to be throughout the lending process. Consolidated personal information across all three bureaus helps detect potential identity theft or fraud attempts. Discrepancies in personal details across different credit bureaus may trigger additional verification steps.

Identity verification typically involves a soft credit check, which doesn't impact your credit score. Once you formally apply for a loan, a hard credit check confirms the data. A hard check can temporarily affect your score.

Screen employees

Tri-merge credit reports are commonly used for employment screening, particularly in financial and security-sensitive industries. Employers may review credit reports as part of background checks to assess your financial responsibility and integrity.

This practice is especially prevalent for positions involving financial oversight, handling sensitive data, or managing company assets.

Assess rental applications

Property managers and landlords also use data from the three credit bureaus to screen potential tenants' ability to make timely rent payments. A tri-merge credit report can help make this process more efficient. 

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How can a tri-merge credit report influence your loan?

What lenders see in your tri-merge credit report directly affects the interest rates and loan terms you receive. Financialinstitutions evaluate your complete credit history to assess your risk level and price your loan accordingly.

Different lenders have varying risk tolerance levels. When all three credit reporting agencies show no late payments and manageable debt loads, the borrower can often get approved with more favorable terms and lower interest rates.

On the other hand, someone whose tri-merge report shows substantial debt or a shaky payment history on their consumer credit accounts might face higher rates or less favorable terms.

Of course, data from the three credit bureaus isn't the only factor lenders consider. In fact, someone with excellent credit could still get denied if they can't make the down payment or prove they have enough income to make the new loan's monthly payment. 

How to improve your tri-merge credit report

Improving what lenders see in your tri-merge credit report starts with everyday financial decisions. Ultimately, those decisions will filter through the consumer credit reporting process that builds your tri-merge report.

Focus on:

• Making on-time payments on all debt: Payment history is a big deal, especially for the FICO scores mortgage lenders favor.
• Keeping credit card balances low: Credit utilization ratio shows how much credit you're using. If you have a $10,000 limit on a credit card try to keep the balance below $2,500. 
• Keeping accounts open: Even when you pay off a credit card balance, keeping the account open can increase credit utilization ratio. This also helps increase the age of your open accounts which can be helpful.
• Limit hard credit checks: Too many hard credit checks can lower credit scores. That's one reason Better's preapproval process requires only a soft credit check.

Credit counselors can offer more specific guidance. 

How to get a tri-merge credit report?

While consumers are entitled to their data from the credit reporting agencies, getting a tri-merge credit report isn't so simple. These reports are primarily created for lenders and financial institutions, not for individual consumers.

But tri-merge credit data isn't kept secret from the borrower. If you're working with a mortgage lender or broker during your application process, they might share a copy of your tri-merge report when you ask. Mortgage professionals use these reports when evaluating applications for large loans and may give you access to the information they've collected.

Credit counselors who offer first-time homebuyer programs might pull a tri-merge credit report as part of their credit review services, though this typically involves a fee.

Even without an official tri-merge report, you can see much of the same information by requesting free copies of your individual credit reports from each of the three credit bureaus through AnnualCreditReport.com. Recent changes allow consumers to request these reports once weekly rather than annually.

Tri-merge credit report FAQs

Here are some answers to frequently asked questions about tri-merge credit reports:

What is the cost of a tri-merge credit report?

A tri-merge credit report typically costs between $25 and $75, depending on the service provider. Consumers can't buy these reports from credit bureaus, but some specialized credit reporting services offer them at varying prices.

Many mortgage lenders pass on the cost of this report to borrowers through application fees. Credit counselors who offer first-time homebuyer programs might provide access to tri-merge reports as part of their services, usually with an additional fee.

For regular credit monitoring, obtaining free individual reports from each bureau remains the most cost-effective option.

Is obtaining a tri-merge credit report considered a hard inquiry?

Yes, when a lender pulls a tri-merge credit report during the formal loan application process, it's a hard credit check. This inquiry can impact your credit score, typically reducing it by about five points. The impact varies based on your credit profile.

Stronger credit histories often see less decline than weaker profiles. Multiple credit checks for the same loan type within a short timeframe (usually 14 to 45 days) count as a single inquiry under most scoring models.

What is the recommended timeframe for checking my credit before applying for a mortgage?

Review your credit reports from all three major credit bureaus at least three to six months before applying for a mortgage. This should provide enough time to identify and dispute errors, address outstanding issues, or improve your credit score through targeted actions.

Avoid opening new credit accounts or making large purchases on existing accounts during this preparation phase. Use tools like a mortgage calculator or refinance calculator to understand how your credit standing might affect potential loanterms.

What information does a tri-merge credit report contain?

A tri-merge credit report includes personal information, active debts, payment history, credit inquiries, late payments, collections, bankruptcies, foreclosures, work history, and previous addresses. It combines data from all three major credit bureaus to provide a comprehensive overview of your credit profile.

How does a tri-merge credit report affect my loan application?

A tri-merge credit report directly influences the interest rates and loan terms you receive. Lenders use this comprehensive report to assess your risk level. A clean credit history with manageable debt typically allows more favorable terms, while a history of missed payments or high debt may lead to higher rates or less favorable terms. Other factors besides credit history also affect loan eligibility.

Can I obtain my own tri-merge credit report?

Tri-merge credit reports are not public records. They are created for lenders. But you may be able to see yours through your mortgage lender or broker during the application process. Some credit counselors also offer these reports as part of their services, usually for a fee. Alternatively, you can access similar information by requesting free credit report from each bureau.

Creditworthiness is a big piece of the puzzle

Creditworthiness is a huge factor for mortgage financing, both for a new home loan or a home equity loan or refinance on an existing home. Building a strong credit history before applying for a mortgage can give borrowers more loan options, saving time and money during the home buying process.

But there's more to a borrower's financial life than credit history. Income, debt, cash reserves, and other factors also influence eligibility.

How do all of these variables affect your monthly payment on a new loan? A mortgage preapproval from Better can answer that question by estimating your payments. Better's preapproval does not require a hard inquiry that affects your credit score.

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<p style="text-align: center;">...in as little as 3 minutes – no credit impact</p