3 Bureau Credit Monitoring
Definition of 3 Bureau Credit Monitoring
3 bureau credit monitoring is a credit monitoring service that tracks any changes in all three nationwide credit monitoring bureaus. These are Experian, Equifax and TransUnion. Consumers may opt to engage this type of service as a protection against credit fraud and identity theft. Another use of 3 bureau credit monitoring is to determine if any inaccuracies have been reported by information providers. Credit report mistakes can potentially lead to problems that include lower credit scores.
Features of 3 Bureau Credit Monitoring
Different companies offering 3 bureau credit monitoring will offer different options. Some of these options may include:
• Daily or weekly checks for credit report changes
• Details of all loans that is opened in the subscriber’s name
• Details of all credit cards that are opened in the subscriber’s name
• A complete payment history breakdown
• Information regarding all credit report viewings
• Line-by-line comparisons of reports from the three nationwide credit bureaus
• Immediate alert of any changes by email or other communication options
• A 3 bureau report may be useful in obtaining a loan
The Difference Between 3 Bureau and Single Bureau Credit Monitoring
The three nationwide credit bureaus act independently of one another. This means that they do not share their credit reporting information. Financial and personal information contained in one bureau’s report may not be reflected in another’s. This may also mean that an important entry may not be logged into a particular credit bureau’s report. When a subscriber engages a single credit bureau monitoring service, changes to an unlisted credit account will not be reported.
A 3 bureau monitoring service tracks all 3 credit reporting agencies. This will include any and all credit report history that could be viewed by a potential lender. Therefore, errors that can occur in a credit report may be more effectively caught with a 3 credit bureau monitoring service.
How to Evaluate a 3 Bureau Credit Monitoring
Since different credit monitoring services offer different options, there are several items and features to observe. A consumer will typically choose a service with features that match individual needs. For example, different services have different monitoring schedules. The frequency of account monitoring may be a consideration when choosing a service. Instances where there is a lot of credit activity encompassing many accounts may indicate the need for more frequent monitoring. Problems with identity theft, in the past, may also indicate the need for more frequent monitoring. If it has already been determined that different accounts are listed on different reports, then a 3 bureau monitoring service may be indicated. A small business that does not have the advantage of a dedicated accounting firm may also wish to have a 3 Credit Bureau Monitoring service. These are some of the issues that a consumer will consider when deciding on using a monitoring service.
Other considerations may include:
• Unlimited access to credit reports
• Different means of support (email, phone, in person)
• The option of including identity theft insurance
Obtaining 3 Credit Bureau Monitoring Service
3 Credit Bureau Monitoring Service can be obtained from a number of different sources. The three nationwide credit reporting agencies, Equifax, Experian and TransUnion each offer 3 Credit Bureau Monitoring products for a set fee. In addition, many companies can be found on the Internet that will also offer 3 credit bureau monitoring service plans. These plans are priced differently and will offer different service options. In the long run, it will be up to the consumer to determine how to customize a 3 bureau monitoring service. This will be done to meet individual personal or business needs.