There may be a need for many of us to take a loan. For the benefit of the borrower, there are many sources that offer this loan. Before actually granting the loan, the lender needs to be sure that the borrower would land up defaulting when the time for repayment comes. In other words, the lender needs to be sure that the money is repaid in time. Thus, the risks attached to the loan need to be analyzed. And this is precisely where the credit score data of a person comes in. This figure provides an accurate reflection of the ability of the borrower to pay back the loan. The three major American credit bureaus are the Equifax, the Experian and the TransUnion. The three bureaus calculate the credit scores individually. When the report comprises of all these 3 independent figures, it is called 3 1 credit report.

It makes a lot of sense to first find out about your score before applying for that loan. The credit scores calculated by the bureaus, more often than not differ in their value. This is because, different methods are adopted by the bureaus to arrive at a conclusion. Thus, these figures have to be studied together.

The individual reports are all combined using a particular mechanism and then a final report is taken out. This is precisely what the 3 1 credit report is. Needless to say, such a report is much more convenient for you, and it is the correct data as well.

Several components go into the making of this report. The main components of this report are mentioned here:

• Consumer-related information - This comprises of all relevant personal data including the name, address and other personal details.


• Transaction statements of the consumer - This component is made up of all statements and alerts related to the transactions of a person.


• Previous accounting information about the person - This section includes all credit data of the person.


• Records meant for public knowledge - Information related to taxes, bankruptcy and liens fall under this category.


• Inquiries about credit scores - Records of all lenders that have analyzed the individual credit score of the person is maintained here


• Contact details of creditors - The contact information of the person's creditors are kept in this section.

All borrowing transactions are recorded separately by the credit bureaus. Thus, such transactions are also there in the 3 1 credit report. Based on these reports, your credit worthiness is judged, and so it is essential for you to know about it. Did you know that you will not need to pay anything to get this report? However you can get your report only when you know what to do and where to approach.