Tri Merge Credit Report

By Rory Ackerman •  Updated: 07/13/22 •  6 min read
Filed under: Credit Score

When the time comes for you to apply for a mortgage, your credit report will undergo a thorough assessment by the mortgage lender. While a mortgage is unlike any other type of a loan, like title loans or installment loans, it might involve a more detailed scan of your credit with a tri-merge credit report.

The tri-merge credit report is a detailed credit report including individual credit reports from all three major credit bureaus in a single file. It’s different from your regular credit report based on a single agency since there are slight differences in credit ratings with each bureau. Read on to find out everything relevant to this complex creditworthiness evaluation!

Importance Of Tri Merge Credit Report

The tri-merge credit report is used by mortgage lenders, for the most part, so you might not be able to get a free tri-merge credit report yourself. Although it’s possible to consult the loan advisor to provide you with a copy of the report, it’s mostly provided to lenders alone.

Tri Merge Copy Of Credit Report

Financial institutions may or may not approve your loan based on these mortgage credit reports from the three credit bureaus. So, this version of a credit report includes all individual reports from Equifax, Experian, and TransUnion bureaus.

It’s safe to say that it’s a crucial factor in getting your mortgage request approved or denied. Both your payment history and the merged credit report will be observed in the overall evaluation of your middle credit score.

That’s why the individual reports are such a crucial factor – your FICO rating might differ a bit for each of the major credit bureaus.

What Lenders Can See From Your Tri Merge Report

The first thing that lenders will see in your tri-merge report is separate credit reports from the three bureaus. The three reports each have slightly different rating methodologies. While Experian relies on the standard FICO scores 5, Equifax uses the “Beacon score”. 

The TransUnion agency also relies on a standard FICO score method of evaluation, only with a rating display in the range from 300 to 850, unlike Experian’s 330 to 830 range. Before your mortgage loan is approved, the lenders combine these credit reports to form a middle score, or basically an average score.

They also observe specific details included in the report that vouch for your capability of repayment. Other than the FICO score itself, they also review specific items such as credit history length, number of outstanding loans, credit utilization, and any negative information as well.

So, if you’ve missed your payment or applied for too many loans with hard pulls leaving a trace on your credit report, the mortgage lenders will see it. Because of this, your application might be rejected, or a higher interest rate might be offered depending on the tri-merge score.

Getting Your Tri Merge Report For Overview

Although your tri-merge credit report is only submitted to the mortgage lenders, you can still get an overview for yourself.

Tri Merge Calculating Credit Report

You have the right to get a copy of your free credit report from Equifax, Experian, and TransUnion once per year. This way you can compare the FICO score from individual reports and get a sense of what mortgage lenders can see in your tri-merge report.

Will Pulling a Tri Merge Credit Report Hurt Your Credit Scores?

Mortgage lenders pulling your credit data might hurt your credit scores but only if the lenders make a hard pull. Many lenders will only use a soft inquiry that doesn’t affect your credit reports.

Tri Merge Hurt Your Credit Report

One thing you can do to prevent lowering your credit scores when applying for a mortgage loan is to check the type of inquiry the lenders will conduct beforehand. A hard pull might leave a mark on your credit history for up to 2 years.

Difference Between Tri Merge Credit Report And VantageScore

To develop a joint credit rating system for mortgage approvals, the three credit bureaus created the VantageScore model. It’s a similar system to the FICO credit score and differs from the tri-merge credit report since it’s mainly expressed in points.

On the other hand, the tri-merge credit report consists of all three reports from the major agencies without being primarily oriented on your FICO rating. 

Because of this, some lenders will consider your tri-merge credit report for a complete picture of your reports to observe revolving credit, outstanding loans, credit utilization, and successful repayments.

On the other hand, some lenders will consider your VantageScore and evaluate your rating based off that. WIth a VantageScore above 650 or higher, you can usually qualify for a mortgage loan.

Why Isn’t A Regular FICO Rating Enough For A Mortgage Lender?

Tri-Merge Credit Report By Mortgage Lenders

Your mortgage lender will use the tri-merge credit score instead of just one rating from a bureau for the following reasons:

If you want to qualify for mortgages, every scoring model found in the different reports will be considered. Equifax also might use a different risk model when compared with Experian and TransUnion credit reports. Mortgage professionals and the underwriters they submit your documents to will consider all of the mentioned information before forming an opinion on your creditworthiness level.

That’s why a single FICO score isn’t enough for this type of loan, given the larger loan amounts and higher risks of possibly missing the payment.

The tri-merge credit score combines all of these items in a single file and it ensures that a mortgage lender doesn’t miss anything.

Final Thoughts

Now you know why merged credit reports are so important when it comes to making a mortgage application. They not only showcase the slight differences between each scoring model but also prevent the chance of one credit report having outdated items.

With this model, the risk is reduced to the minimum, and the lender can consider several models instead of just one, or just your FICO rating. For the final piece of advice – make sure to only apply for loans that won’t leave a mark on your history caused by the tri-merge credit report.

Frequently Asked Questions (FAQ):

Is a tri-merge credit report considered a hard pull?

Pulling tri-merge reports doesn’t have to leave a mark on your credit history if you choose the institution wisely. Most lenders will only conduct a soft check while scanning your reports. You should be able to ask the lender upfront if it is a soft pull or hard pull on your credit.

Can I see all the tri-merge report details with individual reports from the credit agencies?

In essence, you should be able to access the same information with individual reports from Experian, TransUnion, and Equifax as the ones a lender will access through your combined report. It only makes it easier to compare the items through the mixed report in a single file.

What information can lenders access from the merged report?

The merged report includes all of your credit information, loan accounts, credit utilization, and history of payments. It also includes negative items such as missed payments.

Rory AckermanRory Ackerman

Rory Ackerman

Hi, I'm Rory! I've worked in the banking industry for quite some time and wanted to help provide my expertise with all things credit related. In my spare time I like to play video games and collect sports cards.