What Is a Tri-Merge Credit Report?

How Do Merged Credit Reports Work?

Merged credit reports are also known as tri-merge reports or three-bureau reports. They're generally created by third-party mortgage reporting companies that gather your information from the major consumer credit bureaus: Experian, TransUnion and Equifax.

The companies can use matching logic to determine which accounts to use in your report. For example, if your credit card issuer reports to the three bureaus at different times, the company could make sure to use the most recently reported entry in your tri-merge report.

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What's Included in a Tri-Merge Credit Report?

Tri-merge credit reports can contain a variety of information depending on who creates the report, what's in each of your credit reports and what the mortgage lender requests.

Generally, the company sorts and combines the information from your three reports to create the merged report. It may remove duplicate entries and add a summary near the beginning with an overview of your credit scores, balances, late payments, fraud alerts and credit utilization ratio.

The report can also include:

• Credit accounts: A list of your credit cards and loans, along with their balances, payment history and other information.
• Credit scores: The credit scores based on each of your credit reports, which may include FICO^® Scores^Θ and/or a VantageScore^® 4.0 credit score.
• Fraud and compliance warnings: Alerts related to identity theft, fraud and other compliance requirements.
• Hard inquiries: Recent records of when someone checked your credit reports for lending purposes.

Unlike your personal credit reports, tri-merge reports do not include a summary of soft inquiries.

Why Do Lenders Use Tri-Merge Credit Reports?

Lenders use tri-merge credit reports because they can help lenders in the following ways:

• Simplify reviews: Mortgage underwriters and automated systems may be able to review applications faster when there's a single report that combines information from the three credit reports.
• Get a more complete picture: Some organizations only report information to one or two of the credit bureaus. With a tri-merge report, lenders can make sure that they aren't missing these data points when evaluating an application.
• Calculate credit scores: Lenders can receive credit scores with each of your reports and often use the middle score, or the lower score if you only have two scores, to determine your eligibility and rates. If you're applying with a co-borrower, the lender might do this for both of you and then use the lower score.
• Align with federal and industry guidelines: The Federal Housing Administration (FHA), Fannie Mae and Freddie Mac also require lenders to use tri-merge reports when underwriting some types of loans. Many lenders follow these guidelines in order to issue certain types of federally backed loans and to sell loans to Fannie Mae or Freddie Mac.

How Does a Tri-Merge Credit Report Affect Your Loan?

A tri-merge credit report can affect your mortgage loan because it will impact how the lender views your credit history and credit scores. It could influence your ability to qualify for a loan, the rates you receive and whether the lender requests more documentation. Errors in the tri-merge report can also lead to delays.

Because most of the information will come from your three credit reports, you may want to closely review your reports when you first think about buying a home or refinancing a mortgage. This can give you time to look for discrepancies or errors that you can fix before you're in the midst of the closing process.

Learn more: How to Build Credit to Buy a House

Can You Order a Tri-Merge Credit Report?

Merged reports are primarily created and sold to mortgage professionals, and you can't necessarily order one on your own. However, if you're working with a mortgage lender or broker, they may be able to share a copy of your tri-merge report with you.

They may even be able to request a merged report with a soft inquiry, so the request doesn't impact your credit scores. However, if you want to get preapproved for a mortgage or you're applying for a loan, the creation of the tri-merge report could lead to a hard inquiry on all three of your credit reports.

You may also be able to get a copy of a merged credit report if you're working with a credit counselor. Some counselors offer first-time homebuyer programs, and reviewing your credit may be part of the preparation process.

Read more: Tools to Help You Navigate the Homebuying Process

Frequently Asked Questions

Monitor Your Credit for Changes

Monitoring your credit can be important when you're thinking about buying a home or refinancing your mortgage, and you don't need to get a tri-merge report to do it. Just try to review each of your credit reports regularly or sign up for credit monitoring to get real-time alerts about important changes.