The term ‘merged credit report’ refers to the process wherein a third party’s credit report is included or merged with your credit file. It might be probably due to negligence on the part of a credit reporting agency, which led to the inclusions, or merging of credit information in your file.
A credit report can be merged with a family member bearing the same name. Today, the majority of the people who are residing in a neighborhood share or merge credit reports along with their family members. Most of the consumers claim that their social security number is merged with the credit report owing to clerical mistakes. Some of the common clerical issues are as follows:
- Entering an incorrect social security number report when applying for credit.
- The co-signers might sometime come across credit reports, which are merged with another person containing his/her signature.
It is quite difficult to search for credit reports, which are merged with a third party. Most of the times, these clerical issues are left unnoticed unless the customers come across multiple accounts. They fear that it is an identity theft. As a result, if he/she happens to see the false information included in their credit report, then they should immediately contact the credit bureau agencies to raise this issue and rectify it as soon as possible.
Filing a complaint with the credit bureau agency
It is the duty of a consumer to send a written complaint to the concerned credit bureau agency highlighting the identity theft. It includes fake names, incorrect address and obscure trade line account.
What is the major purpose behind merging credit reports with another individual?
One of the major factors behind merging credit reports is that it allows a credit account holder to take note of the data gathered by various credit reporting agencies. These agencies will not share credential with a third party. The seller furnishes the details of past transactions to the credit bureau agencies.
There would be variations in credit score when a credit account holder settles the payment on time and data suppliers do not send notifications to credit bureau agencies. The standard credit score of a credit account holder is based upon the accurate data shared to these agencies.
Another major advantage of merging credit report is that a credit account holder will be able to keep track of policies of credit monitoring. All the multiple credit reports should be replaced with an individual merged credit report. It includes all the vital information, which allows you to compare the policies and reports.
What is meant by the term ‘Tri-merged credit report’?
Tri-merged credit report, which is sometimes referred to as ‘Residential Mortgage Credit Report’ contains all credit reports of all the leading credit bureau agencies such as ‘Equifax’, ‘Experian’ and ‘Trans Union’.
To sum up, merging credit report with a family member is an ideal way to keep track of all the credit reports.