TransUnion

What is TransUnion?

TransUnion is a credit bureau. It tracks the credit history of borrowers in order to generate credit reports and credit scores. Like Equifax and Experian, the other “Big Three” credit bureaus, TransUnion collects data to produce a credit history for every individual, and financial institutions look at these reports when determining whether to extend credit such as a mortgage or a credit card to a customer.

Deeper definition

Your credit report contains vital information about your credit history from lenders that have extended credit to you. The report lists the types of credits you use, the length of time your accounts have been open, and whether you’ve paid your bills on time. Credit reports are used by lenders to determine your creditworthiness and eligibility for loans. They also tell lenders whether you are seeking new sources of credit and how much credit you’ve already used. Credit reports can give lenders a broader picture of your credit than your bank’s customer data.

Under the Fair Credit Reporting Act, you are allowed a 100-word consumer statement about any credit reports you dispute.

To access your credit report, you must provide TransUnion or other credit-reporting agency with your name, your address, your date of birth, and your Social Security number, as well as the addresses of previous residences. Providing this information will also give you a personal account on TransUnion’s website after you have verified your identity. For security, you may be asked a series of questions only you would know the answer to when requesting your report, such as the frequency of certain loan repayments.

Example of TransUnion

The other major credit reporting agencies are Equifax and Experian, known, respectively, for recording open and closed account information and letting you know when an account is scheduled to fall off your credit report.

Despite lacking such features, TransUnion reports comprehensive employment data in all of its personal credit report summaries. It offers you the ability to update, change and correct several fields, like your current and previous employers’ names, the dates you were hired, the time period you worked for each employer, and more.

Aside from being a credit-reporting agency, TransUnion provides its customers with a credit monitoring service. Credit monitoring acts as a personal assistant and watchdog to your credit and can help prevent identity theft and other fraudulent activities. If you are a victim of identity theft, the credit-monitoring package can “help mitigate the damage,” according to TransUnion. In its credit-monitoring package, for which you pay a monthly fee, TransUnion offers unlimited updates to your TransUnion credit report, instant email alerts, personalized debt analysis and more.

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