What is TransUnion?
TransUnion is a credit bureau, that tracks the credit history of borrowers in order to generate credit reports and credit scores. TransUnion just like Equifax and Experian collects data to produce a credit history for every individual, and financial institutions make use of these reports when trying to decide whether or not to extend credit like a mortgage or a credit card to a customer.
Your credit report encompasses vital information about your credit history from lenders who 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 or not you’ve paid your bills on time. Lenders use credit reports, to determine your creditworthiness and eligibility for loans.
The credit report also intimates lenders whether you are seeking new sources of credit and how much credit you have already used. Lenders with the help of credit reports, get a broader picture of your credit than your bank’s customer data.
According to the Fair Credit Reporting Act, you are allowed a 100-word consumer statement about any credit reports you dispute.
Accessing Your Credit Report
If you want to access your credit report, you must provide TransUnion or other credit reporting bureaus with your name, your address, your date of birth, as well as your Social Security Number and the addresses of former residences.
Offering this information will also offer you a personal account of TransUnion’s website after your identity has been verified. For security, you may be prompted for a series of questions only you would know the answer to when requesting your report, as the frequency of certain loan repayments.
What Can TransUnion Help You Do?
TransUnion comes in handy when it comes to reporting comprehensive employment data in all of its personal credit report summaries.
This credit-reporting agency offers its customers with a credit monitoring service. Credit monitoring is just like a personal assistant and watchdog to your credit and can help prevent identity theft and other fraudulent activities.
In case you are a victim of identity theft, the credit-monitoring package can help mitigate the damage according to TransUnion. TransUnion in its a credit-monitoring package, for which you are required to pay a monthly fee, offers unlimited updates to your TransUnion credit report, instant email alerts, personalized debt analysis, etc.