TransUnion: What You Need to Know

Regardless of whether you’re applying for a loan or you need to prove your financial trustworthiness for other reasons, your credit report is an essential document. It is issued by credit bureaus and contains detailed information about credit history, inquiries and public records. TransUnion is one of the largest credit bureaus in the US, so you can easily access a TransUnion credit score check online if needed.

So, what is TransUnion credit score exactly, and what details does it include? Keep reading to find out how to request your report, what it entails, and how your credit score is calculated.

What Is TransUnion Credit?

TransUnion is a credit bureau authorized to provide individuals with credit reports based on the data collected regarding their financial history and activity. The basic information you will receive in a report includes your personal information, any credit accounts, public records, and performed inquiries. You can currently request a free TransUnion credit report weekly.

By regularly reviewing your credit report, you will know exactly what a financial institution, a company, or your employer will see when they check your credit. Thus, you will be prepared or can make adjustments to improve your credit history and score. Also, if you spot any errors that may negatively affect your financial standing, you will be able to report them.

How Can You Request Your TransUnion Credit Score Report

Now that we have the answer to “What is a TransUnion credit report?”, the next step is to know how you can get one. Here are the main ways:

Visit AnnualCreditReport.com

One of the easiest ways to get a free copy of your credit report is to go to AnnualCreditReport.com. On this official site, you can fill out an application and receive a report from all three major bureaus, including TransUnion.

Use CreditWise

Created by Capital One, CreditWise also allows you to obtain a free credit report. What’s more, you don’t need to be a Capital One customer to sign up.

Call TransUnion’s Phone Line

If you prefer not to request your report online, call 877-322-8228. An automated phone system will verify your information during the call, and your report will be mailed to you.

How to Verify Your TransUnion Credit Report

While a bureau should provide you with accurate information, some errors are still possible. For this reason, you need to pay close attention to the following details:

Personal Information

The personal information includes your full name, birthdate, any current or previous addresses, phone number, Social Security number (SSN), and also your current or previous employers. You need to make sure there aren’t any typos or outdated information.

Account Information

The next category has to do with your current or previous accounts. You need to check whether the names of the creditors are correct, as well as make sure that the opening and closing dates of accounts are accurate. Other details to check include account statuses, limits, payment history, and balances.

This information will affect your score, so it needs to be precise.

Inquiries

In this category, you can view which companies have accessed your reports and the dates when such inquiries were performed.

Public records

Another category of information included in credit reports is public records. Here, you will find anything related to debt-related entries—foreclosure, bankruptcy, tax lien, and civil judgments. You should keep in mind that this data can harm your score and thus affect a certain company’s decision, so you have to ensure that no incorrect public records are affecting your score.

If you find an error in your report, there are several things you can do. For example, if there is a mistake related to a credit card, you can directly contact the card issuer. Another option when you cannot go to the source is to contact TransUnion and provide the necessary documentation to support your claim.

What Is a TransUnion Credit Score, and How Is It Calculated?

To put it simply, a credit score is a prediction of your future financial behavior based on the already available information from your credit reports created by credit bureaus.

When studying the topic, plenty of people wonder, “What’s a TransUnion credit score?” You need to be aware that TransUnion doesn’t calculate the score on its own. While the bureau compiles the credit report, the actual credit score is calculated by a specialized company like VantageScore or FICO.

Key factors that influence your credit score include:

• Payment history (accounts for 35% of your score);
• Credit utilization and amounts you owe (30%);
• Credit history length (15%);
• Variety of loans and types of credit accounts (10%);
• Any credit you currently have (10%).

All of this information will be taken into account by a credit-scoring company, and thus, you will be assigned a certain score.

Also, because not all companies report information to the three major bureaus, you may notice that your score differs depending on the one you turn to. This is something to be aware of and to be sure to investigate, especially if discrepancies exist.

Final Thought

Credit reports are essential tools for financial institutions and help them assess your reliability as a potential customer. For this reason, Regularly reviewing your TransUnion credit report allows you to identify areas for improvements if necessary, correct errors, and prepare for future financial opportunities.

You can currently request your free credit report from TransUnion once a week and do it either online using the mentioned services or by calling the bureau directly. By staying informed about your credit report and score, you can take proactive steps to improve your financial health and achieve your goals.