Understanding TransUnion
As a business writer, you may have heard about the credit reporting agency, TransUnion. But what exactly do they do?
TransUnion is one of the three major credit bureaus that keep track of your credit information. The other two are Experian and Equifax. TransUnion collects information such as your name, address, employment history, and even how regularly you’ve made payments on your loans and credit lines.
Your credit reports are collected and stored by the credit bureaus. They record all of your credit activities and make a summary of your credit history. The credit bureaus then provide this information to banks, landlords and other organizations who are considering granting you a credit account, renting you an apartment or setting a pricing for your loan. Many employers may also check credit reports. All of these organisations have to have your consent in order to do so, however.
TransUnion is not the same as a credit provider. They don’t make lending decisions, nor do they keep track of what accounts you have open. All they do is record, store and disseminate your credit information.
Your credit score is an additional feature of the credit reports that TransUnion provides. A credit score combines many of the details of your credit history into a three-digit number. This number can range from 300 to 850, with a higher score being better. Your credit score can be a helpful indicator to lenders, employers and landlords when it comes to getting a loan, a job or an apartment.
It’s important to track your credit and make sure that the information in your credit report is accurate. TransUnion offers credit monitoring services that let you track your credit changes and searches, as well as get access to your credit reports. Checking your credit report can help you identify any suspicious activity in your credit history.
When it comes to understanding your credit, TransUnion offers a wealth of information. From understanding what information is included in your credit report to tracking your credit score, understanding TransUnion is an important step in keeping track of your credit history.