TransUnion

by Mel
Nov 15, 2021 | 0 Votes | 39 Used | 0 Reviews Your vote
TransUnion - rate One of the three major credit bureaus in the United States, TransUnion is a consumer credit reporting agency that collects and aggregates information on consumers and uses that data to provide them with one free credit report every year as well as to market a variety of paid credit and fraud-protection and security products. Apply Now Similar Sites Used Post a Review

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Summary What You Get Terms Trustworthiness Conclusion

Summary


One of the three major credit bureaus in the United States, TransUnion is a consumer credit reporting agency that collects and aggregates information on consumers and uses that data to provide them with one free credit report every year (as required by U.S. law) as well as to market a variety of paid credit and fraud-protection and security products.

What You Get


Apart from taxes and, perhaps, the state of your health care, nothing affects the quality of your life and financial freedom in the United States quite like your credit report and credit score. One of the critical pieces of your identity, a credit history (and its annual report with assessed score) is your borrower's credit summary from a number of sources, including banks, credit card companies, landlords, collection agencies, and governments; which is then used by lenders to evaluate potential lending risks, predict delinquency patterns, and determine your individual credit worthiness when you apply for loans and at what interest rates and credit limits.

That’s why requesting for and receiving an accurate credit report from an established credit bureau is crucial to getting your life on track, and TransUnion is one of the trusted agencies that can offer you credit reporting as well as a variety of other services such as monitoring and security to keep you constantly aware and informed about the state of your credit health.

Along with Experian and Equifax, TransUnion is one of the “Big Three” major credit bureaus in the United States serving over 65,000 businesses and 12 million individual members. Currently, TransUnion collects and aggregates information on over one billion individual consumers in over 30 countries including 200 million files profiling nearly every credit-active consumer in the United States.

With that much data in its archives, the company—like all other credit reporting agencies-- is required by U.S. law to provide consumers with one free credit report every year.

To get your FREE annual credit report with TransUnion, all you have to do is go to TransUnion.com, make sure you are on their Personal services landing page, and clicking on their “Credit Help” tab to get your complimentary free annual credit report via AnnualCreditReport.com (redirected from the TransUnion site). From there, you fill out a form and specifically request a report from TransUnion.

On the other hand, if you want your actual credit score computed by TransUnion (using the VantageScore 3.0 model), you will need to become a paying member/subscriber of the service, wherein they not only include a score and report in your package but also a variety of other industry-standard and unique services to monitor your credit and protect your information.

TransUnion’s premium Credit Monitoring service gives you a basic package comparable to the other bureaus, including email updates of critical changes for ALL 3 bureaus; up to $1,000,000 ID theft insurance, and unlimited toll-free access to ID theft specialists for 24/7 fraud resolution assistance.

Several features make TransUnion unique from their rivals, however, including unlimited TransUnion credit score and report daily updates (unlike free credit monitoring websites that only let you see updated data every 30 days) where you will receive email updates of critical credit information changes to all three of your credit reports, such as new or closed accounts, late payments, or significant changes to your personal information. All of this can be done from the free TransUnion App (for both iOS and Android), which adds an extra layer of convenience to the services.

TransUnion’s exclusive 1-Touch Credit Lock, meanwhile, allows you to lock your TransUnion credit report from your smartphone with a single swipe or click so no one can view your credit information without your knowledge. For example, if you fill out an application that requires a credit check, you simply unlock your credit report until after the inquiry has been made.

The additional perk of this unique feature is that it also protects you from identity theft (applies only to your TransUnion credit report, however, so inquiries made to the other credit bureaus are not affected).

The Instant Alerts feature, on the other hand, sends you a confirmation email every time a lender requests a credit check from TransUnion. That way, if someone applies for a loan in your name, you’ll be alerted immediately so you can halt the process—for example, by locking your credit report. Again, this could be extremely helpful in catching fraud at the moment it happens instead of months later, but, again, like Credit Lock, it is only limited to inquiries made on your TransUnion report.

In addition to regular monitoring and unlimited updates, TransUnion provides Personalized Debt Analysis & Credit Score educational features to help you better understand the factors impacting your credit, such as their Score Simulator which simulates what might happen to your credit score based upon several actions, like pay off an existing credit card, closing an existing credit account, applying for and opening a new credit account, paying one account 30 days late, making on-time payments to all of your accounts for 12 months, and more scenarios.

TransUnion Score Trending, moreover, gives you an interactive graph of your score history over time along with a nifty calculator to evaluate your entire financial picture. There’s also CreditCompass which shows you the way to the score you’d like to achieve. Based on the real credit experiences of other consumers, CreditCompass technology recommends steps you can take over time to reach your credit health goals and lets you track your progress at a glance (only shows recommendations for consumers with credit scores between 400 and 750).

You also have full access to basic Tools or calculators on the site that you can use to compute for your loan, mortgage, and amortization.

If you are only interested in your free TransUnion credit report, the site, nevertheless, offers you its FREE TrueIdentity identity protection and security service. It features a few services offered by their premium package, including 1-Touch Credit Lock, unlimited TransUnion Credit Report refreshes, email updates of critical changes for ALL 3 bureaus, plus up to $25,000 in ID theft insurance.

Terms


Subscription to TransUnion’s premium Credit Monitoring costs $24.95 per month (plus tax where applicable).

In light of the Equifax data breach, TransUnion currently offers upgraded Credit Lock Plus with your paid credit monitoring subscription (this will, however, override the identity protection services). Credit Lock Plus lets you lock both your TransUnion and your Equifax credit report. This won’t allow you to see your Equifax report or score, though, only the ability to prevent anyone from accessing the report.

Trustworthiness


When it comes to customer feedback about TransUnion, there have been several in the past few years, particularly a legal decision in 2017 stemming from a 2012 class-action lawsuit that alleged the credit bureau failed to notify consumers who were reported to lenders as being included on a “blocked persons” list kept by the Treasury Department’s Office of Foreign Assets Control (OFAC), in which a jury ruled that TransUnion should pay $60 million in damages to consumers it mistakenly labeled as possible terrorists or drug dealers.

The lawsuit was primarily based on TransUnion’s denial of the plaintiff’s car loan after the company failed to submit a proper consumer file disclosure under the Federal Credit Reporting Act (FCRA) that mistakenly listed the plaintiff’s name as part of the OFAC list together with two other men with the same name who were legitimately on the list.

Furthermore, in 2010, a federal appeals court ruled against the company after a Colorado woman was held up from buying a car due to another erroneous OFAC alert.

Many other subscribers, finally, have been complaining of TransUnion credit scores consistently being 60 to 100 points lower than that assessed by Experian and Equifax as well as a variety of customer service and credit card charging issues.

Conclusion


While all three big credit bureaus offer free annual credit reporting (by US law), and credit scores for a fee, you may want to consider giving TransUnion’s premium credit monitoring service a try especially if you’re highly concerned about fraud, in which their UNLIMITED daily score and report updates as well as real-time security features via their app are great tools to have.

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by Mel Nov 15, 2021
One of the three major credit bureaus in the United States, TransUnion is a consumer credit reporting agency that collects and aggregates information on consumers and uses that data to provide them with one free credit report every year as well as to market a variety of paid credit and fraud-protection and security products. TransUnion Read More
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