You may have heard about TransUnion and what it can do for you. However, what is TransUnion and what does it do? Well, TransUnion is an American commercial consumer credit reporting service. It gathers and aggregate data on more than one hundred million individual consumers in more than thirty states including “many state governments”. Its consumers include more than 65,000 companies.
If you have applied for credit, had a mortgage or auto loan and used it, then there is a good chance that you filled out a credit application with one of the companies involved in verifying your identity. The information that they required from you was your social security number, birth date, address, employer, phone numbers, credit card information, current and previous addresses, employer, Social Security number, name of child, birth date and more. This information was cross-checked with the records of other companies to verify identity and provided to the bureaus to provide the credit reports. In most cases, this information was available to them at no cost except to the person requesting the credit report. This is a major violation of Fair Credit Reporting Act and you may be a victim.
Many people don’t realize that they can request their own credit reports from the three nationwide consumer reporting agencies. By law they are required to provide the information within sixty days. Unfortunately, most people don’t know that they can get their own copies and not have to pay for it. So, what is TransUnion?
TransUnion is part of Equifax Inc. Equifax is one of the largest consumer reporting agencies and one of the most trusted. With more than one billion records in their database, they have the power to affect how people view their credit worthiness. However, many people still aren’t aware of this. You can request your own copy of your credit report from these agencies for free.
These agencies that provide free credit reports to have a lot of information on you including your name, address, employer, Social Security number, driver’s license number, phone numbers, criminal history if any, bankruptcy information, outstanding loans, unpaid debts, etc. When you request your free report, the first step is to choose which agency you want to use. You will be asked for an identification number, which you must provide. After selecting an agency, you will be asked to enter the information into the online form. It usually takes up to five minutes for your report to be completely processed.
Some agencies will have a fee, but most do not. The fee is only a one-time processing charge that will allow you access to your credit report. If you need to check your credit score, or any other important information pertaining to your credit, an agent can provide that service. All of this information will be kept confidential if you choose to pay for it.
Knowing what is transUnion can help you understand what is going on with your credit if there is an issue. You can also know what your options are if you have a problem. If you feel that your credit is not as strong as you would like it, then you can request a report from the agency that provides a free report. You can get your credit repaired, or you can dispute the items on the report that are not accurate. There are many negative items on credit reports that cannot be removed. However, you can dispute those items and have them removed.
When you need to know what is transition, it can be very helpful for you to check your credit report. When you make an inquiry into a credit account, then it is recorded in your credit report. Checking your credit report regularly will help you monitor your credit and make sure it is strong. If you have any trouble paying bills, then you may want to consider credit repair, but knowing what is transUnion can help you decide if it is right for you.