TransUnion credit reports can be valuable tools when determining the status of one’s personal or business financial status. Based in Chicago, IL and founded in 1968, TransUnion provides services to about 45,000 businesses and extends information to consumers and businesses in 23 countries. In all, TransUnion maintains credit history records for about 500 million consumers and businesses throughout the globe and is one of the three recognized credit reporting agencies along with Equifax and Experian.
Some of the benefits that TransUnion provides consumers relate to fraud prevention and background checks. If a consumer suspects that there are victims of identity theft, they can verify the transactions that have been made under their credit identity by requesting a report from TransUnion. In addition, a yearly free credit report may be obtained in order to check for any discrepancies or inaccuracies. This can help save a consumer difficulty when it comes to obtaining credit.
Other uses for a TransUnion credit report can be related to organizations that extend credit to businesses and consumers. If an individual wishes to purchase a home mortgage, for example, a credit history will need to be submitted. TransUnion provides that service. The same holds true for any major purchase that requires the acquiring of a loan.
The credit report that TransUnion provides is basically a detailed summary of credit activity that is obtained from different sources. Once the requesting party has provided proof of identity, a hard copy of the report may also be provided. This copy can also include a FICO score, which is a weighted average of the complete transactions that have been undertaken by the party that is being assessed.
The TransUnion report, itself, is divided into six main categories which will include:
• Creditor Contacts – a listing of outstanding and current creditors and their contact information.
• Personal Information – including name(s), location address and phone numbers. Marital status and children are also noted.
• Summary of Transactions – credit accounts itemizations within a given period of time.
• Outstanding Accounts – detailed credit area transactions involving; real estate, collectibles, revolving fund accounts, instalments, etc.
• Previous Inquiries – a list of “hard” inquiries made regarding the credit history. These are usually made in order to assess the credit worthiness of an individual or business.
• Other information – this can include negative financial judgements, fees and taxes owed and paid for by the individual.
It must be noted, however, that not all credit monitoring agencies are required to report to all three credit bureaus. So it’s possible for omissions to be present on the TransUnion credit report that can be found on one of the other two major credit monitoring services.