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Seven Lessons I’ve Learned From Transunion Credit | transunion credit

TransUnion credit monitoring is a free paid subscription which will help you monitor your information, secure your credit file, manage your personal data, and approach your creditors with more confidence. There are many forms of credit reports, and creditors use various forms of these reports to form lending decisions. If they don't, you can get the information you need from TransUnion. It is an impartial reporting bureau which provides the consumer reporting to all of the three major credit bureaus, so you can check your reports for free at any time.

All of your financial and credit history is controlled by the Fair Credit Reporting Act. This act guarantees you fair treatment when borrowing money and gives you protection against identity theft. Your credit history is compiled by the three major credit bureaus which are Experian, Equifax, and Trans Union, which are known as all of the major nationwide consumer reporting agencies. You will receive a free credit report from each one once a year at your regular intervals.

Each credit-reporting agency is allowed to compile their own scores, however the scoring methods used are not identical. This is because different factors are considered when calculating scores for consumers. Because there are numerous different factors that determine the scores you will receive, it is important to know which factors are used by the transunion bureau to calculate your scores.

Your personal information is the most important factor in determining your score. All of the major credit reporting agencies keep detailed records of your name, address, employer, Social Security number, birth date, and others. The information provided is what the transunion bureau accesses to keep their records current. For example, if you have two different bank accounts which are both from the same bank and are reported on two separate financial reports the scores will be calculated differently. The other information that the bureau will gather will include how long you have been a residence, any bankruptcies that you may have filed, any collections that they may have, the types of bills that you pay, and your work history.

There are many different factors that the transunion credit-reporting bureaus take into consideration when computing your score. All lenders that you deal with are checked and compared against certain standards. There are some lenders that are licensed to do business in your state. The state that the lender resides in may have specific laws governing their conduct and may limit certain activities they can engage in. In other words, some lenders can only operate in certain states.

When comparing apples to apples you must take into account all of the pertinent differences between the two. Each bureau will look at different things to arrive at their calculations. Therefore, it is important that you understand exactly what the bureau is doing to arrive at your results. A comprehensive understanding of the differences between the two will help you get an idea of the most accurate transunion credit scores available.

Another thing to consider when comparing transunion credit scores vs. equifax credit scores is the number of errors that are contained within the report. Lenders are not required to enter the information into the bureaus computer system. If there are significant amounts of errors it is in your best interest to have them corrected immediately. The cost to correct errors can be very high for lenders. The cost of inaccuracies that the Fair Credit Reporting Act requires the bureau to remove is another issue altogether.

It is in your best interest to compare all of the credit bureaus equifax and transunion. Each bureau is in charge of calculating your FICO scores based on a number of different factors. Understanding how each bureau arrived at the decision to give you your score is critical. Lenders use all three major credit bureaus to determine if you are a high risk or low risk applicant. Knowing the score that the bureau arrived at will allow you to make the necessary adjustments to your finances to keep you out of the riskiest situations possible. This knowledge will be invaluable to anyone who is looking to purchase a home or finance an automobile.


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