What Is Transunion? Everything You Need to Know [Plus Free Sample Report] 

TransUnion is a leading credit bureau that is responsible for generating credit reports for individuals, which creditors use to make lending decisions. Follow along to learn more about TransUnion, which types of information it collects, how its credit scoring system works, how to get your credit report and how to dispute it if you find any inaccuracies.

What Is TransUnion?

TransUnion is a credit reporting bureau that gathers data to produce consumer credit reports. Lenders use these reports to evaluate the creditworthiness of consumers. TransUnion receives over three billion credit updates every month from various data providers.

Lenders, landlords, and similar parties check your credit file when evaluating you as a potential client. They do this by contacting TransUnion or another credit reporting bureau. Your credit file contains details about your debt level, missed payments, and other factors that determine how dependable you are as a consumer.

On top of that, TransUnion not only tracks financial data and provides credit reports, but also offers various consumer products such as identity protection, credit alerts, and portfolio management. We will discuss TransUnion’s most popular products and services in more detail further below.

What Is a TransUnion Credit Score?

A TransUnion credit score is like any other type of credit score from one of the major credit bureaus. It is a three-digit number between 300 and 850 that is used to show lenders how likely a consumer is to pay back their debt and/or loans. A higher score means they are more likely to pay back loans. Scores range from 300 to 850, with 300 being a very poor score and 850 being an excellent score.

What is a TransUnion Credit Report?

Credit scores provide a quick assessment of your creditworthiness, while credit reports offer a more detailed view of your credit status. In TransUnion credit reports, you can access information about recent credit inquiries, outstanding loans, previous late payments, current credit card balances, and other relevant factors.

To see what it includes, check out this free TransUnion credit report.

What Is a Good TransUnion Credit Score?

A credit score of 720 or higher is considered good by TransUnion. The credit scores provided by TransUnion fall between 300 and 850.

How to tell if you have a good TransUnion credit score:

• Excellent: 781-850
• Good: 720-780
• Fair: 658-719
• Poor: 601-657
• Very Poor: 300-600

TransUnion Products and Services

TransUnion is best known for generating credit reports for individuals and lenders, but that’s not all it does. It also offers a variety of services, such as identity protection, credit alerts, identity theft insurance, and credit-building tools and educational resources.

TransUnion True Identity

TrueIdentity is a free credit monitoring service that enables users to track their credit, as well as receive relevant alerts that can help prevent identity fraud. The service also provides $25,000 in ID theft insurance.

TransUnion Credit Lock

TransUnion premium users have the option to use the TransUnion Credit Lock feature, which secures their TransUnion and Equifax credit reports. By using this service, all credit applications are automatically denied while your report is locked, which can prevent fraudulent accounts from being created under your name.

TransUnion Instant Alerts

As part of TransUnion’s free service, you will receive immediate alerts confirming any credit application made in your name. Additionally, all requests for your credit report will require your approval, preventing unauthorized individuals from opening accounts in your name. Furthermore, this service notifies you of any potential identity theft, allowing you to take necessary measures to prevent any further fraudulent activity.

Benefits of TransUnion Credit Monitoring

TransUnion Credit Monitoring is a service offered by TransUnion that allows consumers to access their credit report and credit score so that they can keep an eye on their financial health as means to safeguarding it and improving it. It also helps consumers spot inaccuracies or suspicious activity in their report early on, which can serve to detect potential fraud or identity theft quickly, and in return, help put a stop to it.

Here are the benefits of TransUnion’s credit monitoring program:

• Track Credit Improvements: Monitoring your credit score with TransUnion can help you simplify the process of building or repairing your credit.
• Detect Fraud: Regularly checking your credit can prevent the negative impacts of fraud. If someone attempts to open an account using your name or Social Security number, it will show up on your credit report.
• Identify and Correct Inaccuracies: Credit reporting bureaus and lenders can (and do) make mistakes, so by monitoring your credit, you can spot inaccuracies and dispute them quickly.
• Learn About Credit: Monitoring your credit score can provide a better understanding of how credit works by showing the impact of on-time payments, your revolving credit utilization percentage, and other factors on your credit score over time.
• Plan For the Future: Tracking your credit enables you to stay in a constant state of readiness to apply for loans, credit cards, or other financing options.

TransUnion Credit Monitoring Cost

TransUnion offers two credit monitoring services: a free basic plan and a premium plan for $29.95 per month.

It’s free plan, TrueIdentity costs nothing and offers basic credit monitoring features.

Its premium monitoring service costs $29.95 per month (no contract, cancel anytime). This offers unlimited access to its credit monitoring hub where users can see their score in real-time with live updates, personalized debt analysis, the ability to lock and unlock your TransUnion and Equifax credit reports, credit alerts via email every time someone applies for credit in your name, access to its credit score simulator, and up to $1 million in ID Theft insurance.

Reasons to Choose TransUnion Credit Monitoring

TransUnion’s premium credit monitoring service is a recommended choice for a user-friendly credit monitoring platform. They offer a premium plan for $29.95 per month which includes advanced features and credit score access at any time. These features aid in comprehending credit reporting and safeguard against fraud.

TransUnion also offers a free version called TrueIdentity, which includes basic credit monitoring. For more information or to sign up, visit TransUnion TrueIdentity.

How to Dispute an Error On Your TransUnion Credit Report In 5 Steps

In the case where you discover an error or inaccuracy on your TransUnion credit report, you can file a dispute to get the error removed from your report. To do so, start by getting a copy of your credit report, identify the error and gather supporting documentation to prove that the error is in fact an error, file the dispute (by phone, email or mail), and follow up on your dispute.

Here’s how to dispute an error on your TransUnion credit report:

1. Obtain a Copy of Your Credit Report

Start by obtaining a copy of your TransUnion credit report. You are entitled to a free copy of your credit report once every 12 months from each of the three major credit bureaus (TransUnion, Equifax, and Experian). You can request your free report from TransUnion through AnnualCreditReport.com or directly from TransUnion’s website.

2. Gather Supporting Documentation

Carefully review your TransUnion credit report and identify the specific information that is inaccurate or incorrect. Take note of the details and gather supporting documentation that can help prove the error. This may include bank statements, payment receipts, or correspondence with lenders.

3. Initiate the Dispute

Once you have identified the error and collected the necessary documentation, you can initiate the dispute with TransUnion. There are a few ways to submit your dispute:

• Online: TransUnion provides an online dispute process through their website. Visit the TransUnion website, navigate to the “Dispute” section, and follow the instructions to submit your dispute online.
• By Mail: You can also file a dispute by mail. Write a letter explaining the error, include copies of supporting documentation, and send it to the address provided by TransUnion for disputes. Ensure your letter is clear, concise and includes your complete name, address, date of birth, and Social Security number.
• By Phone: TransUnion may offer a phone-based dispute process as well. Contact their customer service number to inquire about this option and follow the instructions provided.

4. Follow Up on the Dispute

After submitting your dispute, TransUnion will investigate the matter. They will contact the entity that provided the information and request verification. During this process, TransUnion may contact you for additional information or documentation. It’s crucial to respond promptly if they request further details.

5. Review the Resolution

Once TransUnion completes the investigation, they will inform you of the outcome in writing. If the disputed information is found to be inaccurate, TransUnion will update your credit report accordingly. You have the right to request a free copy of your updated credit report.

Remember, the dispute process may take some time, so it’s important to be patient and diligent throughout the process. It’s also a good practice to initiate disputes with all three major credit bureaus (TransUnion, Equifax, and Experian) if the error is reflected in multiple reports.

TransUnion Customer Ratings and Reviews

Though TransUnion is one of the major credit bureaus and thus one of the most popular, that doesn’t means it’s well-liked. In fact, it generally receives poor scores from users. Granted, this is commonly the case for credit reporting bureaus. For example, TransUnion currently has a 2.7 out of 5-star rating from over 2,000 users on Consumer Affairs.

Users report that their TransUnion score tends to be very sensitive and volatile. For example, one reviewer shared that having $20 on a credit card dropped their score. Other issues users reported include a lack of pricing transparency as you have to begin the checkout process to view the pricing of its credit monitoring service and that it can prove difficult to “verify” yourself, so some users are not able to use TransUnion for seemingly no reason.

TransUnion vs Experian vs Equifax

TransUnion, Experian, and Equifax are three major credit bureaus that collect and maintain credit information on individuals and businesses. While they have similarities in their purpose and function, there are also notable differences between them, such as how they determine credit scores, services offered, customer support quality, and market share.

TransUnion vs Experian

The biggest difference between Transunion and Experian is within the services they offer. TransUnion provides a premium credit monitoring service for $29.95 per month with unlimited access to its credit monitoring hub, which includes live updates of their score in real-time, personalized debt analysis, the ability to lock and unlock your TransUnion and Equifax credit reports, credit alerts via email every time someone applies for credit in your name, access to its credit score simulator, and up to $1 million in ID Theft insurance.

In contrast, Experian offers a similarly-priced monitoring service but with slightly different features—namely the ability to track all three of your major credit bureaus (TransUnion, Experian, and Equifax) at once. It also has no cap on the amount of identity theft coverage it provides.

Another key second key difference between the two is in their customer support quality. While both offer a good selection of customer service options (including phone support), Experian tends to score higher when it comes to customer satisfaction. This is likely due to both its more comprehensive service offerings and its lower rate of false positives (which can be a major source of frustration for customers). Learn more about Experian.

TransUnion vs Equifax

Equifax offers services that are comparable to TransUnion but more cost-effective. Equifax Complete Premier is available for $19.95/month, providing customers with features such as credit file monitoring, credit freeze and unfreeze options, automated email notifications, and $1 million in ID theft insurance coverage, among other useful benefits.

It also offers a low-cost version called Equifax Complete for just $9.95 per month. This plan includes credit monitoring, and $500,000 in ID theft coverage, amongst other features. Learn more about Equifax.

Bottom Line

TransUnion is one of the major credit bureaus that plays a significant role in the credit reporting industry. Alongside other bureaus like Equifax and Experian, TransUnion collects and maintains credit information on individuals and businesses. It gathers data from various sources, generates credit reports and scores, and offers additional services such as credit monitoring and identity theft protection. Monitoring and reviewing credit reports from TransUnion and other bureaus regularly are solid steps toward maintaining a healthy credit profile.

Frequently Asked Questions (FAQs)