Everything to Know About TransUnion Credit Reports

If you want to view your annual credit report, you can do it via one of several credit report providers. TransUnion is one of the most well-known and popular of them all.

Your personal TransUnion credit report will provide you with information on your recent loans and credit card history, including the loan balances, and the dates that you paid the loans off (unless they’re still pending). It’s these annual reports that are then used to give you a credit score, which mortgage providers, credit card companies, employers and lenders will look at when determining how trustworthy you are with your finances.

If you’re new to TransUnion in general and want to learn more about their annual credit reports, here’s what you need to know:

1.       They give you a credit score from 300 to 850

Each credit report provider will have their own unique system that determines how good or bad your overall credit is. TransUnion gives you a credit score from 300 to 850, with 300 being the worst score, and 850 being the best. This is determined by your payment history, amounts owed, and length of credit history. If your TransUnion credit score is at 700 or above, that’s generally considered good.

2.       They prioritise your payment history

You’ll notice that your payment history is prioritised on your TransUnion credit report because your TransUnion credit score is most dependant on your previous ability to make reliable repayments. You’ll be able to see a history into how you’ve managed your finances, and for how long you’ve managed your accounts, as well as any late payments you might have made.

3.       They may make mistakes

Not even TransUnion, a popular and trusted credit report provider, is exempt from publishing mistakes. It’s important that you review your annual credit reports just to be certain that none of your loan providers or credit issuers have made an error with your information. Learn how to dispute TransUnion if you’ve spotted a credit inaccuracy that needs removing.  

4.       Your report comes annually

You might have visited TransUnion’s website and seen that you can sign up to become a member and have constant access to a live personal credit report, which you have to pay a subscription fee for. You can go for this option if you wish, but note that with TransUnion, you also get an entirely free credit report on a once-yearly basis, which may be enough to go off for some people.

5.       You don’t have to only stick with TransUnion

The good thing about the TransUnion credit report is that it’s independent from other credit report providers, meaning you can get strategic if you want to make the most out of the free service. It might be a good idea to request reports from Equifax and Experian, two other popular credit report providers, at different times of the year, rather than all at once, unless you’d prefer to compare all three reports at the same time.