TransUnion was founded in 1968 as a holding company for the Union Tank Car Company, a company that leased rail cars to other businesses. The following year, the Credit Bureau of Cook County acquired TransUnion, which maintained over 3.6 million credit accounts. Since then, TransUnion has grown and now aggregates information on over 1 billion consumers in over 30 countries and has over 65,000 business customers.
Of the top three credit agencies, which include Experian and Equifax, TransUnion is the smallest. Its principal business is credit reporting, using both the credit and public records of individuals to create a comprehensive picture of the financial state of consumers. It also provides many other products and services related to credit.
TransUnion provides over 100 products and services for consumers, businesses, and the public sector.
TransUnion uses a formula called VantageScore 3.0 to generate a credit score that helps companies determine whether a consumer is a good credit risk. To come up with your credit score, TransUnion compiles information about your credit and financial history. Some factors that go into a credit score include:
This score can range from 300 to 850. Here is how that score relates to a credit grade scale:
By law, TransUnion must also provide consumers with one free credit report a year upon request. They can only provide your credit report to a business when you give them permission, for example, when you sign up for a new credit card or car loan.
TransUnion also provides services to help you manage your credit. TransUnion Credit Monitoring is available for a monthly fee and includes the following services:
TrueIdentity is a free app that helps protect your identity and provides you with information on your credit report. With TrueIdentity, you can:
TrueIdentity also comes with ID theft insurance of up to $25,000 to cover losses when your identity is stolen.
Creating a fraud alert is an option for anyone who suspects that they have become victims of fraud or identity theft. It doesn't prevent anyone from viewing your credit report, but it notifies anyone checking your credit that they have to take extra steps to verify your identity.
Creating a fraud alert with TransUnion is simple, free, and will not affect your credit rating. There are three types of fraud alerts you can set up.
If you create a fraud alert online, it will show up on your credit report the same day you place it.
Freezing your credit protects your credit even more than creating a fraud alert. Freezing your credit will keep the sensitive data in your credit history from being accessed without your consent.
If you don't plan on applying for a credit card or loan, then freezing your credit is an excellent option to choose. If you think that your data may be at risk from a data breach or something similar, then you should freeze your credit, especially if your Social Security number was compromised. Once you freeze your credit, scammers can't use your credit identity to open new accounts using your name—but neither will you until you unfreeze it.
Freezing your credit with TransUnion is a free, straightforward process that can be done online. You'll need to create a TransUnion account, so you can easily unfreeze it when you need to apply for credit.
You can also freeze your credit with TransUnion by mail or phone if you don't want to create a TransUnion account. However, freezing your credit by mail is not recommended because it takes the longest time, and your information could be compromised when sending it.
If you've received a locked debit card text message from Citibank, it's likely a scam. Don't click on the link and delete the text message.
If you receive a text message from Chase Bank, don't click on any links or call the phone number listed—it could be a scam designed to steal your information and money.
Dangerous text message scams are targeting Wells Fargo customers. These text message alerts for Zelle transactions or purchases with retailers are scams.
If you received a suspicious Capital One fraud text alert, it may be a scam. Learn how to spot the fake to protect your identity and funds.
Several versions of fake PayPal text messages are being sent to people worldwide. There are a few easy ways to tell which messages are scams and simple things you can do to protect yourself.
If you received a text from Venmo with a link to verify a payment or deposit, or are asked to complete a survey in exchange for money, it may be a scam.
Multiple free money scams that easily fall under the “too good to be true” scams that target loyal PayPal users with promises of free PayPal money.
PayPal is a convenient way to pay for online purchases and has a reputation for safety and security. But scammers still find a way to use PayPal to help them steal products.
Scammers take advantage of PayPal's buyer protection program to scam sellers out of their money and items for sale.
Keep your money safe by only paying for your new pet once you have the pet in your possession and avoid using Cash App.
When a company is the victim of a data breach, it's completely out of your control. However, there are steps you can take afterward to protect your information and money.
It's estimated that $13 billion is lost each year to identity thieves. Knowing how to recover is important to minimize your losses and get your life back on track.
You may not pay much attention to your credit score until you need to apply for credit, but we have important reasons why your credit shouldn't be out of sight, out of mind.
Placing a fraud alert can help protect your credit if you've fallen victim to a phishing scam or have had your identity stolen.
Cash App may be a convenient way to send and receive money from friends and family, but it's also a common target for scammers who are out for your money.
Zelle scams have reached a serious volume. New reports suggest that banks are looking at new refund protections for customers in 2023.
Robinhood's latest data breach of 5 million email addresses means that Robinhood users are about to encounter a wave of phishing attempts.
Robinhood recently suffered a massive data breach, exposing the information of millions of users.
The CDC is warning eye drops users of a rare bacterial infection from 2 brands of eye drops. The infection is resistant to antibiotics and has resulted in the loss of vision, loss of eyeballs and the death of 3 patients.
Hackers have gained access to 9.8 million customer records from Optus in Australia, exposing personal information such as driver licence, medicare and passport details.