Your Trans Union Credit Report: What You Need to Know
Written: Dec 04 '00 (Updated Dec 04 '00)
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Pros: Quick response, easy to understand report, dispute document included
Cons: One of the big three in the monopoly of Credit Reporting Agencies
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| netKat's Full Review: Trans Union |
Like it or not, credit reports have a major impact on our lives. They are routinely used not just by creditors, but by employers, insurers, and landlords as well. The only way to be sure that everything is OK, is to check your credit reports at least once a year and submit corrections as necessary.
I sent away for credit reports from all three reporting agencies on November 26th. Trans Union was the easiest to request, and arrived the earliest, on December 2nd.
How to Request your credit report from Trans Union
There are three ways to request your report:
Phone (only if you qualify for a free report): 800.888.4213
Website: www.transunion.com
Mail: Trans Union LLC
Consumer Disclosure Center
PO Box 1000
Chester, PA 19022
Who can get a Free Report?
There are several ways to get a free report:
If you are a resident of: Maryland, New Jersey, Colorado, Massachusetts, Vermont, or Georgia you can get one free report per year.
If you have, within the last 60 days, been denied credit, employment, or insurance by a company who used your Trans Union credit report
If you certify in writing that you are unemployed, receiving welfare, or you believe you may be a victim of fraud.
How much is the report otherwise?
There is an $8.50 charge for the report except:
- Virgin Island residents: $1.00
- Maine residents: $2.00
- Minnesota residents: $3.00
- Connecticut residents: $5.00
- California residents: $8.00
So, what do you get when you request your report from Trans Union?
I received an 18 page print out, a nice one page summary of my rights under the Fair Credit Reporting Act (FCRA), a list of federal agencies (names addresses and phone numbers) who have authority to enforce the FCRA, and an investigation request form for disputing errors on my Trans Union report.
The Report
- This basic personal information was on my report -
Trans Union Credit File Number
Name(s)
I noticed that my former married name has been dropped off the report this year.
Address(es)
I noticed that there is a PO Box address listed for me in Princeton, NJ which is totally inaccurate. I will dispute this. Additionally, on one form of my address, the city is incorrect. I will have this corrected as well.
Social Security Number
Date of Birth
You have been in our files since
Phone number
Employment Data Reported:
This information on my report is very sketchy. It looks like they updated it when I called to request my report.
Be sure to verify that all this basic information on your report is accurate.
- Credit Information: -
Trans Union provided me with 18 pages of well organized, relatively easy to read and understand information about my accounts. They clearly differentiated between accounts that had no adverse information, and one account that did have adverse information. Apparently, I have one payment that was 30 days late. I plan to dispute this.
Name of Creditor
Account Number
Type of Account (Installment, Revolving, etc)
Status of Account (if closed, what circumstances)
Account Responsibility (Individual, joint, etc)
Pay Terms (minimum payment, or installment terms)
Credit Limit
Date the information was updated
Date the account was originally opened
Current Balance
Most Owed (highest balance ever on the account)
Paid Off
Current Status (paying as agreed, late, delinquent, etc)
In prior Months (any late pays during span of time varying from 4 months to 24 months)
List of Inquiries
These remain on the credit report for 2 years. Each time you apply for credit, it results in an inquiry on one of more of your credit reports. Too many inquiries will result in a lower credit score and therefor will negatively impact your ability to obtain credit. View these carefully, and if you do not recall authorizing one of the agencies listed, you may dispute it. I have one inquiry on my report that I do not recognize and I plan to dispute it.
List of Limited Information Queries
These are companies who are scanning for prospects meeting certain parameters. They are the folks who send you all those pre-approved offers for credit cards and insurance. They have not had access to your full report, they have just performed a general search and gotten back a pool of likely candidates. This will not affect your ability to obtain credit, and no one else but you will see this list.
List of Business Transaction Queries
These are companies you do business with who have obtained information for the purpose of an account review or some other business transaction. Again, these inquiries will not affect your ability to obtain credit, and no one else but you will see this list.
Public Records
I don't have any of these on mine, but there would be a section containing relevant items that could affect my credit such as judgements, tax liens, or bankruptcies.
How long will items stay on my credit report?
Everything, good and bad, can remain on your credit report for 7 years from the date of last activity, except for bankruptcies which hang on for 10 years. The important words here are "from date of last activity". So, if you have an account that has been charged off for the past 6 years, don't go and pay the creditor this year thinking it will be removed. By making that payment, you just bought yourself another 7 years of a paid charge off on your reports.
What you should look for:
Anything incorrect. Here are some common items that may appear incorrectly on your credit report. This information will affect your credit score and your ability to obtain credit:
Inaccurate personal information
An account that is listed as closed by the creditor when you, in fact, requested that it be closed
Unauthorized accounts
Late payments
Delinquencies
Accounts written off
Unauthorized inquiries
How to get it fixed
Trans Union ends the report by urging you to let them know if you believe any of the information listed is incorrect. They go on to supply their address, phones number, and business hours in your time zone.
They also provide a nice form that is preprinted with your credit file number. Use it to dispute information you believe to be incorrect. Make sure you keep a copy.
When you dispute information on the credit report, the Credit Reporting Agency (CRA) must respond in a timely manner and make corrections, if applicable. The CRA will query the creditor in question. If the creditor does not answer and back up their reported information, it should be dropped from your report. So, a consumer really has two ways to win. By being right, or by the creditor dropping the ball. :)
Not an error, but something worth looking at:
Too much available credit: it's not just what you owe, but what you could potentially owe. Think about reducing some of your credit lines, or closing accounts that you don't need or use. When you do initiate the discontinuation of an account, be sure to tell the creditor that you want it noted that the account was closed at the request of the consumer. Accounts closed by a creditor will not look good on your report and will affect your score.
Adding a Consumer Statement
You have the option of adding a statement, in your own words, at the end of your credit report that will be sent to anyone who requests your report. Will it help to explain adverse items on the report to potential lenders? Well, maybe. It doesn't hurt to try. :)
Trans Unions accepts Consumer Statements by phone or mail. If you are calling, be sure to have your statement prepared in advance.
In Conclusion
So far, Trans Union looks like a class act. They have a great FAQ on their website that details not only information about Trans Unions credit reports, but credit topics in general. Out of all the credit bureaus, they were the fastest in sending me my report. Now, let's see how fast they handle my requested corrections. :)
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Recommended:
Yes
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netKat
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Member: Kat
Location: Maryland
Reviews written: 166
Trusted by: 885 members
About Me:
Analytically inclined mom, bank officer, freelance writer, and internet addict.
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