TransUnion is one of the three main Credit Reporting Agencies (CRAs) in the UK. It was founded in 1968 with its headquarters in Chicago, USA. They now operate in over 30 countries. TransUnion provides credit information and credit scores for businesses and consumers.
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What is TransUnion?
TransUnion is one of the three main Credit Reference Agencies (CRA) in the UK. The other two are Experian and Equifax. As a CRA, TransUnion gathers information on your financial activity – past and present. They collect your financial information and use the information to generate your credit score.
What Does TransUnion Do?
TransUnion collects information on how you handle your finances to document a history of your financial situation. Your unique credit report is created using this information, providing valuable insights. It is gathered from a variety of sources, including:
- Banks
- Credit card companies
- Loan companies
- Public records
Your credit report helps identify you as well as provide insights into your financial history. It shows how well you’ve maintained your loan and credit accounts, both past and present. TransUnion uses your credit report to give you a credit score.
Services and Products Offered by TransUnion
There are many services offered by TransUnion:
1. Credit Report
Your credit report contains key information about you that lenders use to help make lending decisions. This includes your personal details, payment history, and whether you’re listed on the electoral roll. It also shows any information recorded on public registers, such as County Court Judgments (CCJs) or bankruptcies
2. Credit Score
TransUnion uses the information in your credit report to give you a credit score. Credit scores are a number that shows your creditworthiness. They give you a guide on how lenders will view you when you apply for loans and lines of credit.
The higher your credit score, the more likely you are to be approved for credit.
3. Fraud Protection
TransUnion offers tools and services that help detect and prevent fraud. These include detection systems, validation tools, and consultancy support. By regularly checking your own credit file, you may be able to spot signs of fraud early
4. Financial Education
TransUnion provides answers to common questions about credit reports. It also shares information on how to protect yourself from identity fraud.
5. Data Security
The information TransUnion holds about you is stored securely and in line with UK data protection laws. You also have rights around how your data is used. More details are available on their website.
How Does TransUnion Collect Data?
TransUnion collects its information from a few different sources. But every bit of information is based on an activity you’ve carried out with a business, including:
- Direct Lenders
- Banks
- Landlords
- Utility and mobile phone companies
What Types of Data Does TransUnion Collect?
1. Some Personal Information
This includes:
- Your name
- Your date of birth
- Your current and previous addresses
2. Whether You are on the Electoral Roll
Your credit report will show if you’re registered to vote. This helps lenders verify your identity.
3. A List of All Your Credit Accounts
This covers all types of credit accounts, including bank accounts, loans, mortgages, and credit cards, even those designed for bad credit. Your report will show your payment history for each account, including whether payments are made on time or late.
4. Public Information
This includes items on the public record, such as County Court Judgements (CCJs), bankruptcies, and repossessions.
5. Financial Associations
If you have joint accounts or borrowing with someone else, they’ll be listed as a financial associate. Lenders may check their credit history as part of assessing your application.
How Does TransUnion Use This Data?
TransUnion uses the information in your credit file to give you a credit score. Credit scores are a number that shows how credit worthy you are. The higher your credit score, the more likely you are to be approved for credit.
The information TransUnion holds can also be seen by lenders when they do a credit check. This is carried out when you apply to borrow money, it’s known as a hard credit check. You’ll know if a lender has done a hard credit check on you as it’ll appear on your credit file.
Which Companies Use TransUnion?
Only organisations with a valid reason can access your TransUnion credit report. The information is secure and protected by data privacy laws, so not just anyone can view it. A business must have a legitimate interest to access your credit report. Examples include:
- Lenders
- Banks
- Landlords
- Utility providers and mobile phone companies
These are also the types of companies that may report information about you to TransUnion.
How Can I Request My Credit Report from TransUnion?
Customers and individuals can request a copy of your TransUnion credit report. You first need to register with TransUnion. Once you’ve logged in, you’ll be able to see your credit report and will have the option to ‘Save as a PDF’. This will then allow you to download and save your credit report to a folder on your computer.
Note that you can get a report for free only once a year.
How Reliable is the TransUnion Credit Score?
Your TransUnion credit score is reliable based on the information it holds on you. It won’t give you a score based on information held with other Credit Reference Agencies. That’s one of the reasons why your credit score will be different to your score with the other two CRAs.
What is a Good Credit Score with TransUnion UK?
A good credit score with TransUnion will fall between 604 and 627. The table below shows all of their credit scoring ranges.
| Credit Score | Very Poor/Poor | Fair | Good/Very Good | Excellent |
| TransUnion | 0-565 | 566-603 | 604-627 | 628-710 |
Why is My TransUnion Credit Score Lower than Equifax?
Credit scores can vary across CRAs because:
- They use different scoring ranges.
- Not all lenders report to every CRA.
- Your credit report may contain different information for each agency.
The table below shows you the different ranges the two reference agencies use:
| Credit Score Range | Very Poor/Poor | Fair | Good/Very Good | Excellent |
| Equifax | 0-438 | 439-530 | 531-810 | 811-1,000 |
| TransUnion | 0-565 | 566-603 | 604-627 | 628-710 |
How Can I Improve my TransUnion Credit Score?
If your TransUnion credit score is low, there are solutions and things you can do to improve it:
1. Make Your Payments on Time
Every late payment you make brings down your credit score. If you set up a direct debit you can make sure your payments go out on the day your salary goes in.
2. Don’t Make Lots of New Applications Close Together
Every application you make shows up on your credit file. Even though it only stays on there for 12 months, it impacts your credit score. If you make a lot of applications in a short space of time, it makes you look desperate for money.
3. Register on the Electoral Roll
If you’re not already enrolled to vote, consider registering. It’ll give your credit score a boost and could help with future applications for credit you make.
4. Remove Links to Anyone You’re No Longer Connected to Financially
If you’ve taken out loans or had a joint bank account with someone, it shows on your credit file. If they have a poor credit score, it’ll affect you when you apply for credit. That’s why, if you’re no longer linked to them, it’s worth getting them removed from your credit file.
5. Don’t Use Up All Your Available Credit
Lenders like to see that you can manage your money well. By not borrowing up to your credit limit you’re showing that you’re in control of your spending. If you can, try to keep your borrowing to around 30% of your credit limit.
What are Some Alternatives to TransUnion?
TransUnion is one of the top three Credit Reference Agencies in the UK. To find out what Experian or Equifax are reporting on you, you’d have to go direct to them.
You can also get access to your TransUnion credit report through one of the UK’s credit monitoring services. TransUnion partners with the following services:
- Credit Karma
- Check My File
- TotallyMoney
How Can I Raise a Dispute With TransUnion?
If you find a mistake on your credit report, a solution is to raise a dispute with TransUnion. These are the steps to resolve any mistakes:
- Notify TransUnion that there’s an error on your credit file: You can do this by raising a dispute with them.
- You’ll need to provide your personal details: TransUnion will need this from you so that you can be verified. Then you can tell them which entry is incorrect on your credit report.
- TransUnion will investigate your claim: They may ask for more evidence from you, or they’ll contact the lender who reported the entry.
FAQs
How Can I Contact TransUnion?
You can contact TransUnion by email or phone. Here are their contact details:
1. UKConsumer@transunion.com
2. 0330 024 7574
How Do I Cancel My TransUnion Account?
If you’ve registered with one of TransUnion’s partners, you’d have to contact them directly to cancel your account. You can do this online, by email or through the post. When you log into your account, you’ll find details on how you can cancel your membership.
Disclaimer: The above content is provided for reference only. For more information about Transunion services please visit their main website. Also, the external links linked above are for reference only and we are not affiliated to any of the external parties linked here.