TransUnion is one of the three major national credit bureaus that maintain a credit file on the consumers. It is important to check your credit report from TransUnion as it is commonly and frequently used by creditors to access your credit information as well as to report. You can get one TransUnion credit report for free as frantic you by the federal law FCRA from www.andyourcreditreport.com or you can order directly from the TransUnion credit bureau by listing www.TransUnion.com.
The first part on your TransUnion report will continue personal information such as name, spouse’s name, address, phone number etc. It doesn’t you’d the last few digits of your Social Security number. Check this section for any errors and sees that you mean and social security number has been reported accurately. This section will record all the variations of names and addresses that have been reported to it by various creditors over the period of time. This is done in order to keep you notified of the difference in the information reported which could also be an identifier for identity theft.
The next section on the TransUnion credit report will list all major debits such as civil judgment, bankruptcy and tax liens. These are extremely negative items to be found on a credit report. Being unable to pay federal taxes and money owed to the government is seen as a severe financial disability and as a credit risk for number of years by a lender. Tax liens and bankruptcies also stay on the credit report for the longest period of time. A bankruptcy can stay on the credit report for a period of up to 10 years while an unpaid tax lien can remain on the credit file forever. Other negative items in this section will include foreclosures, car repossessions, loan defaults etc. These are all very negative entries on a credit report as the usually comprise of serious delinquency is on major lines of credit. Other potentially negative item listed in this section might include unpaid ethical bills which are very high or purchase of expensive merchandise. This section basically lists all the entries that have the potential of affecting your credit rating negatively even if the accounts are current.
The next section on the TransUnion credit report contains accounts that are not considered to be negative. These could be opened accounts, closed accounts or current accounts that have no balance. These listings affect your credit rating favorably and are seen favorably by the creditors during the time of application approval process.
The last section on the TransUnion credit report will include credit Inquiries. A high number of enquiries in a short period of time have the potential of affecting your credit score negatively. This refers to the hard Inquiries is made by the creditors only. Soft enquiries consist of enquiries made by employers, landlords, preapproved credit card offers and by yourself when requesting your own credit report. This section might also include notes about certain accounts and information on your credit file. Whenever you file a dispute with the credit bureau for which the outcome is not in your favor you have the right to include a note in your credit file explaining that you are not in agreement with the information present on your TransUnion credit report.