TransUnion Credit Bureau is one of the big three credit agencies. They will keep a file from all your lenders about your accounts.
They will record any late payments, missed payments, balance, and all other pertinent information. The lenders send this information to the bureaus.
This information is what is shown on your credit report. Future lenders and employers can look at this.
They were founded in 1968. But, back then they were called Union Tank Car Company, a rail car leasing company.
That company created TransUnion as its parent holding company. Over the next 30 years they grew into one of the world’s leading business intelligence providers maintaining one of the largest collections of consumer information.
In 1969, it acquired the Credit Bureau of Cook County, and began to take the shape of the company we know today. Between the 1970s and 1980s, they continued to grow.
In 1988, they achieved full coverage in the United States, holding information on every active consumer in the country. Today, their reach extends to 25 countries on five continents.
It is privately operated, which means that it is not publicly traded. Their annual sales are in the billions.
It is an excellent idea to watch your credit report. To get a free credit report you can visit Annual Credit Report.
It is normal for there to be a mistake on your report. It is projected that 1 in every 4 Americans has a mistake.
If you notice an error you should dispute it with the bureau. You must make a dispute letter and provide the reason why the item is in error.
When the bureau receives your letter and deems it valid they will investigate. Some times mistakes are removed regardless of their accuracy.
The difficult part is getting the bureau to investigate. This is because they must spend potential profits to investigate a dispute.
creditors have found it more cost effective to improperly respond to dispute letters and try to frustrate the individual, rather than investigating. The Fair Credit Reporting Act says the bureaus have to investigate disputes.
This is why many consumers who wish to remove questionable items on their report will hire a service to dispute it for them.
If you have a mistake on your report you should file a dispute with the bureau. You can do this yourself with a dispute letter or by hiring a service.
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