Transunion Credit Bureau

Posted on May 21, 2015 in Credit Bureaus

Transunion - Second Largest Credit Bureau

TransUnion is one of the three largest credit reporting agencies in the United States. TransUnion works with businesses and consumers to gather, analyze, and deliver information about people's credit histories so companies can avoid at-risk customers.

History of TransUnion:

TransUnion originally started as a railcar leasing operation in 1968, but quickly realized the business potential in becoming a leading provider of business intelligence. Utilizing their knowledge and expertise TransUnion acquired the Credit Bureau of Cook County, which managed 3.6 million files manually. Soon after the acquisition of the Credit Bureau of Cook County, TransUnion became the first company to replace accounts receivable data with automated tape-to-disc transfer, which significantly cut the time and cost to update consumer files.

As the company continued to grow, TransUnion branched out into other industries such as the real estate market to offer lenders nationwide access to prospects, the ability to originate and close residential loans, and manage the post-closing process. In addition to the real estate market TransUnion also joined the direct-to-consumer market in the early 2000's with the purchase of TrueCredit.com. Through this website TransUnion is able to assist consumers with the protection and improvement of their credit through online services.

Transunion is involved in a number of industries - the most important being the credit reporting industry.

Importance of TransUnion:

TransUnion is one of the most important companies in the world and affects our daily lives in several ways. With the records that TransUnion keeps, this company has a direct impact on the amount of credit one can receive from a particular lender. If a consumer has a poor credit rating with TransUnion chances are that person is going to have a tough time opening up any new credit accounts. TransUnion allows lenders to make business decisions about potentially risky customers from the information provided in their credit report.

TransUnion not only gives lenders a glimpse into a consumer's credit history but also provides this information to the consumer as well. If you are constantly having a tough time opening up a new line of credit, you can go to TransUnion's website and request your credit history from all three of the major reporting bureaus. With this credit report you will be able to see what is negatively impacting your credit score and either fix any errors on your report or take the necessary steps in bringing any delinquent accounts current. By completing both of these steps you will be headed in the right direction to increase your credit score, improving your file in the eyes of creditors in the process.

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