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 all late payments, missed payments, balance, and all other important information. The lenders send all the information to the credit bureaus.
This information is what they report on your credit report. Future lender and employers can see at this.
This company was founded in 1968. But, back then it was known as Union Tank Car Company, a rail car leasing operation.
That company made TransUnion its parent holding company. Over the next 30 years they became one of the world’s leading company 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, it achieved full coverage in the United States, keeping information on every active consumer in the country. Today, they extend 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 have a mistake you should dispute it with the credit bureau. You need to create a dispute letter and give a reason why the item is in error.
When the credit bureau receives your letter and decides it is valid they will investigate. Often, errors are removed regardless of their accuracy.
The bothersome part is getting the bureau to investigate. Because they might have to spend current profits to investigate a dispute.
They have found it more cost effective to erroneously respond to dispute letters and try to irritate the individual, instead of investigating. The Fair Credit Reporting Act says the credit bureaus must investigate a dispute.
This is why most people who want to remove an error on their report will employ a service to dispute it on their behalf.
In sum if you have an error on your report you should file a dispute with the bureau. You can do this yourself with a letter or by hiring a service.
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