TransUnion, a global credit reporting service, maintains its company headquarters in Chicago. As of 2010, the company reported and stored approximately 500 million consumer credit histories and serves businesses and consumers in countries like Chile, Russia, Zimbabwe and Singapore, in addition to the United States, Canada and Mexico.
History
TransUnion originally established itself as the parent company of a railroad car leasing enterprise in 1968. One year later, the company turned its focus to credit reporting when it purchased the Credit Bureau of Cook County which kept over three million consumer credit files in 400 filing cabinets. This acquisition spurred TransUnion to become an innovator in automated consumer reporting updates and the initial creation of online storage for credit reporting information that financial clients could access nationally.
Function
TransUnion provides businesses and consumers with access to their credit reports. These reports contain information on credit cards, student loans, car loans and home mortgages. Information that consumers can access on a TransUnion credit report includes account balances, credit limits, account status and information about late payments or delinquent accounts. Consumers can order one report that specifically shows the information that TransUnion has on file or a combination report that shows information from TransUnion, Experian and Equifax.
Scoring
A consumer credit score is a number that takes into account payment history, debt to credit limit ratio, number of accounts, late payments and number of credit inquiries a consumer has within a seven- to 10-year period. TransUnion reports this score by using the VantageScore system. VantageScore uses a numerical scale ranging from 501, the lowest possible score, up to 990 which is the highest possible score. The VantageScore system also reports a corresponding letter grade of A to F, to assist consumers in seeing exactly where they stand in terms of creditworthiness.
Additional Functions
In addition to providing credit reporting information, the company created a real estate division in the 1990s that continues to offer prospect marketing, residential loan origination and closing services, and post-closing loan management services. In 2002, TransUnion bought TrueCredit.com, expanding the company's service offering to include credit monitoring services, identity theft protection and credit score monitoring for TransUnion, Experian and Equifax.
Consumer Services
TransUnion provides consumers with assistance regarding filing a dispute about information on their credit report and information regarding credit card fraud. The company offers free consumer educational videos on credit topics through their website in addition to offering a free monthly email newsletter.
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