Credit Reports and Scoring

Accessible credit information enables all kinds of businesses to make informed decisions when extending credit, making promotional offers and facilitating a wide range of other activity that is essential to a healthy market economy. This credit information is based on the billions of updates we receive each month from auto dealers and finance companies, banks, credit unions, mortgage companies, retailers, student loan providers, utility companies, public records and more — for virtually every market-active adult in the United States.

You can count on objectivity, fairness and integrity. As an impartial third party, we do not create any of the data contained in a credit report; we simply collect, compile and display the information that creditors provide. And we’re constantly working to maintain that trust.

The TransUnion Credit Report provides a wealth of data

There are four standard types of information: identifying information, credit history, public records and inquiries.

Identifying Information includes:

  • Name
  • Alias or AKA (Also Known As)
  • Current and previous addresses
  • Social Security number
  • Telephone number
  • Date of birth
  • Current and previous employers

Credit History provides an ongoing historical and current record of a consumer's buying and payment activities, including accounts such as:

  • Retail stores
  • Banks
  • Finance companies
  • Mortgage companies

Public Records include:

  • Tax liens
  • Court judgments (including child support judgments)
  • Bankruptcies

Inquiries include:

  • Regular inquiries: Credit grantors and other authorized parties who have requested a copy of the consumer's credit report with a legally permissible purpose.
  • Account review inquiries: Credit grantors with whom a consumer has an existing relationship and who are permitted to periodically review the information.
  • Promotional Inquiries: Companies, with a legally permissible purpose, that have obtained certain limited information about a consumer, such as name and address, in order to send targeted, mutually beneficial firm offers of credit or insurance.

In addition, any consumer statements and other Fair Credit Reporting Act information will be displayed. You can also add features like a model profile section, a credit summary or special messages on potentially fraudulent or invalid information.

Credit scoring makes creditworthiness predictable

The contents of a credit report are translated into a credit score, a numerical value that represents overall creditworthiness. Because a credit score is simply a snapshot of a credit report at the time the score was calculated, credit scores may change to reflect changes in the report.

There are a wide variety of credit scores available and each lender may use a different score, or give more or less weight to the one they use in relation to other factors. In general, the higher a credit score is, the more trust a business will have in that customer's future performance.

Credit scoring models help businesses make faster, more consistent and more precise predictions of how a prospect or customer will behave in a variety of different situations. For example, certain scores predict future credit behavior, such as the likelihood of paying as agreed, the likelihood of collecting on a delinquent account, and more.