TransUnion Credit Monitoring
Like the other two bureaus, TransUnion is best known for its credit monitoring and reporting service. It maintains credit records on millions of American credit holders, obtaining information from banks, credit unions, and other financial institutions (which are known as ‘data furnishers’ in the credit industry). Every time a person makes a credit transaction, the creditor forwards the information to TransUnion and the other bureaus, who then update the consumer’s file.
Credit information is compiled in a credit report, which is issued to consumers, lenders, and businesses. These are meant to help businesses make major lending decisions, including approvals, rejections, and interest rates for approved loans. Lenders are allowed by law to access consumer credit reports, but other parties, such as prospective employers need the subject’s consent to make credit inquiries.
All three credit bureaus are also required to provide free annual credit reports to consumers, as stated in the Fair Credit Reporting Act (FCRA). The TransUnion credit report is available both from the TransUnion website (transunion.com) and Annual Credit Report (annualcreditreport.com), a site jointly run by the three credit bureaus.