Your credit history is an objective report of your credit activity used by lenders to determine if you represent an acceptable level of risk for the lender to grant you a loan. This report contains information reported by companies with which you do business or have granted you credit.
What type of information is included in my credit history?
The information may vary by country, but a credit history generally comprises several sections:
- Consumer identification information such as name and government-issued identification number
- History of your payment of bills to credit grantors
- Public records that may affect your creditworthiness, including bankruptcies and some types of liens and court judgments
- Comments you have made about information that you believe is incorrect in your credit history
- Query footprint, which records companies that have recently requested your credit history
Your TransUnion Credit History does not contain information about your medical history, race, gender, religion, or national origin.
How do credit grantors use a credit history?
Here are some examples of how a credit history could be used:
- When you apply for credit, such as a new credit card, the credit grantor requests a copy of your credit history from TransUnion.
- The credit grantor uses your credit history, along with other pertinent information such as your income, to determine whether or not to grant you financing.
- When you use the new credit card, the credit grantor periodically reports your payment behavior to credit bureaus such as TransUnion.
- Credit bureaus update your credit history as they receive new information from grantors.
- Your credit profile can change due to several factors, among them, the opportunity with which you meet your payments or the value and number of loans that you register in the market. When you pay your bills on time, this good payment habit is known to current and future creditors, which can improve your credit history and make it easier for you to access loans in the future.
- Every time you request a loan, the process will be repeated.
Does TransUnion create or change any credit data?
As an impartial third party, we do not create or change the information in our reports. We simply collect data from established creditors such as banks, credit unions, utility companies, and telephone companies, who report their payment history to TransUnion.
We receive millions of updates per month and we strive to ensure that accurate and up-to-date information is reported.
What is a credit score or score?
In addition to your credit history, some lenders use a credit score to measure the likelihood that you will repay your loan. This score is generated by a mathematical formula that uses data from the TransUnion credit history. Credit grantors have been using these credit ratings as part of their loan decision for more than 20 years and they are used in countries such as the United States, Canada, Colombia, Mexico, South Africa, and Hong Kong, but they are not available in all countries. until data quality allows.
Who has access to my credit history?
You can access your personal credit history and also others whom you authorize. These third parties may be those entities that are granting you some type of credit or with whom you are initiating some type of formal business relationship, such as signing a contract or opening a bank account.
Who approves or denies my credit application?
Each credit grantor has its criteria and procedures for approving credits. TransUnion does not make any credit approval or denial decisions.
How long does my negative information stay on my credit history?
This may vary from country to country. For more information contact your local TransUnion Customer Service office.
What happens when wrong information appears on my credit history?
You can request correction of errors at your local TransUnion Customer Service office. Our representatives can help you work with credit grantors to identify errors and update your credit information.
Remember that TransUnion objectively reports all credit history information and only maintains and reports the information that is provided to it. We do not create any information in credit histories.
How can I improve my credit history?
A routine review of your credit history at TransUnion is a good way to maintain good credit. It is important to correct any mistakes and pay your bills on time to get the best results from your credit history.
Why should I check my credit history?
There are four important reasons:
- Information —Know what information creditors are reporting about you.
- Control — For financial success, make sure your credit history is up-to-date and the information is accurate.
- Protection —Protect yourself from identity theft and credit fraud by checking your credit report regularly.
- Success — To achieve your goals, you must begin to take control of your finances.
How can I access my credit information?
You can access your credit history by visiting your local TransUnion Customer Service office. We would be very happy to assist you with any questions you may have