What is TransUnion Credit Monitoring?
TransUnion Credit Monitoring is a service that provides constant monitoring of your credit report. With this service, you can be alerted to changes in your credit report such as inquiries, new accounts, or late payments. This monitoring is important because it allows you to quickly spot potential issues and take action if necessary.
The process works by setting up alerts that will notify you when changes occur in your credit report. This means you will be able to see any fraudulent activity or mistakes that may be happening. You can then take the necessary steps to correct the issue before it harms your credit score.
TransUnion also offers credit scores and reports, which allow you to keep track of your credit history and understand how your actions affect your credit score. By understanding your credit score, you can take steps to improve it and ultimately save money on future loans and credit cards.
Overall, TransUnion Credit Monitoring can be a valuable tool for individuals who want to stay on top of their credit report and have peace of mind knowing they are protected from potential fraud. It is important to note that while credit monitoring can be helpful, it is not a substitute for good financial practices and wise credit decisions.
Frequently Asked Questions about transunion credit monitoring
What is credit monitoring? A credit monitoring service acts as both a personal assistant and watchdog when it comes to your credit. TransUnion's Credit Monitoring services gives you frequent access to your credit history, so you can check your credit report as often as you like.
What You Need to Know: The credit scores provided are based on the VantageScore® 3.0 model. Lenders use a variety of credit scores and are likely to use a credit score different from VantageScore® 3.0 to assess your creditworthiness. Subscription price is $29.95 per month (plus tax where applicable).
TransUnion has been in the business of enabling trust for over 50 years as a credit reporting agency. Decades of stewarding and analyzing data have given us a holistic understanding of consumer identity.
A credit monitoring service tracks changes in borrower behavior to notify consumers of potential fraud, as well as changes to their creditworthiness.
Credit monitoring keeps a daily watch on your credit report for any changes that can be linked to fraudulent activity. It works by sending you alerts when there is suspicious activity or changes in your credit, making it easy for you to stay on top of your personal and financial information.
Cons of paid credit monitoring
- It costs money. Paid credit monitoring often costs between $10 and $30 a month - money that you'd probably prefer to save or spend on take-out or a streaming service subscription.
- It doesn't stop fraud or identity theft.
- It won't tell you everything.
- It can't fix mistakes.
Your annual credit report is now available weekly. And it's still free. The three national credit reporting agencies - TransUnion, Experian and Equifax - are required by federal law to provide you with a free annual credit report.
If you get a credit score from TransUnion, it is a VantageScore 3.0 credit score. A good credit score for the VantageScore 3.0 scoring model is within 721 – 780. Because there are different credit scoring models, what's considered a good score can vary. Credit score models typically provide ratings based on ranges.
When you are applying for a mortgage to buy a home, lenders will typically look at all of your credit history reports from the three major credit bureaus – Experian, Equifax, and TransUnion.
Three-bureau credit monitoring alerts you of changes on credit reports from all three credit bureaus - Experian, Equifax and TransUnion.
Credit monitoring does not hurt your credit score. According to Experian: “If consumers access their own credit reports, it does not have any effect on their credit scores. Reviewing a credit report results in what is called a “soft pull,” or “soft inquiry,” meaning it will only be seen on a personal credit report.
Victims of data breaches are often offered free credit monitoring. But you should be aware that accepting these offers can sometimes limit your ability to join class action lawsuits or take other legal action against companies that leak your data.
Credit Karma is a free credit monitoring service that provides users daily VantageScore 3.0 credit scores based on TransUnion, and weekly updates using Equifax data. Users also get access to credit reports from TransUnion and Equifax, plus insights into how they can improve their credit scores.
With multiple options available, you may be wondering which of these sources is the most accurate. Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.
The Bottom Line. FICO provides a single-number credit score, while major credit bureaus like Equifax, Experian, and TransUnion (not covered in this article) offer a more detailed look at an individual's credit history along with the score.
Neither your TransUnion or Equifax score is more or less accurate than the other. They're just calculated from slightly differing sources. Your Equifax credit score is likely lower due to reporting differences. Nonetheless, a “fair” score from TransUnion is typically “fair” across the board.
