Who is TransUnion?
TransUnion is one of the major bureau companies in Canada. It is also the smallest among the three but packs the biggest punch where business services are concerned. TransUnion is best for individuals looking to check their TransUnion credit report and score to manage their business and its credit.
TransUnion also complies with FCRA, requiring the bureaus to confide one free credit report annually. If you worry about not having healthy credit, companies of Credit fix Canada are always there when you need help regarding your credit score if a problem exists.
TransUnion deals with four types of information:
1. Identification. Your credit report has basic information about yourself. For example, your name, current, and former address, social security number, contact number, and working address.
2. Credit History. It is summarized on your credit report. It contains your past and current series of credit payments.
3. Public records. It contains details that are accessible to the public. Hence, the name Public records. This shows details that may have a direct impact on your credit.
4. Report Requests.
To get your credit report on time, you should always ensure that you have the correct information and all the details, especially for married women who have several versions of their names.
TransUnion has its own legal site where you can request your credit report online. You can fill up their online form with your correct information; if not, there is a tendency that your form will be rejected.
If there are errors on your credit report, this may cause a problem when you apply for any loan. Lenders always want security against loans.
TransUnion is considered as accurate and important as the two other credit bureaus. However, regarding credit score, FICO is used in 90% of lending decisions.
What is FICO Score?
FICO score is used to calculate your credit score. It is used to extend or eliminate your credit. FICO requires at least one tradeline older than six (6) months.
FICOA is used to determine your worthiness in loaning money. Even so, lenders consider your other details, such as income, how long you have been working on your jib, and the type of credit you requested.
Achieving a high FICO score is a mix of credit accounts and maintaining excellent payment history. Pay on time or before the due can also help. And you should restrain yourself from going over your credit limit.
FICO SCORE 8
Fico Score 8 is the most used version, even if it is followed by FICO Score 9 and FICO Score 10. This version conveys how responsible or effective an individual is regarding debt.
Scores are higher when you pay on time, keep a low credit card balance, and only open new accounts for targeted purchases.
FICO Score 8 innovation includes increased sensitivity to highly utilized credit cards. A low credit card balance on active cards will mostly get a positive score. This version is more forgiving regarding late payments than the older versions. Late payments can be separated when you have other accounts that have good standing. For you to have a better statistical representation of risk.
What to do when you have a bad credit score?
No worries because many credit rehabilitation Canada companies will help you restore your healthy credit report. Other than the companies willing to help you restore your credit report, you should also help yourself.
Here are some suggestions to maintain your credit report:
1. Review your credit report. This is to know where you start in rebuilding your credit report.
2. Paying bills on time. Your payment history has a great impact on your credit score.
3. Catch up on your overdue. You may want to pay your bills that are already past due. If you are having difficulty catching up, you may want to contact the company you’re struggling with. They can help you with your payment.
4. Consider a secured credit card. It is like your “traditional” credit card but more on the secured side because you will have to deposit money for you to be able to open an account.
How long to rebuild your credit?
Patience. It will take a lot of time to restore a healthy credit report. It will depend on what circumstance you’re in. A lot will play a role in restoring your credit cards, such as your credit score, factors affecting it, and more.
How do you keep your credit report healthy?
1. Never miss any loan dues. Using auto debit on your loan or setting automated reminders for your dues is better.
2. Do not max out your credit card. Always remember to keep below your credit limit and do not stay close to it.
3. Long credit history. The more your credit report shows that you are paying loans on time, the more information there is to determine whether you are a good credit recipient.
4. Only apply for the credit that you need. If lenders spot numerous credits over a short time, they will assume that your economic circumstances have changed negatively.
5. Fact-check your credit report. Dispute any suspected errors. A minor or major error can impact your credit report and cause problems in your future financial decision.
All in all, if you are a prime borrower, you don’t have to stay as a prime borrower. You can always work on it by helping yourself and maintaining self-discipline. Credit repair companies like credit repair Calgary can help you if you are struggling. Just ask.