The credit card system is an absolute game-changer in the financial industry. It gives you the privilege to buy stuff and pay the bill later. Sounds cool, right?
But many of you may have faced that problem- that you spent too much money using your credit card and the bank blocked your card- you had to pay the bill unwillingly.
So, is it totally bad to use a credit card? Absolutely not! If you maintain a good credit score and know what is good for you, you can happily use your credit card and get a hassle-free experience.
TransUnion is a reputed Credit Score provider- who can help you decide what will be good for you and maintain a good score.
Today, In this broad discussion, I will share my observation on how you can leverage your ‘’Transunion Credit Score’’ and utilize your credit cards logically.
If you are not getting a healthy credit limit and want to know how you can take the privilege of your credit cards and get an instant loan, this content will help you.
Here is how-
- At first, we will learn about Credit scores and their different aspects.
- Then we will talk about one of the key Credit Score providers- ‘’Transunion’’ and try to find out its worth.
What is your credit score?
A credit score denotes a numerical expression of a person’s creditworthiness based on the person’s credit file analytics. It is based on a credit report from well-known credit bureaus.
Lenders like banks and other credit card companies use credit scores to evaluate a person’s eligibility for a loan at a certain interest rate and determine the credit limit. Using credit scores help lenders to calculate the potential risk of their money and make wise decision.
The creditworthiness of a person is measured by their score, which starts with 300 and ends with 850.
There are four types of credit scores-
- Bad= 300-629
- Fair = 630-689
- Good= 690-719
- Excellent = 720-850
Visit TransUnion Credit Score Official Website
Why is a good credit score important?
A good credit score is needed if you want to use credit card facilities. If you don’t have a good score- you can’t use a credit card and maximize your credit limit.
How can you maintain a good credit score?
Here are certain things you can practice maintaining a good credit score-
- You Must Pay Your Bills on Time.
- You have to stay below your maximum Credit Limit.
- You will have to maintain a Credit History With your Older Credit Cards.
- Never apply for New Credit Cards if you can’t pay the bills on time or you don’t need them.
- You have to check Your Credit Reports often for Errors.
- You can go with Credit Score checking agencies like- TransUnion to monitor your credit scores in real-time.
What is a TransUnion credit score?
TransUnion is a credit reporting agency that serves credit scores and reports to customers. It also provides credit monitoring services and helps with theft protection and credit offers from various third-party lenders.
Lenders such as banks and others use your TransUnion credit score report to confirm your creditworthiness when borrowing money or buying commodities before paying the full bill.
To check out your creditworthiness- TransUnion offers one free copy of your yearly report, which you can use to see what lenders see when they check your report. You can also go with their paid credit monitoring service for real-time updates of your credit activities.
Besides these, TransUnion also provides educational resources, consumer assistance, and other useful tools to help you stay aligned with your credit scores.
Transunion Services
Transunion offers both free and paid reporting services which you can use to check your credit score at a glance-
Free TransUnion Credit Score Services-
You can get the following credit reporting services for free-
- Free Annual Credit Report
- Freeze Credit Report
- Dispute Credit Report
- TransUnion Credit Report
- Fraud Alert
- Active Duty Credit Monitoring
- True-Identity
Premium TransUnion Credit Score Services-
You will have to pay for using the following credit reporting services-
- Credit Monitoring
- Credit Protection
- Score Simulator
Is TransUnion Credit Score legit and Accurate?
TransUnion is one of the three prominent national credit bureaus, and it has a strong public reputation for providing reliable, consistent credit scores.
As a reputed national credit reporting company, we can say they are legit and worth trusting. But in terms of accuracy, some people climbed that scores are not accurate all the time.
Visit TransUnion Credit Score Official Website
What banks and lenders use TransUnion?
Most of all the banks and third-party lenders use TransUnion credit scores to check an individual’s creditworthiness. But nowadays, most of all, the banks and lenders see all three agency’s credit reports to evaluate one’s credit eligibility.
And some banks have developed their own reporting system, which they are using with TransUnion for better insights.
Pros of TransUnion credit score
- TransUnion offers a variety of credit reporting services for free
- Free ID Protection is a great.. requisite feature.
- Their Credit monitoring services are appreciable.
- You can get Credit offers from third-party lenders.
- It is easy to get your free annual credit score with TransUnion.
Cons of TransUnion Credit score
- Scores may differ from other bureaus, and some people have addressed that the report is not accurate every time.
- The monthly cost for monitoring may seem expensive for average people.
Alternatives of TransUnion
The other two national credit reporting companies are the main alternatives of TransUnion. They are Equifax and Experian.
Cost of TransUnion credit report
TransUnion’s free services like- Free Annual Credit Report, Freeze Report, Dispute Report, Fraud Alert, and others are fully free to use.
And their most popular credit monitoring services come at $24.95 per month with all its facilities.
Visit TransUnion Credit Score Official Website
Final Verdict
Keeping an eye on your credit scores is important to get the actual benefits of a credit card. A credit score report will tell you how much you should spend using your credit card and when to pay the bill!
And to check your credit score, you can go with any national credit agency, but TransUnion is a trustworthy name in the industry. They provide almost accurate credit scores, and they have plenty of free and premium reporting services which can help you monitor your creditworthiness in real-time So, yes! You can trust TransUnion as a reliable credit reporting agency and go with their Free or Paid plan to stay updated with your credit score.
