How to Read a Transunion Credit Report
Personal Information: This will contain all your personal information. The data stated here are mostly from your credit history. Those credit applications you made from the past.
History of Positive Account: This will show your credit accounts currently and from the past. Under this, there are two different types of accounts and those are:
• Revolving account – This refers to accounts being charged with credit limits and minimum payment is required every month. This type almost includes all credit cards. If you are aiming to build a good credit file this is very important.
• Installment account – this type is about installment accounts that have a fixed rate of monthly payment for a fix time frame. Examples of this type include student loans, personal loans auto loans and mortgage loans.
Summary of Accounts: This is about the overall record of your previous account activities. TransUnion will make it easy for you to understand the report. The credit report will include the record of balances, limits, payments and open accounts.
Hard Inquiries: This one will be counted against the credit score that you have. These will basically come from the institutions that you have authorized to pull-up your credit.
Soft Inquiries: This is a list of all the institutions that accessed your account for checking. They are the companies that offer you a “pre-approval” on your account.
Negative items: This is the record of the negative items of your credit account activity that were reported to the credit bureau. There are different types of delinquent accounts such as Charge offs, hard collections, late payments, repossessions and a lot more. These items will have a big impact on your credit score.
Those are the contents of your TransUnion credit report. It is very important to raise your awareness in dealing with your credit report. Your credit worthiness almost depends on this record. There are instances that you might find some technical errors. You’ll find some discrepancies and that is inevitable. So, it very important that you know how to read and interpret your TransUnion credit report.
If there is a part that you can’t understand, and you are in a situation where you are confused of the details that you have got. Fell free and do not hesitate to contact their customer service. They would be a big help and do not hesitate to ask questions. Make an Inquiry of everything that you don’t understand and make it direct to the point. Their representatives are equipped with needed knowledge that is very essential for you to obtain.
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