Whenever you apply for any form of credit such as a credit card, loan, mortgage, car finance, etc, all you have to do is fill in one form online, by phone, or in person. However, once you have made your application there is work that has to be done behind the scenes by the lender before any decision has to be made, and part of this work is conducting a check on your credit history and score in order to decide whether to grant you the finance that you are after. Transunion is smaller than Experian and Equifax in the UK and used by less lenders in their credit decisions but often will check all three credit references or combinations of them so it is still worth checking your Transunion credit report and score (and it can be checked for free).
The decision of the lender is partly dependent on the state of your credit history and your credit rating, which is why it is so vital to keep these in check at all times. The lender will also base the final decision on the content of you application, including information that is not found on your credit report such as employment status, salary details, any existing history with the lender, and whether you are a homeowner.
Anyone that is considering applying for credit will find that checking their own credit file first can be invaluable, as it allows them to see what the lender will see and therefore make a decision as to whether it is the right time to make an application for finance based on the state of their credit. If you keep making applications for credit and getting turned down this can further damage your score, which is why it is best to check your report before you apply. If you are turned down you can then refer to your report to see where the problem may lie.
How to access your transunion credit report
You can get access to your credit report from the credit reference agencies such as Transunion, and having this access can be extremely useful particularly if you are trying to improve a bad credit rating or avoid getting a bad credit rating. Checking your credit report regularly will make it easier to monitor your progress if you are trying to improve your credit score and will enable you to keep an eye on the data that is held about you as well as look out for any suspicious transactions that could indicate identity fraud.
The first way in which you can apply for a Transunion credit check is by requesting a statutory credit report which will detail your credit history, give you more of an understanding about your credit history and score, and enable you to decide whether your credit history and score is good enough to apply for credit. You can get instant access to your statutory credit report online if you choose this option, or if you prefer you can ask for the report to be sent by post.
For the monthly credit report option this is only available via partners for example Credit Karma, Totally Money or Checkmyfile.com. Credit Karma and Totally Money offer access to your Transunion Credit Score and report for free, Checkmyfile.com has a 30 day free trial then it is £14.99 per month (it also includes access to Experian and Equifax reports and scores).
Which banks provide free access to Transunion Credit Report and Score via their current account packages?
Examples include Natwest and Lloyds Banking Group.
What is in the Transunion credit report?
You will find a wide range of information contained in your credit report, and it is important to remember that this is the information that lenders will see when you apply for finance and credit. This data will enable you to make more informed decisions, address problems and issues that could be affecting your financial future, pick up on problems such as possible identity theft, and work towards improving your finances and future. Some of the information that you will find in the Transunion report includes:
- Details about credit that you have in your name. This will include the amount taken out and a history of your repayments, including details of missed and late repayments
- Details about credit checks that have been carried out by lenders, even if you were not successful in securing the credit that you wanted
- Details about defaults, insolvencies, bankruptcies, and County Court Judgements
- Address details for the last six years
- Financial associations with others, which could also have a knock on effect on your credit rating and history
The benefits of checking your credit report
Some of the benefits of checking your credit report through Transunion include:
- Being able to check if your credit and credit score are okay
- Being able to address any issues that could be adversely affecting your credit
- Checking for any signs of identity theft
- Being able to make an informed decision with regards to applying for finance
- Seeing what lenders will see if and when you apply for finance to give you a better idea of whether your application for finance is likely to be successful
