Term: TransUnion
6 found

Why do Millenials have subprime credit?

By Steve Ely on 10/6/2016

There's more than one way to move out of the subprime credit category into the near prime or even prime credit category.  

near prime
prime credit

Where Did Credit Reports Come From?

By Steven Shaw on 5/1/2014

credit report origin  

We may be in an age of Big Data, but collecting information on consumers is nothing new. Credit reporting goes back to the late 1800s, when it was just a couple of guys going from door to door, asking merchants to describe the customers who had credit at their stores. The technical, sometimes-long files we now know as credit reports started out as a few notes in a ledger that said something like, “Reliable,” “Slow to repay” or “Won’t pay, but father will cover debt.”

credit reports

How to Talk to a Credit Bureau

By Steven Shaw on 1/29/2014
credit bureau
credit reporting agencies
national credit reporting agencies

Paying more on your credit cards leads to better credit

By Steve Ely on 8/1/2013

You probably already knew this, but a recent study from TransUnion provides the proof that this really works.  Consumers who pay their balances off every month (or at least pay higher amounts), are much less likely to default on their credit cards, which means they're lower risk for lenders.  Lower risk = better rates.

credit cards

A Step-By-Step Guide to Disputing Credit Report Mistakes

By Steven Shaw on 2/11/2013

The information in your credit reports is what’s used to create your credit scores, so you don’t want to let mistakes on your credit reports potentially throw your credit scores out of whack.

An FTC study released today shows that one in five consumers have errors on their credit reports and 5% of consumers have errors serious enough that they could result in less favorable loan terms.

credit 101
credit lessons
credit reports
credit scores

FICO v. VantageScore: 5 Differences You Should Understand

By Steven Shaw on 1/25/2013

FICO v. VantageScore - 5 Differences You Should Know

It’s been seven years since VantageScore (Vantage) appeared on the credit scoring scene to challenge Fair Isaac Corporation (FICO), following years of FICO’s dominance that lead to its credit bureau risk scores becoming the industry standard for lenders making prescreened credit offers, approving or denying applications for new credit, and managing their existing credit accounts. (Full disclosure: I worked for FICO for 16 years).

While consumers are still more likely to see their credit applications evaluated by FICO than Vantage when applying for different types of credit, they are, at the same time, most likely to receive Vantage scores when ordering their credit reports from the major consumer reporting agencies (CRAs): Equifax, Experian and TransUnion.