TransUnion is the third largest credit reporting agency in the United States, according to Credit.com. The company collects historical financial, credit and related information about individual consumers, notes Investopedia. Sources of information include banks, credit card companies, credit unions and public bankruptcy records.Continue Reading
TransUnion, based in Chicago, Illinois, serves 50,000 customers and 500 million consumers worldwide, explains Credit.com. The company provides credit reports to companies and individuals and offers a consumer credit monitoring service for individuals to track changes to their credit reports. Additionally, TransUnion offers a credit score for a fee. The other two large credit bureaus, Equifax and Experian, are TransUnion's main competitors in the credit reporting market, notes Investopedia.
Lenders use the credit reporting system in making decisions to extend credit or approve loans, explains USA.gov. An individual's credit report is the compilation of bill payments made, loans paid off or currently being paid and the current amount of credit card and similar debt. The credit report also includes details about current and former addresses and employers, timeliness in bill payment and lawsuit information. This information is gathered by TransUnion and the other consumer credit reporting agencies that then sell the credit reports to creditors, insurers and other companies.Learn more about Credit & Lending