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Tuesday, February 24, 2009

Review - TransUnion Credit Bureau

By Matt Douglas

TransUnion Credit Bureau is one of the big three credit agencies. They will keep a file from all your lenders about your accounts.

They will record any late payments, missed payments, balance, and all other pertinent information. The lenders send this information to the bureaus.

This data is what is shown on your credit report. Future creditors and employers can look at these reports.

They were founded in 1968. But, back then they were known as Union Tank Car Company, a rail car leasing operation.

That company started TransUnion as its parent holding company. During the next 30 years they grew into one of the world's leading business intelligence providers maintaining one of the largest collections of consumer information.

In 1969, it acquired the Credit Bureau of Cook County, and began to take the shape of the company we know today. Between the 1970s and 1980s, they continued to grow.

In 1988, it achieved full coverage in the United States, keeping information on every active consumer in the country. Today, they extend to 25 countries on five continents.

They are privately held, meaning that it is not publicly traded. Their annual sales are over billions.

It is an excellent idea to watch your credit report. To get a free credit report you can visit Annual Credit Report.

It is not uncommon for there to be a mistake on your report. It is estimated that 1 in every 4 Americans has an error.

If you have a mistake you should dispute it with the credit bureau. You need to create a dispute letter and give a reason why the item is in error.

When the credit bureau receives your letter and decides it is valid they will investigate. Often, errors are removed regardless of their accuracy.

The bothersome part is getting the bureau to investigate. Because they might have to spend current profits to investigate a dispute.

They have found it more cost effective to erroneously respond to dispute letters and try to frustrate the individual, instead of investigating. The Fair Credit Reporting Act says the bureaus must investigate a dispute.

This is why many consumers who wish to remove questionable items on their report will hire a service to dispute it for them.

In sum if you have a problem with your report you should file a dispute with the credit bureau. You can do this with a letter or hire a service to handle it.

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