Getting your TransUnion credit score should be a walk in the park if you read this article and follow the steps.
Gone are the days of the hassle and stress when you are trying to check your credit score. There are other ways to get it done quicker in today’s day and age, and Transunion is one of those ways.
With TransUnion, you can keep an eye on your credit status and make sure there is no impending danger by regularly assessing your credit rating.
Apart from getting your TransUnion credit score, the platform also helps you combat identity theft and fraud.
In this article, we combed through all the relevant information about getting your free TransUnion credit report and score; and made sure you have the most accurate and reliable content on TransUnion.
So, keep reading.
How to Get a Free TransUnion Credit Score
With TransUnion, you cannot check your credit score for free. Getting your credit score will require you to sign up for their service which will cost you $19.95 per month.
However, with alternative companies like Credit Karma Canada, you can get your free credit score which was calculated using the CreditVision scoring model- the same model used by TransUnion. Every month, your credit score and credit report is updated on Credit Karma at no cost.
On the other hand, if you are interested in your Equifax credit score, Borrowell is a channel through which you can get yours.
Do not be surprised if your TransUnion and Equifax credit scores are different. This is because of factors like variances in proprietary scoring models and others.
TransUnion Credit Score Range
The credit scores range all the way from 300 to 900 in Canada. Higher credit scores are indicators of creditworthiness to lenders, which will boost a lender’s willingness to offer you lower rates of interest.
On the other hand, a bad credit score indicates that finding credit will be difficult because of how low the score is.
The TransUnion credit scores come in the following classes:
- Excellent TransUnion credit score = 800-900
- Very Good TransUnion credit score =720-799
- Good TransUnion credit score = 650-719
- Fair TransUnion credit score = 600-649
- Bad credit score = 300-599
Paying your bills early and right on time can help to boost your credit score. Other ways of boosting your credit include:
- keeping below 30% credit utilization i.e using not more than 30% of your total available credit (
- reducing your amount of credit applications
How to Get a Free TransUnion Credit Report
It is possible to order a free credit report from TransUnion once a month. The name of the document is the Consumer Disclosure. It can be ordered by mail, phone, in person, or online.
To Order Online: Go to the TransUnion page and enter your details (address, name, date of birth, social insurance number).
You could be asked to answer a few questions in order to validate your identity. When your identity is confirmed, you can access your credit report.
To Order by Mail: Download the request form online, fill it out, then send it by mail to the Consumer Relations Centre, 3115 Harvester Road, Suite 201, Burlington, Ontario L7N 3N8.
Before you send out the package, make sure you attach a copy of your passport, driver’s license, birth certificate, or any means of identification issued by the government.
Also, include a copy of a document that shows where you live. The document could be a credit card statement, utility bill, notice of assessment, T4 slip for the present year, or any other.
To Order by Phone: Get in contact with TransUnion by calling them at 1-800-663-9980. Then follow the instructions the automated interactive response tells you.
To Order In-Person: Visit the provincial offices of TransUnion in Newfoundland, Nova Scotia, Prince Edward Island, and Ontario.
Another way to get your TransUnion credit report for free is through Credit Karma. This fintech company operates in the United States and Canada.
Through Credit Karma, you can get your free credit reports and credit scores from TransUnion.
How to Read Your TransUnion Credit Report
Credit reports show the history of relations and interactions between credit seekers and credit providers. Information that can be found there includes:
- Sensitive personal information like addresses (past and present), SIN, name, employers, and date of birth.
- Payment history of debt settling. For example, owed amounts and credit cards.
- Lenders’ hard inquiries (for credit profile).
- Consumer proposals, liens, collections, bankruptcies, judgments in courts, and others.
Your credit score is influenced by the information found on your credit report. Your report gives lenders an idea of how trustworthy you are.
What Is a Credit Score?
A credit score is a three-digit number usually between 300 to 850 that is designed to indicate your creditworthiness and the likelihood your bill will be paid on time, and before they are due.
Your credit score is calculated from the details in your credit report such as payment history, amounts owed, credit history length, and type of loan.
If you have a higher-than-average credit score, this indicates that your actions regarding credit have been responsible which therefore makes lenders more willing to give you loans at lower interest rates as your past shows there is a high likelihood you will pay back.
What Is Considered a Good Credit Score?
If your credit score is over 660 then your credit score is generally considered to be good, very good, or excellent.
In the strict sense, credit bureaus generally see a good credit score as one somewhere between 660 to 724.
But if your credit score falls somewhere between 725 to 759, then it can be thought to be very good. If your credit score is 760 and above, your credit score can be thought to be excellent.
Credit scores generally range from 300 to 900, and your credit rating gets better as your credit score improves.
Final Thoughts on TransUnion Credit Score and Report
Alongside Equifax, TransUnion is one of the major credit bureaus in Canada. You can get your TransUnion credit score directly by paying $19.95. They also provide credit reports.
Some platforms obtain your credit score from Equifax or TransUnion on your behalf and offer it to you for free. To access these platforms like (Borrowell and Credit Karma), you have to sign up with them.
If your Equifax and TransUnion scores are different, do not be alarmed. The bureaus are separate entities and they estimate your credit score differently with factors like your credit report and credit history.
FAQs on TransUnion Credit Score and Report
What is Credit Monitoring?
This is a service that alerts you with a notification when there is an activity like credit file updates (credit inquiry, for example). Credit bureaus TransUnion and Equifax, financial institutions, and issuers of credit cards provide credit monitoring.
For those who want to keep their credit safe from fraud or security breaches, getting a credit monitoring service could be really helpful.
If an unauthorized person is attempting to apply for credit with your name, credit monitoring will notify you of their activity.
Most platforms and bureaus who provide this service often charge for it.
How Often Should You Check Your Credit Report?
We recommend that you ask for your report from one of the credit bureaus. After that, wait for a period of six months, the place another order from the other credit bureau.
It is easier and quicker to sense problems when you space out your requests.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.