What is the Transunion credit alert service?
The credit alert service from Transunion is a free service providing important notices about changes to credit accounts.
Can I lift a credit freeze temporarily?
Yes, a credit freeze can be temporarily lifted or thawed when necessary, such as when applying for new credit.
How do I request my credit report from Transunion?
Visit the Transunion official website and follow the designated process to obtain your credit information.
What subscription plans does Transunion offer?
Transunion offers various subscription plans for individuals and organisations, including credit reports, ratings, and real-time profile monitoring.
Is Transunion a government agency?
Transunion is not a government agency but a credit reference agency with over 40 years of local experience. It collects and analyses credit and public record data, working closely with banks and financial institutions. This information is used to create accurate and reliable personal credit reports for reference.
Does Transunion approve credit applications?
No, Transunion does not approve any credit applications. The role of Transunion is to provide credit ratings and related information to banks or financial institutions for reference. Approval decisions are made solely by the bank or institution based on their own criteria and your financial history.
Can anyone review my credit report if I allow it?
Only you can directly view your credit report. If you want someone else to see it, you must share it yourself. An exception applies if you give permission to your employer and they have an agreement with Transunion, allowing them to access it with your consent.
Are credit reports only useful for loans or credit cards?
Credit reports are also used for purposes such as immigration applications and employment background checks. Even if you do not use loans or credit cards, monitoring your credit score can be important. It ensures you are prepared for any future financial needs or emergencies.
Will cutting a credit card instantly improve my score?
No, cutting a card will not instantly improve your credit score. Negative payment records stay on your report for five years after clearing the balance. Reducing your credit limit could also harm your score if your spending remains the same.
Does borrowing more money always lower a credit score?
Borrowing larger amounts will not necessarily lower your score if payments are made on time. Your score reflects how you manage debt and repayment habits. Even small overdue amounts can negatively affect your score for up to five years after repayment.