TransUnion Review

TransUnion Canada Review 2020: Credit Monitoring & ID Theft Protection

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Last Updated on November 9, 2020 by Yetunde Akindele

TransUnion is one of the two major credit reporting bureaus in Canada with the aim to provide information for good to help customers make the best possible choices in improving their financial health.

It also aims to make transactions secure and reliable while creating new opportunities to reinvest and thrive. Around 4000, associates in 33 countries are working worldwide to serve the mission of TransUnion.

If you’re interested in using TransUnion’s services, we’ve written a thorough review for you to go through below.

A Little Bit About TransUnion

TransUnion Canada directly markets accurate personal credit monitoring and ID theft protection to its registered users to point out errors, if any, and keep a record of their scores.

The credit report mainly contains identifying information, credit history, public records, and inquiries. Users can improve their credit standing among lenders, employers, landlords by working on their TransUnion credit scores.

TranUnion Canada also offers risk-management tools for businesses and customers to make informed decisions. They provide services/solutions with products in:

  1. Analytics and Consulting
  2. Business Solutions
  3. Collections and Recovery
  4. Credit Reporting
  5. Customer Acquisition
  6. Customer Engagement Solutions
  7. Data Breach Services
  8. Fraud and ID Management
  9. Marketing and Audience Segmentation
  10. Portfolio Management

TransUnion also provides a platform for the benefit of business. Here businesses can use their latest Industry Insights Report to evaluate consumer credit behavior.

As a business owner, you can utilize Prama to build a portfolio of data and analytical capabilities and act on insights to improve profitability and unlock new opportunities. 

Since TransUnion has complete knowledge about your credit score and reports, it can help you personalize your credit and debt analysis and suggest tips on how to make it better.

If you do not keep a daily check on your report, TransUnion will alert you via email about significant changes in your report and possibly save you from identity theft.

If you suffer any loss from identity theft, you don’t have to worry since TransUnion will cover it for up to $50,000 using their Identity theft Insurance. 

Preferably, a good TransUnion credit score ranges from 700 to 900. However, you can qualify for lending opportunities or pass credit checks with a credit score lower than 700. This varies depending on individual lenders.

Free Annual Credit Report

It is normal practice to get your TransUnion or Equifax free copy of your credit report annually. With TransUnion, this is done through their Consumer Disclosure. It is also subject to you making a request for it.

A Consumer Disclosure is an account containing complete details about your credit report. It comprises inquiries made to your credit information like account management inquiries, non-credit-related inquiries, and your inquiries.

You can claim a free copy either online, by mail, in person, or by phone. You should note that a Consumer Disclosure will not give you your Credit score.

If not, you have the option to purchase credit monitoring to keep you updated on your credit score and activity.

Alongside this, Transunion provides educational resources (Blog, Newsroom) with topics related to debt, credit bureaus, mortgages, and more, services regarding consumer assistance, and other useful tools for users to maximize their credit.

TransUnion provides services among various industries:

  • Auto Lending
  • Capital Markets
  • Collections
  • Financial Institutions
  • FinTech
  • Government
  • Insurance

TransUnion Credit Score

Making use of TransUnion Canada’s personal credit monitoring service can go a long way to help with improving your credit health. Getting constant updates on your credit score as well as alerts on inquiries made about your credit report could provide insights into areas you need to work on to boost your credit score.

TransUnion maintains a database containing consumer details and assigns people credit scores accordingly. These credit scores are used to verify your creditworthiness when you borrow money, employment offers, or apply for rental properties.

It may occur that the credit scores assigned to you might not appear the same to the lenders depending on the scoring model they use. However, the difference should not be so far apart. These credit scoring models can help in making predictions about your future performance.

If you want to have a look at your credit report, you can file a request for free through the TransUnion website. Remember this is only once a year.

You can even sign up to avail credit monitoring services that will provide you with daily updates on your credit score, credit recommendations, and online credit locks.

Not limiting itself to only credit monitoring services, this credit agency also offers free identity theft protection, financial calculators, and credit offers.

The assistance team is always there to help consumers with credit issues such as disputed items, credit freezes, fraud alerts, and provide fraud victims with resources to avoid Potential Fraud Alert. 

Why Is It Essential To Check Your Credit Score?

Since a credit report includes everything from your current to past debt and transactions, it is essential to keep a check on your credit score and report.

It can affect many life decisions like renting a property, buying a car, or even your ability to get hired for a job. The report includes necessary details about you (name, address, employment details). It also provides information about your account history, debt, credit inquiries, and some public records. You can read this article on understanding why your credit score is a deal-breaker in Canada

Many businesses go through credit reports as part of the application process before making any conclusions about you. Banks thoroughly check it before your loan or credit card approvals. Landlords may review your credit reports before renting you a house or car.

Hence, credit reports are a vital source of information for your overall financial well-being. They are used to calculate your credit score (three-digit number). A higher credit score in your report will reflect positivity, while a low credit score will indicate negativity.

Credit reports are maintained by credit bureaus. In Canada, each consumer is entitled to a free credit report from credit reporting agencies like TransUnion.

Do you remember the last time you ordered your credit report? If it’s been longer than a year, then here are reasons for you to keep a check on your credit scores and reports:

  • To make sure the information is complete and correct
  • Protect against identity theft
  • Plan to apply for a loan
  • Help you in managing your finances
  • Notify yourself about lenders asking for a copy of your credit report
  • A better understanding of your current credit position
  • To keep updated with better credit card offers

TransUnion Canada ID Theft Protection & Insurance

While it is essential for you to check your credit score and report, it is of foremost importance that you take action against identity theft, saving yourself from huge losses.

Therefore, you should look for identity theft insurances. Identity theft insurances are designed to compensate you for losses related to identity theft. It can help you reimburse some day-to-day expenses while making efforts to restore your identity if you’re a victim.

Before buying identity theft insurance, you should understand what the policy covers and what it has to offer. While you may still be in the dilemma of whether to get identity theft insurance, here are some of the benefits if you get one:

  • The benefit of account and credit monitoring to detect inappropriate use of your identity. It can include a regular check on credit reports and notifications for any changes detected.
  • Credit remediation and restoration if you are a victim.
  • With the monitoring and resolution services, these insurances can send you alerts for any suspicious activity.
  • Monitoring dark web to look out for your private information if available for sale.
  • Reimbursement for costs related to ID thefts like credit application fees, legal fees, and lost wages.

Pros and Cons of TransUnion

Pros

  • Credit information straight from the bureau
  • Credit offers
  • Free annual credit score
  • Reliability

Cons

  • The monthly cost of monitoring services
  • No mobile app available

Transunion Plans and Pricing

The personal credit monitoring services of TransUnion Canada costs $19.95/month (with applicable tax). Benefits you get are credit locks, credit recommendations, unlimited daily credit updates, and email updates for sudden changes.

As a registered TransUnion member, you can use the unique features TransUnion offers, such as personalized credit and debt analysis and access to up to $50,000 ID theft insurance.

All you have to do is sign up, fill the form in three steps, and be done. If you feel this isn’t worth it, you may cancel it anytime.

It also offers free disputes resolution on inquiries, credit score drops, personal information, and incorrect accounts. TransUnion’s Fraud Victim Assistance Department offers a seven-step program for identity theft protection to consumers.

If your requirement is the business services of TransUnion, you will have to contact one of its client support specialists to know about the pricing.

Final Verdict

TransUnion Canada provides consumers with excellent and reliable services to keep up their credit scores and credit report. Interestingly, you get all information directly from TransUnion instead of wandering around with the middle man to provide you with details.

It is also crucial for you to keep a regular check on your credit reports and scores to ensure your account balances and payment statuses are accurate and error-free.

You also need to be cautious against identity theft fraud. If you fall victim to any sort of financial fraud, you should immediately act and file a dispute for it.

Therefore, you should select credit bureaus that not only help you secure your personal information but also empower you with resources that will help you optimize risk-based decisions, ultimately leading to a higher quality of financial life. 

About the author

Yetunde Akindele is a personal finance blogger and Business and Digital Marketing analyst. A new Canadian navigating the personal finance terrain with a view to providing information about tips & tricks to living a life of financial freedom!

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