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FAQs
FAQs
 

FAQs

Find fast answers to questions you may have about managing your personal credit.
Q What is a credit history? 
A Your credit history is an objective statement about your credit activity used by lenders to determine if you’re a good credit risk. It contains information reported by companies who do business with you or have granted you credit.

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Q What information is included in my credit history?
A
Information may vary by country, but a typical credit history includes several sections:

  • Consumer-identifying information such as name and identification number
  • Account histories of your paying record with credit grantors
  • Public records of items that may affect your creditworthiness, such as court judgments
  • Enquiries, which list the companies that have requested your credit history

Your TransUnion Credit Report does not contain information about your medical history, race, gender, religion or national origin.

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Q How do lenders use a credit history?
A Here’s an example of how a credit history may be used:

  • When you apply for credit, such as a new credit card, the lender will request your credit history from TransUnion.
  • The lender uses your credit history, along with other relevant information such as your income, to determine whether to grant you a credit card.
  • When you use the new credit card, the lender will periodically report your payment activities to credit reporting agencies, such as TransUnion.
  • Credit reporting agencies will update your credit history as they receive new information from lenders.
  • Your credit profile will change based on several factors, including how you pay your bills and how many loans you have. When you pay your bills on time, the information is shared with current and future lenders to help improve your credit history and make it easier to acquire credit in the future.
  • Each time you apply for credit, the process will be repeated.

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Q Does TransUnion create or change any credit data?
A As an impartial third party, we do not create or change any of the information in our reports. We simply collect data from established creditors such as banks, utility companies and telephone companies who report your payment history to TransUnion.

We receive updates each month and work hard to ensure that accurate and current information is reported.

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Q What is a credit score?
A In addition to your credit history, some lenders use a credit score to measure the likelihood that you will repay your loan. A credit score is generated by a mathematical formula that uses data from a TransUnion credit history. Lenders have been using credit scores as part of the lending-decision process for more than 20 years. They are widely used in South Africa, Namibia, Botswana, Swaziland, and many other countries around the world.

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Q Who has access to my credit history? 
A You may access your personal credit history and authorize others to view your credit history. These parties may include companies that are extending you credit or with whom you are entering a legal relationship, such as signing a contract or opening a bank account.

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Q Who grants or denies my application for credit?
A Each lender has its own criteria and procedures for granting credit. TransUnion does not make the decision to grant or deny credit.

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Q How long does negative information stay on my credit history?
A
We follow international best practice with regards to data retention rules. See Related Topics at the right or contact your local TransUnion office for more information.

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Q What if inaccurate information is reported on my credit history?
A
You can request that inaccuracies be corrected at your local TransUnion office. Our representatives can help you work with lenders to identify mistakes and update your credit information.

Keep in mind that TransUnion objectively reports all credit history information. We only maintain and report the information provided to us. We do not create any information on any credit histories.

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Q How can I improve my credit history?
A
Routine reviews of your TransUnion credit history are part of maintaining good credit. It’s important to correct any inaccuracies and pay your bills on time to get the best results from your credit history.

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Q Why should I review my credit report?
A
There are four important reasons:

  • Insight—Know the information creditors are reporting about you.
  • Control—To help reach financial success, be sure your credit history is current and accurate.
  • Protection—Protect yourself from identity theft and credit fraud by regularly checking your credit report.
  • Success—Achieving your goals starts with taking control of your finances.

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Q How can I get access to my credit information?
A
You can review your credit history by visiting your local TransUnion office. We will be happy to assist you with your questions.

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