What is TransUnion?
TransUnion is one of the three major credit bureaus in the United States—the other two being Experian and Equifax. TransUnion tracks the credit history of American consumers and generates credit scores and reports from that data.
TransUnion provides products and services to governments, businesses, and individuals. Today, we will be reviewing TransUnion’s credit monitoring service.
How does TransUnion credit monitoring work?
When you sign up for TransUnion’s credit monitoring service, you’ll unlock unlimited access to your credit scores and reports from all three credit bureaus. Additionally, you’ll gain access to several benefits and features that will help you improve your credit score.
TransUnion credit monitoring top features
TransUnion’s credit monitoring service comes with more features than just credit monitoring. Let’s take a closer look at some of the top features.
Unlimited access to credit scores and reports
Get unlimited access to your TransUnion credit score and report for as long as you have your subscription. Your credit score and report is updated daily.
CreditCompass™ is a service that comes with your TransUnion subscription that helps you achieve your credit score goals. CreditCompass™ works by gathering data based on your payment activity, credit changes, and debt levels. It then uses that information to make smart recommendations that you can start applying to see real results.
CreditCompass™ suggestions and recommendations are based on your unique credit profile and powered by VantageScore.
Credit Lock Plus
Credit Lock Plus is a unique feature that gives you more control over your credit reports. With this feature, you can lock and unlock your TransUnion and Equifax credit reports from your phone or computer.
If someone stole your personal information and tried applying for credit in your name, their access would be denied, as long as you had your reports locked. Unlocking your reports is as easy as locking them. It can all be done from your TransUnion account.
Credit Lock Plus provides another layer of protection from identity thieves and other online hackers trying to steal your information. Credit Lock Plus comes standard with your TransUnion subscription.
Although this service is not apart of the TransUnion credit monitoring plan, it’s worth mentioning. TransUnion offers a service called TrueIdentity. TrueIdentity is completely free to use and allows you to lock your TransUnion report with a single click.
TrueIdentity is similar to TransUnion’s Credit Lock Plus feature that comes with their paid subscription plan. The difference is that with Credit Lock Plus, you can lock both your TransUnion and Equifax reports, whereas TrueIdentity only lets you lock your TransUnion report.
In addition to the lock and unlock feature, you’ll also get up to $25,000 in identity theft insurance for free, TransUnion report access, and free alerts to your email.
The TrueIdentity service is a 100% free service offered by TransUnion and ideal if you don’t need robust credit monitoring.
Instant Alert emails
On top of Credit Lock Plus, you’ll get another layer of credit protection with Instant Alert emails from TransUnion. If someone tried to apply for a new loan or open a new credit card in your name, TransUnion will send you an instant email alert.
Instant alerts go straight to your email, and you can take action immediately. There are no extra fees for this service—it is part of your TransUnion credit monitoring subscription.
Identity theft insurance
Your TransUnion credit monitoring subscription comes with up to $1,000,000 in identity theft insurance. You’re covered from any damages that may occur if your information is stolen and used to make fraudulent purchases in your name.
Credit score simulator
TransUnion’s credit score simulator helps you take the guesswork out of your credit decisions. Instead of gambling with your credit, you can use the credit score simulator to see what exactly would happen when you take specific actions.
For example, say you wanted to apply for a new credit card but first wanted to see how that would affect your credit score. Well, the simulator can perform this action and give you an estimated simulated score.
The simulator has 14 different categories to choose from and thousands of possible scenarios.
Using a tool like this can be especially useful if you plan on applying for a large loan such as a mortgage. Avoiding costly credit mistakes to maintain a high credit score could ensure you get the best possible rate for your mortgage when it comes time to begin applying.
TransUnion credit monitoring pricing
TransUnion only has one subscription with one flat monthly fee for their credit monitoring service. For $24.95/month, you’ll gain access to these benefits and features:
- Unlimited score and report access, updated daily
- Email updates of critical changes for all three credit bureaus
- Instant email alerts sent to you when someone applies for credit in your name
- Credit Lock Plus, lock and unlock your TransUnion and Equifax credit reports
- Personalized debt analysis and credit score trends
- Unlimited access to identity theft specialists
- Up to $1,000,000 in identity theft insurance
TransUnion credit monitoring alternatives
The bottom line
TransUnion’s credit monitoring service isn’t cheap, but if you want an additional layer of identity protection, it may be worth the cost to you.
It’s important to weigh your options when selecting a credit score service. For example, do you want access to your FICO credit scores, or do you only need your VantageScore credit scores?
TransUnion will only give you your VantageScore credit score, a credit score not commonly used by lenders. And if you only want to check your VantageScore credit scores, you can use a completely free credit score service like Credit Karma.
If you want to check your FICO credit scores, there are free and paid options available. For example, Discover will give you your FICO credit score from Experian completely free, even if you aren’t a cardmember.
Alternatively, you can use a service such as myFICO, which gives you access to all 28 of your FICO credit scores from all three credit bureaus.
Above all, TransUnion’s credit monitoring service does come with unique features that can’t be found anywhere else, such as credit report locking. These features may be worth the premium alone and will certainly give you more comfort knowing that your credit score and personal information are secure.