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Trans Union credit bureau information

Trans Union Credit Bureau

You must have a good credit score if you want to get a loan for your personal use. The first thing to remember is that your credit score can vary from month to month-even day to day, sometimes. This is because it is calculated based on the credit data available for you at the Trans Union credit bureau (if your credit bureau is Trans Union credit bureau) on the day the score is requested by a lender.

  • Avoid too many inquiries. Inquiries are interpreted as a sign that you have been actively seeking credit, and may be in financial difficulties or in the process of overextending yourself.

  • Maintain only a reasonable amount of unused credit. While it's good to have a cushion of credit available, having ready access to thousands of dollars of debt makes you a poorer credit risk.

  • Pay your bills consistently and on time. And take heart-the scoring models all take into account the fact that everyone misses a payment once in a while. Also, negative information loses its potency over time: a recent late payment is weighted more heavily than a late payment four years ago.

  • Keep your debt reasonable. One rule of thumb: for a good credit score, your account balances should be below 75% of your available credit. For example, if you have a $2000 credit limit, you should have a balance of no more than $1500.

  • Check your credit report and remove any errors. By making sure that only your accurate credit history appears on your report, you ensure that the credit score it generates isn't lowered by inaccurate information.
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