Do You Have to Pay for TransUnion Credit Reports and Scores?

TransUnion is one of the three major credit reporting bureaus in the United States. The other two are Equifax and Experian. TransUnion collects information about consumers’ credit history and payment behavior and provides that information to lenders and other businesses as part of credit reports. In addition to credit reports, TransUnion also calculates credit scores like the VantageScore. With all the information TransUnion maintains, many consumers wonder – do you have to pay TransUnion for your credit reports and scores?

Free Annual Credit Reports

The good news is that you can get a free credit report from TransUnion every 12 months. This is thanks to the Fair Credit Reporting Act (FCRA), which legally entitles every consumer to a free credit report from each of the three credit bureaus once per year.

You can request your free annual credit reports by visiting AnnualCreditReport.com. This is the only authorized website for obtaining your free reports under federal law. When requesting your reports, you’ll need to provide personal information like your name, address, Social Security number, and date of birth to confirm your identity.

Once your identity is verified, you can choose to download your TransUnion credit report along with reports from Equifax and Experian all at the same time, or you can opt to stagger your requests throughout the year. Just remember that you can only obtain each report for free once per year.

The free credit reports will contain important information like

• Your personal information (name, address, etc.)
• Credit accounts open and closed, including loan and credit card accounts
• Account balances and credit limits
• Payment history
• Recent credit inquiries
• Public records like bankruptcies and judgments

Reviewing your credit reports for accuracy is an important step in maintaining your credit health. If you spot any errors or outdated information, you can dispute it with TransUnion and the other credit bureaus to potentially improve your credit scores.

Free Credit Scores

In addition to your credit reports, you may also want to check your credit scores, which are calculated based on the information in your credit reports. This can give you an idea of how lenders view your creditworthiness.

The most commonly used credit scores are FICO Scores, but you won’t get those from your free TransUnion credit reports. Instead, TransUnion will provide a VantageScore credit score for free when you request your annual credit report.

VantageScores and FICO Scores both range from 300 to 850, but they are calculated differently based on unique scoring models. Lenders tend to rely on FICO Scores more than VantageScores when making lending decisions.

If you want access to your FICO Scores from TransUnion, you will have to pay for them. Here are some options to purchase your scores:

• myFICO.com – This is the consumer division of FICO that provides credit reports and scores directly to consumers. You can purchase your FICO Scores from all three credit bureaus including TransUnion starting at $19.95 per month.

• TransUnion Website – You can purchase your TransUnion FICO Scores directly from TransUnion’s website starting at $24.95 per month.

• Credit Cards – Many credit card companies like Discover and American Express provide free FICO Scores on monthly statements for cardholders. The scores are usually based on one credit bureau though, not all three.

• Credit Monitoring Services – Signing up for a credit monitoring service like Experian, Credit Karma, or IdentityForce provides access to credit reports and scores from one or more bureaus. Prices start around $10-$20 per month.

As you can see, getting your hands on FICO Scores will require paying a fee. But checking them periodically along with your free credit reports can provide a comprehensive view of your credit health over time.

Paying for More Credit Reports

The free annual credit reports are a valuable resource, but you may want to check your credit reports more than once per year. In that case, you will have to pay to access additional reports. Here are some options:

• Purchase from TransUnion – You can buy an individual report directly from TransUnion for $11.50 or a 3-bureau report for $34.50.

• myFICO Monthly Plan – For $29.95/month you get unlimited TransUnion reports plus your FICO Scores.

• IdentityForce – This monitoring service provides unlimited TransUnion reports and scores for $17.95/month.

• Credit Karma – Access unlimited TransUnion reports (but no FICO Scores) for free. Supported by ads.

Obviously the free route with Credit Karma is ideal if you just need regular access to TransUnion credit reports. But paying services often provide additional features and coverage of all three bureaus, so it comes down to your specific needs.

When You May Need to Pay TransUnion

Certain situations may call for purchasing your credit reports or scores instead of relying solely on your free annual reports:

• When applying for a mortgage or auto loan – Having recent credit scores on hand can help you shop for the best rates and show lenders you’re monitoring your credit.

• Before a big credit application – Checking for errors, and knowing your current scores shows lenders you’re credit savvy.

• When recovering from credit issues – More frequent monitoring helps you stay on track.

• Identifying fraud – Unexpected drops in your scores could reveal identity theft.

• Curiosity! – Understanding how your credit works is beneficial for anyone.

While no one likes unexpected fees, paying for credit reports and scores can provide more frequent updates and access to your important FICO Scores. Just remember to always use reliable, trusted sources and never pay an upfront fee for credit repair help.

Strategies for Keeping Credit Costs Low

If you want to keep tabs on your credit without accumulating monthly fees, here are some tips:

• Stick to your free reports and scores as much as possible. Space out your requests throughout the year.

• Only purchase extra reports when you have a specific lending need. Don’t over-monitor your credit unnecessarily.

• Use Credit Karma for unlimited TransUnion reports at no cost.

• Take advantage of discounted trial offers from myFICO and credit monitoring sites. Just be sure to cancel before you get charged if you don’t want to pay the monthly fee.

• Consider credit cards and other financial accounts that offer free scores and reports as an account benefit.

• Opt for single bureau pricing instead of packages with all three reports.

• Look for discounted pricing for seniors, students, or military members.

The Bottom Line

Checking your credit reports and scores from TransUnion is important, but you have options for obtaining your information affordably and even for free. Use your guaranteed free annual reports as a baseline, supplement with Credit Karma as needed, and purchase extra reports and FICO Scores only when you have a compelling lending or financial need. Follow these best practices to keep your credit monitored without overspending.