TransUnion is Improving Credit Scores for Consumers

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(No Transcript)
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TransUnion is Improving Credit Scores for
Consumers
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• Openly challenged by Vantage Score's new dynamic
  credit model, in 2015 TransUnion has rolled out
  its own commitment to improving credit a better
  credit score for responsible payers, guaranteed.
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• In fact, Trans Union's new Credit Vision suite is
  improving credit options by introducing scoring
  based on an account history of 30 months and
  performance data for the last 82 months. Still
  scoring individuals between 300 and 850,
  improving credit score criteria means that over
  26.5 million customers who were previously
  unscoreable will now generate and be eligible for
  credit.

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What is the difference between a static and
dynamic report?

• Static credit reports are an unchanging picture
  of your credit, as most recently reported by your
  lenders and debt collectors. Unlike a dynamic
  report, a static report will not show your
  current payments, how much you paid, or did you
  pay early etc. it will simply report on if you
  did or did not pay on time which means you are
  not actually rewarded for doing more than the
  bare minimum. 
• Trans Unions idea is actually a very smart one
  because improving credit should be easier for
  those who use credit responsibly, and do more
  with their credit than what they have to do. By
  using a new dynamic method, improving credit
  score is now about good practises not just
  minimum payments.

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How do should you start improving credit with the
new model?

• Pay your bills on time or early, pay your bills
  in full, pay more than the minimum payment on
  your credit card products, avoid hard inquiries
  or remove inquiries with the help of Inquiry
  Busters, and avoid maxing out your credit cards
  or spending beyond what you can comfortably pay
  back.

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Will all lenders report data to the Credit Vision
system?

• Unfortunately, no. While TransUnion is taking a
  step in the right direction, change takes time,
  and many businesses will continue reporting only
  the bare minimum which is hard inquiries,
  payments made on time, minimum payments made,
  missed payments and defaulted loan amounts.
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• But, although some lenders will need time to
  catch up, it still pays to focus on improving
  credit now.

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• Thanks for stay with us.