This is a rant/caveat regarding your credit reports and credit scores maintained at the Transunion Web Site.
First, do NOT pay Transunion $16.95 per month to keep up with your credit history and credit score online. Why? Because TransUnion does not update your precious credit information in a timely fashion!
How do I know this?After waiting over 15 minutes, listening to elevator music over the telephone, I finally reached the stereotypical Indian TU call center representative. He told me that the sum total of my credit card balances with Chase and Bank America Visa was around $600. This phone conversation happened August 13th.
However, as of this writing on September 1, the online TransUnion report that I pay $16.95 a month for still shows my overall credit card balance total to be approximately $5200!!!! Why is this such an irritating and unacceptable practice? We are trying to lock in on historically low home mortgage interest rates, BUT have to wait for TU to update our credit history which will in turn raise our credit score to qualify us for the lowest interest rates available.
This is a very serious issue because you could either miss out on moving into the home of your dreams because TU is so slow to update your credit history OR you will not get the best rates available if you have to move fast. There is something called a rapid rescore which is a fee-based way to expedite the updating of your credit history. I think a rapid rescore costs around 100 dollars which is just not fair! Why in the F……..K doesn’t TransUnion update your credit information immediately after they receive it from your credit card company?
Finally as you can see from the online TransUnion Screen Shot, one has to click a Refresh Your Score link for your credit report to even be updated!!! What kind of BS is this? Why isn’t it just done automatically????!!!!!!
On a more positive note, the credit score report that you see below is a depiction of your credit worthiness based on your payment history,loan defaults,failure to pay traffic ticket or parking citation, etc. Keep track of it because it will determine your interest rate and whether you qualify for home mortgage or not.
Read the efforts of Jeremy M. Simon for more on the effect of parking tickets and the like on your credit score.