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Get your Canadian credit report & score for free from TransUnion - Claim this offer

TransUnion Review 2022

  • Access your credit report and score
  • Get alerts to key credit report changes
  • Personalized credit and debt analysis

Get your Canadian credit report & score for free from TransUnion - Claim this offer

TransUnion is a well-established credit bureau in Canada that monitors credit ratings and provides credit scores and reports. It’s a convenient service that provides Canadians with up-to-date credit ratings and regular monitoring. The company offers unlimited reports and updates on your credit score, so you can keep track of how well your rating is improving and determine how to work towards increasing your score for financial goals. Check out this TransUnion review for more info about their services.

The Cost of Using TransUnion

When you register to use TransUnion, there is a monthly fee of $19.95 to access your credit score and reports anytime. You’ll also receive regular updates by email to alert you to updates on your score and ways to improve your credit rating, such as decreasing your debt and changing how you tackle bill payments. This monthly service includes up to $50,000 coverage of ID theft insurance, which is a great way to increase your sense of security and protection of your account.

Features of TransUnion Services

TransUnion offers unlimited access to credit scores, reporting, and theft insurance protection. The company offers regular alerts sent to your email, with tips on improving your rating and a credit score simulator, which gives you an estimate on how a specific expenditure or financial commitment can impact your future score.

When anyone runs a check on your credit score, you’ll be immediately notified so that you can determine if it’s authorized or fraudulent. For example, if you provide consent to access your credit score through an application, you’ll expect to see a notification by email. On the other hand, any unexpected checks on your score could be fraudulent, and TransUnion will investigate further. This helpful feature allows you to halt any attempts of using your credit information without authorization so that you can avoid fraudulent action and the impact on your credit score.

If you’re thinking of applying for a new loan, closing a credit card, you can determine the impact this will have on your credit score using the simulator tool so that you can make an informed decision.

Access to CreditCompass

Another great feature of TransUnion’s subscription service is gaining access to CreditCompass. This TransUnion review indicates this feature further enhances your experience by offering you personalized options and suggestions on how to increase your credit score so that you can realistically aim for a future loan or financial commitment, such as a mortgage, car financing, or student loan.

Monitoring by TrueIdentity

The theft insurance coverage is offered at no extra cost with the credit monitoring service, which offers to lock your credit report so that you can enjoy the peace of mind that your information is safe and any unauthorized use or access is flagged and investigated.

How to Register for TransUnion

It’s easy to sign up for a TransUnion account online. You’ll need to provide personal details and information to verify your identity and a form of payment. You can initially access the website for basic information for free, including a TransUnion Consumer Disclosure. However, any details of your credit details and reports that include your up-to-date score are only available for a fee.

Pros of TransUnionCons of TransUnion
+ Info directly from central credit bureau
+ Unlimited access to your credit score
+ Personalized credit analysis
– Monthly fees for service
– No mobile app

The Advantages of this TransUnion Review

There are some distinct advantages to registering for an account with TransUnion. Unlike other credit monitoring companies, which offer weekly or monthly reports, TransUnion offers unlimited access to your credit score so that you can check your rating anytime. This feature is ideal if you’ve experienced rapid changes to your score, and you need to keep track of any changes that may increase your rating to a reasonable level.

You’ll receive all credit rating information directly from a central credit bureau, so you can rest assured that the details are accurate and current. TransUnion is one of two national bureaus in Canada, so you’ll find all the information is reliable and accurate. If you’re applying for a loan or financial assistance, some banks or financial institutions request credit ratings from more than one source. While Equifax, the other national credit bureau in Canada, may differ slightly from TransUnion, and other sources may also vary a bit, you’ll find the overall credit rating doesn’t deviate too far from your score.

You’ll have the benefit of keeping on top of your credit score and determining how your spending and saving habits impact your rating. You’ll also receive ongoing updates from TransUnion by email, so you can see changes to your score, along with tips and suggestions for making improvements, which ultimately increase your credit rating.

TransUnion offers personalized analysis to give you some ideas on how your credit and debt situation will change your rating and how you can improve your score. If you’re aware of how debt or credit card options impact your credit rating, you’ll receive some ideas on alternative options and choices that help boost your score. The theft insurance coverage and email alerts to notify you of changes to your file are great features that give you security and reassurance that your account is safe. TransUnion is available to Canadians in all provinces and territories.

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The Drawbacks of this TransUnion Review

While this TransUnion review offers many decent benefits with a subscription, there are a few drawbacks to keep in mind, as these may impact your decision to sign up for services. One of the main disadvantages is the monthly fee of $19.95, which is relatively expensive compared to other companies that provide credit ratings and reports. If you pay for one full year in advance, you’ll receive a discount, though the cost remains higher than average.

If you’re not concerned about all the features TransUnion offers, you can sign up for companies that provide free access to your credit rating in monthly intervals. For many people, the idea of paying for a service they can receive free is preferred, as the monthly or annual cost of using TransUnion isn’t feasible for a lot of individuals.

This TransUnion review found that the company doesn’t offer a mobile app for tracking your credit score. This is a significant drawback for individuals who rely on mobile banking and financial apps to do a lot of financial management. You’ll still have access to the company’s website on your smartphone’s internet browser, though you may find this option is difficult to navigate. If you need a current update of your credit score, you can print a copy from your home computer.

Since TransUnion is one of two national credit bureaus, both of which use different algorithms to calculate your credit score. While the difference isn’t significant, some people may find the idea of paying for a service that provides just one of two scores, which is not the complete picture. Some financial companies may use Equifax instead of TransUnion, which may produce a different result than you expect.

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Alternatives to TransUnion

TransUnion is an excellent service to use for Canadians who are looking for a long-term, highly interactive service that gives you on-the-spot credit ratings, alerts, and advice. If you’re open to using a service that provides monthly credit reports, or more essential functions around your credit score, there are some alternative options to use for free or a lesser fee.

Mogo

Mogo is a mobile app that offers free registration so that you can view your updated credit score every month. It’s a popular choice for Canadians available in most provinces and territories, offering regular tips to improving your credit score, monthly notifications through email and your app, and the option to borrow funds and invest in Bitcoin. While you won’t have access to a complete credit report, you’ll see your score updated promptly every month and have access to free fraud protection.

Koho

Koho Credit Building is another popular choice that helps you build your credit score and offers an inexpensive monthly service of $7 that provides tips and updates on your credit score. This company also offers prepaid credit card options and save funds for future goals.

Equifax

Equifax is another service many people consider, though you’ll pay the same rate as TransUnion. You’ll enjoy a similar level of service that includes theft insurance coverage, bureau-direct information, and daily updates on your credit rating.

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TransUnion Review Summary

Generally, you’ll find that TransUnion’s services are extensive compared to free or less expensive companies. It’s a worthwhile investment if you require intensive monitoring and aim to seriously improve your credit score and rating for professional and personal goals. You’ll find the service is reliable and accurate, with excellent protection and helpful advice.

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FAQ's about TransUnion

What is TransUnion?

TransUnion is a well-established credit bureau in Canada that monitors credit ratings and provides credit scores and reports.

Who is TransUnion for?

TransUnion offers personalized analysis to give you some ideas on how your credit and debt situation will change your rating and how you can improve your score. If you’re aware of how debt or credit card options impact your credit rating, you’ll receive some ideas on alternative options and choices that help boost your score.

How does TransUnion work?

TransUnion gives you all credit rating information directly from a central credit bureau, so you can rest assured that the details are accurate and current. TransUnion is one of two national bureaus in Canada, so you’ll find all the information is reliable and accurate.

How much does TransUnion cost?

When you register to use TransUnion, there is a monthly fee of $19.95 to access your credit score and reports anytime.

Can I use TransUnion for free?

TransUnion is an excellent service to use for Canadians who are looking for a long-term, highly interactive service that gives you on-the-spot credit ratings, alerts, and advice. If you’re open to using a service that provides monthly credit reports, or more essential functions around your credit score, there are some alternative options to use for free or a lesser fee.

Comparewise transunion review

TransUnion Review 2022

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February 19, 2022
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