Who is Trans Union LLC and What Does Trans Union LLC Do?

Trans Union LLC is a credit reporting agency. Trans Union gathers and maintains information on over 400 million consumers worldwide. Trans Union then provides this information in the form of a credit report to companies or persons that request it, such as lenders from whom you are seeking credit, employers from whom you are seeking employment, insurance companies from whom you are seeking insurance, or a potential landlord. A credit report contains your name, address, social security number, date of birth, and employment information. A credit report also contains information about credit cards, mortgages, car loans, student loans, and the like, as well as how much you owe on each, and your history of making payments on each. A credit report also contains information about Court judgments against you, any lax liens against your property, and whether you have ever filed for bankruptcy.

Trans Union LLC was founded in 1968. Trans Union is headquartered in Chicago, Illinois.

While Trans Union LLC is an important part of our economy based on credit, unfortunately, they commonly make mistakes. It is estimated that one in three consumers has an error on his or her credit report. It is also estimated that one in five consumers has an error on his or her credit report which could stop him or her from being able to obtain new credit.

Common Mistakes, Errors, and Inaccuracies Found on Trans Union LLC Credit Reports

Under the Fair Credit Reporting Act, negative information should drop off your report after seven and a half years. A bankruptcy may remain on your report for up to ten years. If these items do not drop off in the time allowed, this is a violation of the Fair Credit Reporting Act. Other commons errors include mistaken or fraudulent accounts, incorrect account details, incorrect balances owed, and incorrect payment history. Such mistakes can drastically decrease your credit score.

What the Law Requires Trans Union LLC to Do

The Fair Credit Reporting Act regulates the collection, disclosure, and use of consumer credit information. According to the Fair Credit Reporting Act, a bankruptcy must be deleted ten years from the date of discharge. Judgments must be deleted after seven years. Charge offs and collections must be deleted after seven years.

Trans Union LLC is required by law to ensure “the maximum possible accuracy” of their consumer credit reports. If you dispute the accuracy of an account directly with the Trans Union, Trans Union must provide a “reasonable investigation” of your dispute within thirty days. Trans Union must notify you of their results of their investigation. Even if Trans Union keeps an account on your credit report after your dispute, Trans Union must still mark that account as “disputed.” If Trans Union fails to do any of this, they may be liable to you for statutory damages and possibly actual damages, as well as the cost of your attorneys’ fees.