Trans Union to offer credit scores to consumers

CHICAGO - Credit scores have become a key tool for lenders to grant credit, unfortunately many consumers don't know how credit scores work or what they do. Trans Union, one of the big three credit tracking companies, has announced that it is developing a credit score that will be offered to consumers, free-of-charge, when they request a copy of their credit report. "By planning ahead and using the tools we provide, consumers will have the opportunity to review and better understand credit scoring before applying for mortgages, credit cards and auto loans," said Trans Union President/CEO Harry Gambill. According to Trans Union, the credit score will provide consumers with a snapshot of their credit profile. Credit scores are used by credit grantors to help evaluate a consumer's credit worthiness and predict the likelihood the consumer will pay as agreed. There is no one universal credit scoring model. Organizations gear their scoring models to their own unique style of lending, but Trans Union officials are hoping consumers can utilize their scores to see how lenders might score different aspects of their credit history. Credit scores are expected be available before the end of the year to consumers who request a copy of their credit report by phone, mail or online at www.transunion.com.