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Disclaimer: This article was sponsored by TransUnion and contains affiliate links to their products. I received a free demo of the product and am being provided compensation for my review of the product. All thoughts and opinions are my own. My experience is my own, and your experience may differ. Thank you for supporting the brands that make this blog possible.
When I first set myself a goal of building healthy credit, I felt a little like a fish out of water. I knew the basics of what contributed to healthy credit (and conversely, poor credit) but I wasn’t exactly sure how all the various factors fit together.
Ultimately, I managed to reach my goal through diligently managing my finances but it wasn’t a quick and easy road. And that’s the thing about your credit – you’re not going to miraculously be granted a 750-credit score without any effort.
Good credit is something that needs to be earned, but the great thing is, we all have the ability to do this. Beyond the financial benefits of having healthy credit, there’s a feeling of personal achievement and empowerment that comes with having healthy credit.
Recently, I was given the opportunity to explore a new product that makes the process of improving your credit health a lot less confusing.
CreditCompass™ is a new product from TransUnion for people with a VantageScore® credit score between 400-750.
CreditCompass is an easy-to-use, first of its kind product included in the TransUnion Credit Monitoring subscription that gives you insights into how you can reach your credit goals based on your personal circumstances, rather than just giving out general tips that may not apply to you.
How Credit-Compass Works
When you log into CreditCompass, you’ll see a screen that looks something like the following image. (Note – this is a representative image. Yours will look different as the product is personalized for your particular situation. If, like me, your credit score is higher than 750, (or lower than 400) the product will not work.)
CreditCompass is powered by VantageScore 3.0*, so you’ll see that credit score displayed in the top section of the screen. According to the VantageScore website, it is a highly predictive and trusted model used by lenders and financial institutions to assess people’s creditworthiness.
Below that you’ll see a slider that you can move to set your credit score goal. Once you’ve chosen your credit score goal, CreditCompass will then aggregate information from your personal credit report and millions of real credit experiences of people who successfully improved their credit health in situations just like yours. It will give you recommendations in the following categories:
Payment Activity – this refers to whether or not accounts have been paid on time and whether there has been any derogatory or collections activity. In general, this refers to bad payment history rather than good.
Percentage of Credit Used (Credit Utilization) – the percentage of available credit used.
Debts and Balances – how much is owed on all accounts or specific categories.
New/Recent Credit Activity – includes the number of open accounts as well as new accounts opened in the past 2 years.
CreditCompass will then provide you with specific, actionable recommendations based on your current credit status and credit score goals and clearly outline the personalized steps you can take to achieve your credit goals.
Studies have shown that having healthy credit can help you feel empowered, and I know this is true from my own personal experience. As I’ve written about this in other posts, it was a great feeling when I reached my goal credit score.
CreditCompass wasn’t around when I was on a journey to raise my credit score, but it’s definitely a helpful product if you’re currently setting goals to improve your credit health.
If you already have a TransUnion Credit Monitoring subscription, you will see CreditCompass in your dashboard when you log in. Otherwise, you can learn more here.
*There are various types of credit scores, and lenders use a variety of different types of credit scores to make lending decisions. The credit score you receive and the one used for CreditCompass is based on the VantageScore 3.0 model and may not be the credit score model used by your lender.