This paper sets out to analyse the need for better "transparency tools" which inform university stakeholders about the quality of universities. First, we give an overview of what we understand by the concept of transparency tools and those that are currently available. We then critique current transparency tools' methodologies, looking in detail at the question of data sources, the risks involved in constructing league tables and the challenges in using composite indicators. Lastly, we argue in favour of developing a new principle for transparency tools: that of multidimensional ranking.