Hi, I am new to unity and making a text based game. Since there will potentially be a lot of text, I cant just make the display text bigger to fit, I need to be able to have a sort of scrolling effect, as you enter in new lines and commands it pushes out previous lines, to make room for the new ones. I overflowing and truncating, but neither have the desired effect.

Probably use Content Size Fitter, and a layout group, I'd suggest learning how to use those. You can anchor a UI component to the top of the screen and set the pivot so that when the UI expands it expands down... Something like that.
– systemicgames