![]() ![]() It is also important to note that lenders might send their reports at different periods of time, so it is possible that TransUnion might have fresher updates than Equifax and vice versa. The credit-reporting companies may not possess all the information about you since some lenders might report information to all major credit bureaus, while others may do it to only one or two. The Credit Bureaus May Possess Different Information To put everything in simple terms, we singled out three main reasons why your credit scores from TransUnion and Equifax can differentiate.Īll credit-scoring agencies, including TransUnion and Equifax, use proprietary scoring models, and despite the fact that credit scores are based on similar or the same factors, such as payment history and the number of accounts in good standing, each model can weigh some of these factors in a different way. Another essential thing to note is that some lenders and creditors solely focus on scores that emphasize the info relevant to a particular industry, while others opt for blending TransUnion, Equifax, and Experian scores. The major credit bureaus also do not get the same information from lenders and creditors, so this is another reason why the scores can vary sometimes. ![]() As we previously said, your credit score is not the same in every credit bureau.Įquifax and TransUnion rely on the same factors to come up with the credit scores, but these factors are evaluated via different credit-scoring methods, which makes the biggest difference between these two companies and how they provide the final scores. TransUnion and Equifax are alongside Experian, the biggest credit bureaus, and they maintain databases that contain information about over 220 million Americans. It is also important to mention that credit reports from each of the three major credit bureaus can be accessed annually, and this information is completely free of charge for every consumer. A credit report provides information about a consumer’s financial standing, such as: Some lenders opt to use internal scoring models too, but generally speaking, it is more common to work with lenders using the scores of one of these three credit reporting agencies. These scores are based on a consumer’s credit report, and everyone has more than one credit score since they are calculated by three main credit reporting agencies – TransUnion, Equifax, and Experian. What Exactly Are Credit Scores?Ĭredit scores are numbers that lenders use to determine the level of risk linked with lending money to their consumers. We have a lot to cover, so let us begin without further ado. In order to help you get a better understanding of the variation in these scores, we will point out some main distinctions between Equifax and TransUnion calculating algorithms and break down both to paint you a better picture of what each represents. This topic is very important, especially if you wonder why you sometimes notice slightly different numbers when you read your credit reports, and we will look to reveal some unclear facts about it.įor starters, when you pull your Equifax and TransUnion credit reports, you will notice that the credit scores may vary. the two major credit bureaus, and the difference between them. Keeping current with your credit not only keeps you prepared in case you apply for a new loan, but it also helps keep you informed if there is misuse in your credit report or inaccurate credit data being reported.In today’s article, we are going to talk about TransUnion vs. Call our Customer Service to dispute inaccurate item reported by your creditors.Call our Customer Service if you do not understand something in your report.Check your credit report to see if any inquiries have occured that you were not aware of.Look and see if there are any new credit accounts opened that may not have been authorized.See if your credit history is accurately reported.Review the primary factors that are keeping you score lower than it could be.Check your credit report and score and see where you stand in case you are out there applying for credit.With your Trans Union Credit Report, you can: It includes your credit history at TU plus it shows your credit score based on the information at the Transunion bureau. After getting your Trans Union Credit Report and Score, you can:įind out where your credit stands. ![]()
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