Equifax vs Experian

Hundreds of credit reporting agencies still operate in markets. Here is the comparison of consumer credit reporting companies between Equifax vs Experian and further information about each one. Hopefully it will help you to find the most suitable credit bureau for your need.

Equifax is a credit reference agency. It’s one of three agencies in the UK that is licensed to collect information about your borrowing habits, and put it into a credit report. When you apply for credit, you give lenders permission to check your credit report. This helps them decide whether to lend to you. Equifax reports are the only ones that summarize “Open Accounts” and “Closed Accounts,” making it far easier to distinguish this information and choose which accounts you want to examine first. Equifax files also often show an 81-month credit history for your credit accounts. In some cases, however, particularly for closed or paid accounts, you will see a statement saying: “No 81-Month Payment Data available for display.” Equifax also provides FICO and VantageScores, and can calculate your score according to many different scoring models. The Equifax credit score range depends on the score being calculated. (Read also: Transunion vs Equifax)

Experian credit reports contain a unique feature that many users find extremely enlightening. For all of the accounts listed in your credit file, Experian shows you “Status Details” indicating when an account is scheduled to fall off your credit report. For example, since positive payment history remains on your credit report for 10 years, an auto loan that you paid off and closed in July 2008 will show the following Status Details: “This account is scheduled to continue on record until July 2018.” By contrast, let’s say you had an account go to collections and ultimate get written off by a creditor. For those of you who with these and other negative marks in your credit file, you won’t have to wonder how long a certain blemish will haunt you. That critical “Status Details” section of your Experian report will give you that precise information. With Experian credit files, you will also see a monthly “Balance History” for any accounts that are still open, or for those closed accounts with an outstanding balance.

- Equifax credit score predicts credit risk. The higher your credit score, the lower your credit risk- Experian's scoring method is The PLUS Score. Its approach is to provide a better understanding of what its credit score means, the factors used and how to improve it
- Equifax scores individuals on a scale of 1 to 999, with 1 being the lowest and 999 the highest- Experian Score between 300 and 900, with 900 being the best and 300 the lowest
- Equifax takes 10 days to receive credit report- Experian takes 20 days to receive credit report

Overall, about both company, Experian or Equifax, they both offer a 30 day free trial of their services. However you will need to put in your credit/debit card number to activate both free trials and often these services rely on you forgetting to unsubscribe. So make sure you unsubscribe if you’re only interested in getting one free credit report, In this way you can find out which company suits your needs. If considering the cost issue, Equifax is currently the cheaper option.

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