Transunion vs Equifax

One of the most important parts of a person’s financial life is their credit report. Without a good credit report (and an appropriate credit score), it will be much more difficult to get credit approval when you need it. For this case, you need A credit bureau. It is a company that regularly collects financial and other information on individuals to establish a personal credit history. These companies such as Transunion vs Equifax assign you individual scores. Here’s the further information.

TransUnion SmartMove® is a tenant screening service for smaller-scale property managers and landlords. Renters can use it to keep their personal information private while they submit rental applications (SmartMove® sends the screening report directly to the authorized landlord). SmartMove® background checks do not have any impact on your credit score. They are “soft” inquiries. TransUnion generates FICO scores, VantageScores, company-specific educational scores, and business scores that are not marketed to consumers. There are many versions of the FICO score and the VantageScore currently in use, and TransUnion offers them all. The credit score offered for sale on the TransUnion website is an educational score and may not be the same number a creditor sees. This TransUnion credit score range is 300-850.

Equifax offers the most comprehensive credit monitoring and identity theft protection. Equifax 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. The most current FICO and VantageScores range from 300 to 850. Note that the credit score offered for purchase on Equifax’s website is based on the Equifax Credit Score model and is not the same score used by creditors. The range is 300 to 850. Your Equifax score likely differs from your TransUnion score. That’s because Equifax tracks your accounts differently than the other credit reporting bureaus. Instead of grouping all of your present and past accounts together, Equifax separates your credit accounts into “open” and “closed” categories.

- TransUnion may find certain aspects of your credit history- Equifax might not find certain aspects of your credit history
- TransUnion may not have correct information when credit report errors- Equifax may have your correct information when credit report errors
- TransUnion tracks your account similar with other credit reporting bureaus- Equifax tracks your account differs from TransUnion and other credit reporting bureaus

In conclusion, both TransUnion and Equifax use the Fair Isaac Corporation, or FICO, mathematical formula to calculate credit, but since each agency has access to different pieces of information, that mathematical formula won’t always calculate the same score. Credit report errors are also very common, so while Equifax may have your correct information, TransUnion may not and vice versa. You can obtain a credit report from Equifax, TransUnion or Experian directly, or go through one of many credit monitoring services in the market.

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