TransUnion uses most of the same personal information that Equifax does in scoring your credit; however, TransUnion may find certain aspects of your credit history more important than Equifax does. For example, TransUnion credit reports feature a more extensive employment history section.
Is TransUnion more important than Equifax? The short answer is no. Both TransUnion and Equifax are reliable credit reporting agencies that compile reports and calculate your credit scores using different scoring models.
The reason that your Equifax score is lower than your TransUnion score is based on the fact that TransUnion adds personal information and employment data that is weighted into their model. The other two only report the name of your employer and do not add any weight to that fact.
The most accurate credit scores are the latest versions of the FICO Score and VantageScore credit-scoring models: FICO Score 8 and VantageScore 3.0.
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)
The highest credit score you can have on the most widely used scales is an 850. For common versions of FICO and VantageScore, the scale ranges from 300 to 850 and lenders typically consider anything above 720 excellent credit.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Many consumers are more familiar with FICO scores, as VantageScore is a more recent development, so you may be wondering if a TransUnion credit score is accurate. TransUnion VantageScore is, in fact, accurate — based on that credit score model.
This is due to a variety of factors, such as the many different credit score brands, score variations and score generations in commercial use at any given time. These factors are likely to yield different credit scores, even if your credit reports are identical across the three credit bureaus—which is also unusual.
The Equifax Credit Score ranges from 280-850. It is calculated using information in your Equifax credit report. The Equifax credit score is an educational credit score designed to give you an idea of where your credit stands.
Aug 7, 2020 — While Experian and Equifax are the most popular bureaus among auto lenders and car dealers, TransUnion can also be used for auto loan 1 answer · Top answer: Experian and Equifax are the credit bureaus most commonly used for auto loans.
Your credit scores are calculated using information in your credit reports, so it's normal to see your score change as lenders provide updates to that information. A slight drop in your score may not be cause for worry, especially if you're consistently practicing good credit health habits.
The credit bureau that gives the lowest FICO or Vantage score tends to be the one that lenders use the most in your geographic area. Lenders typically slice the pie (between Equifax, Experian, and TransUnion) at the three-digit zip code level.
A good score with TransUnion and VantageScore® 3.0 is between 720 and 780. As your score climbs through and above this range, you can benefit from the increased freedom and flexibility healthy credit brings. Some people want to achieve a score of 850, the highest credit score possible.
A FICO score of 650 is considered fair—better than poor, but less than good. It falls below the national average FICO® Score of 710, and solidly within the fair score range of 580 to 669.
A FICO® Score of 680 falls within a span of scores, from 670 to 739, that are categorized as Good. ... 21% of U.S. consumers' FICO® Scores are in the Good range. Approximately 9% of consumers with Good FICO® Scores are likely to become seriously delinquent in the future.
The average mortgage loan amount for consumers with Exceptional credit scores is $208,977. People with FICO® Scores of 800 have an average auto-loan debt of $18,764.
PenFed Credit Union is the only loan company that uses only your Equifax credit data. In most cases, you won't be able to determine beforehand which credit bureaus your lender will use. In some cases, lenders will pull your credit report from two or even all three major credit bureaus.
With fixed-rate conventional loans: If you have a credit score of 720 or higher and a down payment of 25% or more, you don't need any cash reserves and your DTI ratio can be as high as 45%; but if your credit score is 620 to 639 and you have a down payment of 5% to 25%, you would need to have at least two months of ...
They are: payment history, amounts owed, length of credit history, new accounts and types of credit. But there have been changes in the number of points assigned to the various calculations within these categories. Those formula tweaks are injected into an increasing number of scores.