Is TransUnion legit? TransUnion is one of the three major credit bureaus, and it has a strong reputation for providing reliable, consistent credit scores. It offers credit monitoring services, fraud alerts, identity theft protection and other useful services to help consumers maximize their credit.
TransUnion is an American consumer credit reporting agency. ... It is the smallest of the three largest credit agencies, along with Experian and Equifax (known as the "Big Three"). TransUnion also markets credit reports and other credit and fraud-protection products directly to consumers.
TransUnion: The Bottom Line. While both TransUnion and Experian have some similarities, Experian offers a more robust suite of consumer services. It also reveals your FICO Score 8—the score most lenders use—which can give you a better idea of what lenders see than the VantageScore that TransUnion provides.
A credit score of 721-880 is considered fair. A score of 881-960 is considered good. ... A credit score of 604-627 is good. A score of 628-710 is considered excellent (reference: https://www.finder.com/uk/transunion).
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 score and credit report information you see on Credit Karma comes from TransUnion — one of the three main credit reference agencies in the UK. Credit Karma isn't a credit reference agency. ... Rather, we show you information and a score that's directly provided to us by TransUnion.
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.
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.
FICO scores are used in over 90% of lending decisions making the FICO® Basic, Advanced and Premier services the most accurate for credit score updates.
TransUnion (Privately held)
Since they are privately held, charts and data are a bit more difficult to come by.
Equifax: Which is most accurate? No credit score from any one of the credit bureaus is more valuable or more accurate than another. It's possible that a lender may gravitate toward one score over another, but that doesn't necessarily mean that score is better.
TransUnion is a global information and insights company that makes trust possible between businesses and consumers, by ensuring that each consumer is reliably and safely represented in the marketplace. We do this by having an accurate and comprehensive picture of each person.
Equifax offers numerical credit scores that range from 280 to 850. 8 The bureau uses similar criteria as FICO to calculate these scores, but as with Experian, the exact formula is not the same. However, a high Equifax credit score typically indicates a high FICO score.
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.
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 score you see when you check it may not be the same as the one used by your lender. Finally, your credit score can change depending on the day it's calculated, even if the same scoring model is used. This is because scores can change as information in your credit reports is updated.
TransUnion will typically update their consumer credit reports when they receive new information from a credit reporting agency. Most agencies will send new data every month or at least every 45 days. So, from the TransUnion standpoint, credit reports are typically updating as soon as information arrives.
Understanding credit score ranges
Scores in this model range from 300 to 850. A good score with TransUnion and VantageScore® 3.0 is between 720 and 780.
A 720 FICO® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.
Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U.S. FICO® Score, 711, falls within the Good range.
Going into 2022, the minimum credit score needed to get approved for a mortgage is 640, though it would be more accurate to say that anywhere between 620 and 680 would be considered a minimum, depending on the lender.
This means that to afford a $300,000 house, you'd need $60,000.