The Equifax credit score is an educational credit score developed by Equifax. Equifax credit scores are provided to consumers for their own use to help them estimate their general credit position. Equifax credit scores are not used by lenders and creditors to assess consumers' creditworthiness.
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.
TransUnion uses the VantageScore® model when calculating your credit score, based on a range of 300 – 850. A “good” score may rest in the 661 – 720 range. Equifax, meanwhile, uses its own scoring model with a range of 280 – 850, with “good” being 670 – 739 and higher. Their algorithm closely resembles the FICO® model.
Both TransUnion and Equifax are reliable credit reporting agencies that compile reports and calculate your credit scores using different scoring models.
The average credit score in the United States is 698, based on VantageScore® data from February 2021.
A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
The scoring model used in mortgage applications
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)
Answer provided by. “In general, lenders have a preferred credit report between Equifax, Experian, or TransUnion. However, they may pull more than one credit report if they can't determine if you qualify for a loan based on one.
Why Is My Equifax Score Lower Than TransUnion? The lower Equifax number is a common concern for many people. The reason that this 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.
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.
While Experian and Equifax are the most popular bureaus among auto lenders and car dealers, TransUnion can also be used for auto loan decisions. And the truth is, the credit bureau lenders use when evaluating your auto loan application probably will not influence their decision too much.
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. It is important to check a reputable, accurate credit score because there are more than 1,000 different types of credit scores floating around.
Equifax credit scores are not used by lenders and creditors to assess consumers' creditworthiness. FICO scores are general purpose credit scores developed by the Fair Isaac Corporation, which are used by lenders and creditors to help assess consumers' creditworthiness.
In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
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.
They are Experian, Equifax and CIBIL. CIBIL is quite popular as it has been in the business for a long time. Non-Banking Financial Companies and banks use the credit score provided by CIBIL, Experian and Equifax to determine the potential risk of lending to a customer.
Experian is the largest credit bureau in the United States. Still, it's not the only entity that houses consumer financial data. Equifax and TransUnion are the other major credit reporting agencies lenders, and creditors turn to for credit reports and scores used to make lending decisions.
No down payment is required for VA, USDA and doctor loan programs detailed above. What credit score do I need to buy a house with no money down? No-down-payment lenders usually set 620 as the lowest credit score to buy a house.
700 is a good score — and with a little effort, you should be able to find a mortgage lender who will give you a competitive rate and get you into the home you want.
The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus. This means a couple of things: The scores we provide are actual credit scores pulled from two of the major consumer credit bureaus, not just estimates of your credit rating.
Consequently, when lenders check your FICO credit score, whether based on credit report data from Equifax, Experian, or TransUnion, they will likely use the FICO 8 scoring model. FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score.