While few lenders use only TransUnion for everything, several types of lenders frequently pull from TransUnion, especially for initial checks, including Buy-Here-Pay-Here auto dealers, some payday lenders, rent-to-own stores, specific credit unions, and platforms like Upstart, often preferring it for quicker approvals or specific customer segments. Major banks (Chase, Wells Fargo, BofA) and large auto finance companies also commonly use TransUnion, but might check others too.
There are a few possible reasons. One is that some negative information appears on the TransUnion report but not Equifax. Perhaps you have a collection with a debt collector who only reported to TransUnion, or a late payment on TransUnion but not Equifax.
For instance, Absa Credit Coach shows your score as calculated by TransUnion – while certain creditors may look at your Experian credit score.
The Apple Card mainly uses TransUnion to check your credit when you apply, though Marcus by Goldman Sachs may use Experian or Equifax instead, according to anecdotal evidence. So, if any of your credit reports are frozen, you should unfreeze them before applying for the card.
We've teamed up with TransUnion ® to give you BMO CreditView, where you can get no-fee, no-impact access to your credit score so you can start monitoring and learn steps to build your credit today.
Chase primarily uses Experian for credit applications but may pull from Equifax or TransUnion, depending on location or card type, and reports activity to all three major bureaus (Experian, Equifax, TransUnion). Their free credit monitoring tool, Chase Credit Journey, specifically uses Experian data to provide scores.
TransUnion credit scores can also be obtained via certain banks and financial companies, if you're a customer or member. These include: RBC: Existing customers can get free access to a TransUnion CreditView Dashboard, by logging into their RBC Online Banking account and selecting the “View Your Credit Score” link.
The following is a list of credit card issuers in Canada and the credit bureau(s) they use:
For a $5,000 loan, you generally need a fair credit score (around 580-669), but a good score (670+) gets you much better rates; while some lenders accept lower, they charge higher interest, and some even offer loans for poor credit (below 580) with high rates, so checking lenders like Rocket Loans, LendingTree, and SoFi for specific requirements is key.
, Vice President, Global Carrier Solutions at TELUS, underscores the significance of this technology: "Canadians deserve confidence in who's calling them. By partnering with TransUnion, we're helping our customers avoid fraud while ensuring they don't miss important calls from legitimate businesses.
Yes, car dealerships use both Equifax and TransUnion (along with Experian), often pulling reports from multiple bureaus to find the best auto loan rates, as lenders specialize in different ones, with Experian being very common for auto loans, but Equifax and TransUnion being used too, depending on the lender and region, with multiple pulls usually counting as one inquiry for "rate shopping".
There are a couple of reasons why some accounts may not be listed on your Equifax credit report: Not all lenders and creditors report to all three nationwide credit bureaus. Some report to only two, one or none at all. You can check with your lenders and creditors to find out which bureaus they report to.
In Canada, there are two main credit bureaus: Equifax and TransUnion. This can make tracking your credit score difficult, though. Some banks and lenders report to both bureaus, and others just report to one. Because of this, your credit scores with each bureau will be different.
Yes, you can likely get a $50,000 loan with a 700 credit score, as this falls into the "good" credit range (670-739) that unlocks better rates, but approval also hinges on your income, debt-to-income (DTI) ratio (ideally below 36%), and overall credit history, with lenders looking for stability and repayment ability, so prequalifying with multiple lenders helps compare terms.
CIBC clients can check their credit score and review their credit report using the Check Credit Score Service through the CreditView Dashboard. This is provided by TransUnion through CIBC Online Banking® and can be found in the CIBC Mobile Banking® App.
It's partly true: most negative items like late payments and collections are removed from your credit report after about seven years, but the underlying debt often still exists, and bankruptcies (Chapter 7) last 10 years, so your credit isn't entirely "clear" but mostly refreshed from old negatives. The 7-year clock starts from the date of the original delinquency, not when you paid it off or sent to collections, and the debt itself can still be pursued by collectors.
If you're signed up for online or mobile banking with Scotiabank, you can register for the TransUnion Credit Score tool1. With this tool, you can track your monthly credit history, view your personal credit report, and get practical tips on how to build a good credit history.
A good credit score is invaluable to your day-to-day life. We've teamed up with TransUnion ® to give you a new tool that helps you check your credit without affecting it – Credit Coach, a product unique to BMO . It's instant and it's available to you at no cost.
The bottom line: Neither your Equifax nor TransUnion reports and credit scores are necessarily more important or more accurate — and all three main credit bureaus are commonly used by lenders seeking information to evaluate people's credit.