Collections often appear on TransUnion but not Equifax because creditors are not required to report to all three bureaus, leading to inconsistent data across reports. Other reasons include, but are not limited to, different reporting timelines, successful disputes removing the item from one bureau but not the other, or pay-for-delete arrangements that only targeted one report.
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.
Neither TransUnion nor Equifax is inherently more accurate; they are simply different, as each maintains its own dataset from lenders, leading to variations in your credit report and score, so you should check reports from all three major bureaus (including Experian) for the most complete picture and to spot errors. Accuracy depends on which lenders report to which bureau and the specific scoring model used, with lenders often using different versions for different loan types.
Some lenders may report information to all three main credit bureaus, while others might report to only one or two. So, it's possible that Equifax and TransUnion could have different credit information on your reports at any given time, which could lead to your TransUnion scores differing from your Equifax scores.
In some cases, lenders may look at your scores from all three credit bureaus and take the median score. If they only look at two of the three bureaus, they'll likely take the lower of the two scores. If you're co-borrowing a loan, lenders will take the lowest median of the two borrowers.
Multiple scoring models
For example, Equifax relies primarily on the FICO scoring model, while TransUnion uses the VantageScore model. Thus, even if both credit bureaus have access to the same financial information about your credit experience, the scores they generate will differ.
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 is no single credit score that's considered the most accurate. The truth is, there are several types of credit scores and many versions of each of those scores. And while different scores are often calculated based on many of the same factors, thinking of these scores in terms of accuracy can still be misleading.
In this example, at the very least, each credit report will change three times monthly: Experian on the first, seventh and eighth. TransUnion on the first, 10th and 15. Equifax on the 15th, 20th and 24.
The Most Commonly Used Credit Bureau in Canada
Based on the different banks and lenders we looked at above, TransUnion seems to be the most popular credit bureau from which a lender pulls your credit score. That said, many lenders still use Equifax. You may not know this, but there's a third credit bureau as well.
Yes, banks use Experian, Equifax, and TransUnion, often pulling data from one or all three to assess creditworthiness for different products like credit cards or loans, with lenders frequently using the middle score (median) from all three for major decisions like mortgages. Which specific bureau a bank uses can depend on the bank, the type of credit, and even your location, so it's important to monitor all three bureaus.
Adverse credit history, collections and defaulted accounts that were not settled through a debt repayment program (i.e. orderly payment of debt, credit counselling, consumer proposal), are removed automatically from your credit report after six years from the date the account first went delinquent.
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.
Your credit score varies between FICO, TransUnion, and Equifax due to differences in reporting dates, data collection, and scoring methods. Lenders may use FICO scores or TransUnion or Equifax reports to determine creditworthiness, so it's important to monitor all three for accuracy.
Most credit score ranges are similar to the following:
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.