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.
You might expect all of your credit reports and scores to be the same, but they are usually not. Score differences are very common and are usually the result of small variations of when information is reported and how it is weighted. Even large deviations between credit scores from different agencies can arise.
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.
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.
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.
TransUnion. TransUnion operates based on the same principles and scoring model as the other two major credit bureaus. A TransUnion report also includes the same type of information and is equally accurate. Here's the contact information for TransUnion.
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.
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.
The middle credit score is most significant when buying a house because mortgage companies ignore the highest and lowest number provided by Equifax, Experian, and TransUnion.
Credit Karma touts that it will always be free to the consumers who use its website or mobile app. But how accurate is Credit Karma? In some cases, as seen in an example below, Credit Karma may be off by 20 to 25 points.
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.
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)
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.
Because there are varied scoring models, you'll likely have different scores from different providers. Lenders use many different types of credit scores to make lending decisions. The score you see when you check it may not be the same as the one used by your lender.
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.
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.
Your score falls within the range of scores, from 670 to 739, which are considered Good.
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.
A 683 credit score is generally a fair score. While a lot of people have fair scores, you may still find it difficult to get approved for credit without high fees and interest rates with a score in this range.
If you simply want more control over your credit report and credit score, Experian offers the most bang for your buck in terms of personal credit monitoring and identity protection. However, TransUnion offers the most business-related products.
In conclusion, auto lenders use Equifax and Experian the most, while TransUnion is less used for auto loan credit checks, at least in some parts of the US.