When you’re looking for a loan, the lender is likely to request a credit report from one or more of the three main credit bureaus: Equifax, TransUnion, and Experian. Each bureau has its own set of reports, so it’s important to know the difference between them. This article will help you understand the key differences between Equifax and TransUnion.
What is Equifax?
Equifax is a credit reporting agency that provides information on individuals’ credit history. This information is used by lenders to determine whether to provide credit to individuals and at what terms. Equifax also provides other services, such as fraud prevention and identity verification. Equifax was founded in 1899 and is headquartered in Atlanta, Georgia.
What is Transunion?
Transunion is a credit reporting agency that provides information on a person’s credit history. This information is used by lenders to help make decisions about whether or not to extend credit. Transunion also offers a variety of other services, such as identity theft protection and credit monitoring. Transunion is one of the three major credit reporting agencies, along with Experian and Equifax.
Difference between Equifax and Transunion
- Most people are familiar with the three major credit reporting agencies: Experian, Equifax, and Transunion. While all three of these agencies maintain similar records of your credit history, there are some key differences between them. Perhaps the most important distinction is that Equifax and Transunion use different scoring models from Experian. This means that a high score on one platform may not translate to a high score on another. As a result, it’s important to check your credit score on all three agencies in order to get an accurate picture of your creditworthiness.
- Another difference between Equifax and Transunion is the way they handle dispute resolution. If you find an error on your report, you can file a dispute with either agency. However, Equifax will only investigate the dispute if it’s submitted through their online portal, while Transunion will accept disputes filed by mail, phone, or online. Therefore, if you’re more comfortable communicating offline, Transunion may be the better option for you.
- Finally, it’s worth noting that Equifax and Transunion often have different information on file than Experian. This is because each agency has its own method of collecting data.
Conclusion
Equifax and Transunion are two of the three main credit bureaus in the United States. Both companies collect and store consumer data, including credit scores, for lenders to access. Although both companies offer similar services, there are some key differences between them. Equifax is larger than Transunion and has a more international presence. Transunion is newer than Equifax and focuses more on analytics and risk management.
