Experian vs TransUnion vs Equifax
Key Takeaways
- Experian: Largest bureau in the U.S., has comprehensive identity theft protection services, uses FICO score range of 300-850.
- Equifax: Second largest bureau, founded in 1899 in Atlanta, GA, uses credit score range of 280-850.
- TransUnion: Operates globally, weighs payment history and credit age more heavily than others, uses a FICO score range of 300-850.
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Compare Experian vs Equifax vs TransUnion
|
Bureau* |
Experian |
Equifax |
TransUnion |
|
Number of Consumers |
Over 250 million U.S. consumers; 1.3 billion worldwide |
Over 245 Million U.S. consumers; 800 million worldwide |
Over 100 million U.S. consumers; 1 billion worldwide |
|
Credit Score Range (FICO) |
300-850 |
280-850 |
300-850 |
|
Scoring Models Used |
FICO |
FICO |
FICO |
|
Headquarters |
Costa Mesa, California |
Atlanta, Georgia |
Chicago, Illinois |
|
Founded |
Founded as Credit Data Corporation 1968; Sold and Rebranded as Experian in 1996. Largest credit bureau in the U.S. |
Founded 1899; Based in Atlanta, Georgia, founded. |
Founded 1968; Operates in over 30 countries. |
|
Do They Offer Free Annual Report |
Yes, once a year |
Yes, once a year |
Yes, once a year |
|
Payment History Weight |
35% |
35% |
40% |
|
Credit Utilization Weight |
30% |
30% |
20% |
|
Credit Age Weight |
15% |
15% |
21% |
|
Credit Mix / Types of Credit |
10% |
10% |
N/A |
|
New Credit / Inquiries Weight |
10% |
10% |
5% |
|
Unique Factors |
Collects rental payment data |
N/A |
Weighs credit age heavily |
|
Additional Services |
Identity monitoring, financial tools |
Identity monitoring, financial tools |
Identity monitoring, financial tools |
|
Information Included in Credit Report |
|
|
|
*The information provided within this chart was accurate at time of posting. Please review the actual credit bureaus’ website directly for any updates or changes to what product and services they offer to consumers.
Is It True That TransUnion & Equifax are Less Used During Credit Approvals?
No, this is actually a myth.
A company used credit to determine approval can choose any of the three credit bureaus to run a credit check for your approval process.
Some companies tend to lean toward using the same credit bureau for approvals, while for others, it will depend on the scenario. Companies are legally allowed to choose which credit bureau they use and are not required to disclose which one you need to be in good standing with.
For example, some insiders say when you’re buying a vehicle, they pull from Equifax instead of TransUnion or Experian, but when you’re purchasing a house, it’s rumored they pull from all three credit bureaus. For credit cards or personal loans, it’s typically Experian or TransUnion. Even though there are patterns, lenders can use whichever credit bureau they like to while determining your approval.
It’s important to be aware of your credit score with each bureau and address any issues before applying for anything that could potentially run a credit check for approval.
What Do Credit Bureaus Actually Do?
Credit bureaus base your credit report from information gathered from public records, consumers, and creditors. Once they’ve gathered all of this information, they create a credit report showing your financial history.
These reports will show different aspects of your finances, like your debt, whether or not you’ve paid your bills on time, and if you’ve had any financial troubles. The credit bureaus take this information and calculate your credit score using specific mathematical formulas. Credit reports are continually updated, and your financial information is checked regularly to ensure it is as accurate as possible.
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Key Factors That Determine Your Credit Score
Payment History
- Tracks whether your bills are paid on time
- Notes missed or late payments
Utilization Ratio
- Determines how much of your available credit you’re utilizing
- The lower the ratio, the better
Length of Credit History
- See how long you’ve had your credit accounts
- Credit bureaus like to see longer histories
Credit Mix
- This includes different credit types, including credit cards, mortgages, and loans
- A good mix can reflect better on your score
Recent Applications for New Credit
- Look at how many new credit accounts you’ve recently applied for
- Apply for too many credit accounts in a short period can negatively impact your score
Why You Should All Three Bureaus
- Different bureaus have slightly different stipulations in their scoring models.
- Check your credit reports regularly from Experian, Equifax, and TransUnion to ensure all information is accurate.
The Importance of Credit Scores
Loan and Credit Approval
- Lenders use your score in the loan or credit approval process
- A higher credit score can increase your chances of approval or better terms.
Interest Rates
- A better credit score can give you lower interest rates, which saves you money on credit cards and loans
Rental Applications
- Property owners or landlords may run a credit check when you apply for a rental property
Insurance Premiums
- Your insurance company may use your credit score when determining your auto or home insurance rates
Employment
- Some employers may look at your credit score during the hiring process
Financial Health
- Being aware of your credit and how your score is calculated can help you make smarter borrowing decisions and better manage your finances
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How to Keep a Good Credit Score
Here are 5 helpful ways to keep a good credit score including:
Pay Bills on Time
- Ensure you pay your bills by the due date on your statement
- Late payments, especially those over 30 days, can negatively impact your credit score
- Catch up on payments as soon as you can if you are behind
Keep Credit Card Balances Low
- Attempt to use 30% or less of your available credit on each of your credit cards
- Lower balances can improve your credit score
Limit New Credit Applications
- Limit the amount of new credit accounts you apply for in a short period of time
- Spread out applications that are necessary by at least six months
Manage Debt Wisely
- Make sure you can afford new payments with your current income and expenses before opening more credit accounts
- Avoid taking on more debt than you can handle
Keep Old Credit Cards Open
- Long standing accounts display a longer history of managing credit
- Can help maintain a higher credit limit
- Unless old cards negatively impact your finances, keep them open
How to Keep a Good Credit ScoreHow Do I Get My Credit Report From All Three Bureaus?
Here are 3 ways to get your credit report:
Free Annual Reports
- You can get a free credit report every year from all three credit bureaus
- Visit AnnualCreditReport.com to access your free reports
Requesting Reports Individually
- Contact each credit bureau directly to request your credit report
- You can request it by phone, online, or by direct mail
Using a Credit Monitoring Service
- Sign up for a credit monitoring service to stay on top of your credit
- These services give you access to your credit reports from Experian, Equifax, and TransUnion
- You can set up alerts through these services to notify you of changes to your credit report
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FREQUENTLY ASKED QUESTIONS
What is a good credit score?
A “good credit score” varies based on the credit scoring model used by the credit bureau.
Generally speaking, 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.
Does anyone actually have an 850 credit score?
Yes, they do, but it’s rare!
Only 1.31% of Americans have a FICO® Score of 850. While yes, it is possible to achieve a perfect credit score, it isn’t necessary to get approved with the best loan terms and rates.
Is a 900 credit score possible?
Older credit score models used to go up to 900, but you can no longer achieve a credit score that high. These days, the highest you can receive is 850. A credit score above 800 is considered an excellent credit score according to the credit bureau ranges.
Will checking my Credit Report lower my score?
No, checking your credit report doesn’t harm your score.
This is considered a “soft inquiry” and doesn’t impact your credit. However, lenders run hard inquiries on your credit when you apply for a loan which can lower your score – only slightly – for a short time.
What is the difference between FICO Score vs VantageScore?
FICO Scores and VantageScore work similarly, but they are two different companies.
They both utilize score ranges of 300 to 850 and are influenced by some of the same factors. FICO Scores are based on your payment history, length of credit history, credit utilization ratio, your credit mix, and new credit accounts.
VantageScore calculates six different categories, including your payment history, credit utilization ratio, your debt owed, length of your credit history, your recent credit behavior, and available credit.
What is a good FICO score?
A good FICO Score ranges from 670 to 739.
Here are the FICO Score ranges:
|
FICO Score Ranges |
Rating |
|
580-669 |
Fair |
|
670-739 |
Good |
|
740-799 |
Very Good |
|
800+ |
Exceptional |
What is a credit bureau?
A credit bureau is a private company that compiles and sells information about your borrowing and payment history to parties who need to know your creditworthiness to determine your approval for a loan or credit account.
Also called credit reporting agencies, these bureaus also provide paid services – some offer free versions – to consumers to allow you to monitor your credit and help you prevent identity theft.
Where do credit bureaus get their information?
Financial institutions, credit card companies, and other lenders regularly send information to the credit reporting agencies.
Credit card companies and lenders usually report balances to credit bureaus every billing cycle, which is why it’s easier to build credit once you already have credit. In addition, credit bureaus look at liens, bankruptcies, court judgements, and other public records.
Who can see my credit report?
The Fair Credit Reporting Act only allows your credit report to be seen by agencies with a “permissible purpose.” This means the only people who can see your credit are companies who are a legitimate reason for viewing your credit history.
Those who have access to your credit report include:
- Credit card issuers
- Potential lenders
- Existing creditors
- Debt collection companies
- Insurance companies
- Rental companies and landlords
- Internet, phone and utility companies
- Certain government agencies
How do I get a copy of my credit report?
Experian, Equifax, and TransUnion offer free copies of your credit report. Request all three credit reports at AnnualCreditReport.com.
What is a good VantageScore?
The newest VantageScore credit scoring model is based on a 300 to 850 range – the same as FICO Scores ranges. With this model, VantageScore considers 661 to 780 a good credit score.
What are the 3 bureaus for credit?
The three bureaus for credit include Equifax, Experian, and TransUnion. You can get a free credit report every year from each of these credit reporting agencies.
Why are there three credit bureaus?
Originally, credit monitoring was performed by local agencies. As these processes became automated, local credit agencies were consolidated into the major three bureaus we know today and operate nationwide.
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act regulates how the three credit bureaus can collect your information and how it can be shared.
It also gives consumers the right to know what’s on their personal credit report, offers additional protections to help you know if your credit profile was used against you in a denial, and allows you the right to dispute credit report errors.
How will lenders use my credit report?
Lenders look at your credit history to determine your creditworthiness for deciding if you will be a responsible borrower and to decide on the terms, conditions, rates, and fees you’re eligible for.
What are the differences between Experian vs Equifax vs TransUnion?
The three credit bureaus all serve the same purpose: Deliver an accurate credit report showing all of the correct personal and financial information about an individual.
As for their differences, Equifax has been known to provide additional details on your overall credit usage, Experian is known for its comprehensive identity theft protection, and TransUnion can offer more educational resources for learning about improving your credit score.
Lenders, financial institutions, or any other party who needs to view your credit report for approval can pull from any of the three credit bureaus without you knowing which one they’ll pick.
It’s important to be familiar with your score with all three agencies.
Why is my credit score different depending on the bureau I use?
Not every credit bureau receives the same information about you.
Lenders don’t always report information to all three agencies. Additionally, each bureau has their own mathematical equation for calculating credit scores. Your score can also vary depending on if you’re looking at your FICO Score or VantageScore.
Which of the 3 credit bureaus is most accurate?
No credit bureau is more accurate than the other, as they all report the exact information lenders send to them.
Credit reports from any agency can have errors or inconsistencies, so it’s important to regularly check your credit and dispute any errors when you find them.
What is the most powerful credit bureau?
Experian is the largest credit bureau, with credit information for more than 220 million U.S. consumers.
Experian is unique as it also collects rental payment data from landlords who report this payment history with the agency. With that, you as the consumer cannot choose which credit reporting agency your lender checks, as they have the option to choose any or all three of the bureaus during your approval process.
Why choose Auto Money Title Loans?
Simple. Because we care about our customers. We understand that unexpected situations arise that require cash in a hurry – and they don’t always coincide with your payday!
At Auto Money, everyday can be a payday! We get you the cash you need fast so you can pay bills, home repairs, auto repairs or whatever else life throws at you.
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Sources: Federal Trade Commission, Experian, Equifax & TransUnion.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. We are not financial advisors, and the content provided does not constitute financial, investment, or life insurance advice from a licensed professional. The content of this article does not replace personalized advice from a licensed professional who is aware of your individual circumstances.
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MORE HELPFUL RESOURCES
Types of Services
ALREADY HAVE A TITLE LOAN WITH ANOTHER COMPANY, AUTO MONEY CAN STILL HELP YOU!
If you have a title loan or title pawn with another company, Auto Money may pay it off at a lower interest rate!
Interested?
Title Loans in South Carolina
A title loan is a quick and easy way to get the cash you need, using your vehicle’s title for collateral instead of your credit score. The amount will be determined by our expert appraisers. Auto Money offers competitive interest rates and gives you the most money for your title with instant approval. And the best part is, you get to keep driving your vehicle!
SC Consumer Loans: Your Rights and Responsibilities
Disclaimer: This is a high interest loan. You should go to another source if you have the ability to borrow at a lower rate of interest. You are placing your vehicle at risk if you default on this loan.
Title Pawns in Georgia
A title pawn is a quick and easy way to get the cash you need, using your vehicle’s title as collateral towards borrowing money. At our Georgia Auto Money stores, you have 30 days to repay the title pawn. If you are unable to pay off the balance within 30 days, Auto Money’s professional and courteous staff is available to discuss repayment options with you.
Title Loans in North Carolina
Disclaimer: At Auto Money, we uphold all federal and state laws related to Title Loans. Title loan transactions are prohibited within the state of North Carolina.
Disclosure: This website is a solicitation for an auto title loan or pawn. This solicitation is not a unilateral contract or a guaranteed offer. All title loans and title pawns and the amount of the title loans or title pawns are subject to Auto Money’s approval that is contingent on several underwriting factors such as a completed loan or pawn application, your employment status, monthly income, and a vehicle evaluation.
* $20,000 instant approval loan or pawn amount is the maximum an applicant can receive. Actual amount of title loan or title pawn is subject to vehicle appraisal by an Auto Money employee and a complete application is required to be submitted and approved in-person by the party requesting a title loan or title pawn. Certain limitations apply. All title loans or title pawns issued by Auto Money are subject to the customer’s ability to repay the title loan or title pawn.
** www.automoneytitle.com is not an online lender. Applications are not processed or approved online. Personal information other than resumes that you submit to this website is an inquiry to receive more information regarding a title loan or title pawn from Auto Money. Any information you submit to this website will be forwarded to the Auto Money office closest to the ZIP code you have provided for the purposes of contacting you about a title loan or title pawn. Once your information is received and processed, you will be contacted by an Auto Money representative. Submitting your application is an agreement to be contacted by a member of our staff.
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