It has information on more than a billion customers in 30-plus countries, including 200 million in the U.S. TransUnion is a Chicago-based company founded in 1968. It’s helpful to know the difference between how TransUnion and Equifax calculate credit scores, in order to better understand the numbers that appear on their credit reports. However, these are defined and weighted somewhat differently depending on the company that’s compiling your score. Generally speaking, credit scores are calculated using five factors: payment history, amounts owed, length of credit history, new credit, and credit mix. ![]() (FICO, an abbreviation for Fair Isaac Corporation, is the most commonly used.) This can be confusing because most lenders use credit scores compiled by one of two outside companies - FICO® and VantageScore - which come up with different credit scores using their own models based on the credit bureaus’ reports. Credit score: Credit bureaus each calculate their own credit score.Credit scores are calculated from the information in your credit reports. Credit report: Your credit report contains information about when credit accounts were opened, their balances, credit limits, and payment history, as well as information on bankruptcies and debt collections.They use this information to compile credit reports and calculate credit scores, which are different. ![]() What do the credit bureaus do?Ĭredit bureaus, or credit reporting agencies, collect information from a variety of sources (lenders, utility companies and others) using your Social Security number, credit file, and other identifying information. We’ll cover the difference between TransUnion and Equifax in this article. The three major credit bureaus calculate credit scores using slightly different credit scoring models. However, you may be surprised to find that the information varies from one bureau to the next. ![]() If you are interested in knowing your credit history, you can find out from one of the three major credit bureaus: Transunion, Equifax, and Experian.
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