In a country like America, individual credit history created and maintained by an institution called “credit bureaus”. Credit risk usually defined based on a statistical analysis of the data credits available. Generally the results of this analysis are shaped 3-digit credit score made by the independent financial services such as credit assessment of a FICO (Fair Isaac Corporation) is a company that is pioneering the concept of credit ratings at the end of the era of the 1950s. The main task of the credit information Bureau is to compile and store data provision of funding/financing, and ultimately distributing it as credit information hereinafter referred to as the Individual Debtor Information (IDI) Historically. IDI Historically can be used by financial institutions of Member Credit Information Bureau (banking and Non Bank financial institution), and the public both individuals and business entities. Two of the few credit bureaus in the U.S. are Transunion and Equifax. We will do comparison to both of them and find the better one. Enjoy the Transunion vs Equifax!
TransUnion is an American company in providing credit information and information management services to approximately 45,000 businesses and approximately 500 million consumers worldwide in 33 countries. TransUnion is also the third-largest credit bureau in the United States (Experian and Equifax). TransUnion markets credit reports directly to consumers. The company is based in Chicago, Illinois, and its revenue in 2014 was US$1.3 billion. How about the begining of Equifax? Equifax Inc. is a consumer credit reporting agency in the United States, America. It is considered one of the three largest American credit agencies (Experian and Transunion). Equifax is released in 1899, Equifax is the oldest of the three agencies and gathers and maintains information on over 800 million consumers and more than 88 million businesses worldwide. Based in Atlanta, Georgia, Equifax is a global service provider with US $2.7 billion in annual revenue and 9,000+ employees in 14 countries. Equifax is listed on the NYSE.
The Similarities and Differences
Consumer credit scores are expressed in numbers rather than letters, and although scores are generated by each of the three major credit reporting agencies (Experian and Transunion), the most commonly used consumer credit score is the one created by Fair Isaac Corporation (FICO). FICO scores range from 300 to 850. FICO scores above 760 are considered to be excellent. Credit scores ranging from 725 to 759 are very good or above average, while scores ranging from 660 to 724 are good. Scores between 560 and 659 are considered below average or not good, while those lower than 560 are considered risky or bad. When a borrower’s credit score expresses that he or she is risky, it simply means he or she has a higher likelihood of defaulting on the loan than a borrower with an excellent credit score.
Both are also the credit bureaus that have long operated in the fastpay online from various countries such as the United States and the United Kingdom. One factor that Equifax and TransUnion all have in common is that they maintain their own credit Bureau report compiled from credit history consumption collected from lenders. This is one reason that credit reports can vary depending on the agency that issued the report. Not all creditors submit their data uniformly for each Bureau. The two companies provide some contact information to request a free annual credit report. In addition to asking for the reports, you can also contact Equifax and Transunion to subject questions, comments, or requests. They can respond via the internet, telephone or physical mail, so you can always contact the service if necessary. Another common concept is that each institution the credit 2nd score reporting also has its own credit score.
Here are really many different Credit Score formulas, called “models,” from a number of companies including FICO and VantageScore. The reason for the different values is that the formula used to calculate the value is different, even though the information used in the calculation is the same. Not only do different credit scoring models weigh different things, they can also have different numerical ranges, so a Score of 700 on one model can mean something very different from Score 700 on other models. When exactly the same rating model is used to perform calculations, the numbers may vary slightly if the information from each Bureau is slightly different eg, not all creditor reports for credit reporting companies are same and updates can not be made at the same time across all three credit companies reporting .
When looking at credit scores, it is important to focus not on numbers, but on factors that affect your Score. When you order a Credit Score through Experian, the factors are given to you to help you understand how you can improve your credit score in the future. While the numbers can be quite different, risk factors tend to be very consistent. By focusing on the factors you will improve your credit history and make all your Scores better.
|- Percent of total credit reporting complaints by credit bureaus of Transunion : 25 %||- Percent of total credit reporting complaints by credit bureaus of Equifax : 33 %|
|- Reports list “Satisfactory” and “Unsatisfactory” accounts||- Shows an 81-month credit history for your credit accounts|
|- TransUnion has the most thorough employment data section in your personal summary||- Equifax reports are the only ones that summarize “Open Accounts” and “Closed Accounts”|
Transunion vs Equifax
Based on their own advantages or benefits, Equifax offers thorough credit monitoring, some basic identity theft protection, and a family plan that can cover two adults and up to four children. TransUnion offers some nice features like a credit score simulator, ID theft insurance, and personalized debt analysis. While there is a negative thing too, for Transunion, It does not provide monitoring from all three credit bureaus and has a poor customer service reputation with lots of negative online reviews and for Equifax, it offers good credit monitoring service, its reputation for poor customer support cost.