TransUnion Vs Equifax is not an easy decision. Both are great companies that have made it easy for you to get your credit scores. This article will try to help you understand the reasons behind these decisions. You see, TransUnion has many more advantages over Equifax when it comes to credit scores. This is why they are often referred to as the “big three” in the credit scoring world. Equifax is not far behind TransUnion when it comes to the convenience and ease with which one can obtain their credit score.
So, what is the big difference between Transunion Vs Equifax? Well, there are two major differences that make a huge difference. The first of these is in the way that the credit scores are calculated. They are different algorithms for calculating your scores. One is more stringent than the other.
The second big difference is in the way that they allow more credit inquiries into your report. TransUnion allows more credit inquiries than Equifax does. This is a benefit to you, the consumer. It means that TransUnion allows you to increase your score because they know that you will be using that score to get better interest rates on loans and other purchases.
When it comes to loan interest rates Transunion is clearly the better company. However, when it comes to the use of these excellent credit score models by lenders, Equifax is clearly the superior choice. Why is this so? Well, this is because the way that these two credit bureau scores are calculated leave room for human error.
Each of the credit scores is a complex mathematical equation. This equation takes into account things like your payment history, the types of credit you have used in the past, and your current income and debt load. This whole model is very hard to understand, and TransUnion and Equifax have both made it relatively easy for consumers to obtain their credit scores. However, there are still things that can be thrown into the mix that can cause a different score for one agency and not for the other. These factors include things like how many times a person requests a copy of their credit report and the number of times that it is actually turned down.
There are other things that can affect a person’s credit score too. For example, different credit bureaus look at different things when it comes to a person’s debt to income ratio. One credit score is created by taking a persons total debt as a percentage of their gross salary. The other factors considered by the credit score models are things like a person’s employment history, whether or not they have ever filed for bankruptcy, and how long they have been employed at their current job. TransUnion and Equifax seem to prefer people who have good credit scores, which is why both of them produce different credit scores for the same individuals.
The big difference between the Transunion Vs Equifax credit scores, is the time period in which you actually get to see your scores. Both of these companies make their scores available to consumers approximately eight weeks after the end of each year. This means that if you want to check your scores right away, you will have to wait until the following January to do so. This is simply to give the credit bureaus time to prepare their new scores. They also recommend that you check your scores at least once a year, which is not something that you will need to do any time soon.
If you are interested in getting a Transunion Vs Equifax credit score, the best place to go is to an online site that provides these scores. You can enter your name and social security number, as well as some basic information about the kind of account that you are looking to take out, and you should be able to immediately get a good idea of what kind of score you are working with. Keep in mind that these two companies are not the only ones that you can check on your credit score, but they are the most widely used ones. This means that you should definitely take advantage of this opportunity to make sure that you are getting the best possible score.
I am Keith Rainz a content creator in Zambia. I specialize in forex and crypto trading. You can WhatsApp me via +260977770202.
