Does Equifax or TransUnion matter more?
TransUnion uses most of the same personal information that Equifax does in scoring your credit; however, TransUnion may find certain aspects of your credit history more important than Equifax does. For example, TransUnion credit reports feature a more extensive employment history section.
Which credit reporting agency is used most by creditors?
While there’s no exact answer to which credit score matters most, lenders have a clear favorite: FICO® Scores are used in over 90\% of lending decisions.
Why is my FICO score so much lower than my TransUnion and Equifax?
The reason that your Equifax score is lower than your TransUnion score is based on the fact that TransUnion adds personal information and employment data that is weighted into their model. The other two only report the name of your employer and do not add any weight to that fact.
Is FICO score accurate?
FICO Scores are used by 90\% of top lenders to make decisions about credit approvals, terms, and interest rates. FICO Scores are trusted to be a fair and reliable measure of whether a person will pay back their loan on time.
Why is my credit score different than what the bank pulls?
The credit score you see and the one your lender uses may be different for several reasons. Another reason the scores differ might be because there’s more than one credit scoring model, and there’s no guarantee the one you’re using to check your own credit is the same one your lender relies on.
Is it normal for credit scores to be different between agencies?
First things first: It’s perfectly normal for scores to differ slightly between agencies. It’s up to lenders to decide which information they report to the major credit agencies — and which agencies they report to in the first place.
Why is it important to make sure my credit report is accurate?
Making sure your credit report is accurate ensures your credit score can be too. You can have multiple credit scores. The credit reporting agencies that maintain your credit reports do not calculate these scores. Instead, different companies or lenders, who have credit scoring systems of their own, create them.
How are scores calculated on credit reports?
Scores are calculated using different credit reports. Some lenders report to all three major credit agencies, but others report to only one or two. This means a credit agency may be missing information that helps or hurts your score. We recommend you periodically check your credit reports for errors, which could affect your scores.
Can you have multiple credit scores on your credit report?
It’s important to make sure your credit report is accurate, so your credit score can be too. You can have multiple credit scores. They’re not calculated by the same credit reporting agencies that maintain your credit reports. Instead, they’re created by different companies or lenders that use their own credit scoring system.