Key Differences Between Equifax, Experian and TransUnion Credit Reports

But did you also realize that the manner in which the credit bureaus present your credit data is also likely to differ substantially?

Here are some highlights of the differences between each credit bureau’s reports – and how that information can help you to both better understand and improve your credit rating.

Learn more in my article with the same title on my blog:

Key Differences Between Equifax, Experian and TransUnion Credit Reports


Credit bureaus: What’s the difference between TransUnion, Equifax, and Experian?

Which is better equifax experian or transunion

TransUnion, Equifax and Experian are the three major credit reporting agencies. All three gather the same type of information about consumers’ credit histories and payment practices. All provide nationwide coverage of consumer credit information. However, the Washington Post reported on May 12, 2001, that each agency does not always gather the same information. All three have different cities and regions in which they are more established, giving them an advantage in those areas over the other agencies. This means that each agency does not gather the same information and that the same person could receive a different credit score from each agency depending on what information is gathered.

Additionally, each agency employs a different model to calculate your credit score. Experian, for example, uses the PLUS Score method, which helps consumers understand better what their credit score means, the factors that shape their credit score and what they can do to improve it. Trans Union and Equifax also have unique consumer credit scoring models which are largely based on the same set of criteria. This criteria may include the combined balance owed and credit limit on open revolving credit cards, the number of credit application inquiries and the number of accounts where payments are late. While all three agencies perform the same basic services, the information they gather may differ slightly, along with their method of presenting and analyzing the data. Additionally, each offers unique services aimed to help consumers learn more about their credit score and how it can be managed. Additional information about each of these agencies and their services can be found online.


How to Contact Credit Bureaus - Equifax, Experian, TransUnion

Last Updated: August 11, 2017

Do you want to contact one of the big three credit reporting agencies? The information on this page regarding the credit bureaus — Experian, Equifax and TransUnion — may change, but is current as of August 2017. There are a number of reasons why you would need to contact one of the credit bureaus directly — from ordering credit reports to filing credit disputes — so we have included here numerous ways you can reach them. Note, reviewing your credit reports at least once a year helps you protect yourself from identity theft catch incorrect information reported in your credit file, and track the credit repair process.

Ordering your credit reports has gotten easier thanks to changes in legislation. You can order your credit reports in one of the following ways:


U.S. fines TransUnion, Equifax for deceit over credit scores

By Jonathan Stempel and Lisa Lambert

Jan 3 (Reuters) - A U.S. regulator on Tuesday ordered credit reporting agencies TransUnion and Equifax Inc to pay more than $23.2 million in fines and restitution for deceiving consumers about the usefulness and cost of credit scores they bought.

The U.S. Consumer Financial Protection Bureau said the payments also resolve charges that TransUnion and Equifax lured consumers into enrolling in credit services advertised as free or costing only $1, but which could cost more than $200 a year.

TransUnion will reimburse $13.93 million to consumers and pay a $3 million civil fine, while Equifax will reimburse $3.8 million and pay a $2.5 million civil fine, the CFPB said.

Both companies will also modify their marketing practices, including by obtaining consent to enroll in credit-related services where fees kick in after free trials, and making it easier for consumers to cancel products they do not want.

The CFPB said the wrongful conduct had occurred at TransUnion since July 2011 and at Equifax between July 2011 and March 2014, and violated the Dodd-Frank financial reform law.

Many lenders rely on credit scores from TransUnion, Equifax and rival Experian when lending money.

But the CFPB said TransUnion and Equifax falsely represented that the credit scores they sold to consumers were the same scores that lenders used.

"Credit scores are central to a consumer's financial life and people deserve honest and accurate information about them," CFPB Director Richard Cordray said in a statement.

Neither Chicago-based TransUnion nor Atlanta-based Equifax admitted or denied wrongdoing.

TransUnion spokesman David Blumberg and Equifax spokeswoman Ines Gutzmer said their respective companies believe they have complied with applicable laws, and are committed to better educating consumers about their credit.

Experian was not charged. A spokesman for the CFPB had no immediate additional comment.

TransUnion, Equifax and Experian are among the 10 companies about which the CFPB receives the most consumer complaints. Several large banks and mortgage lenders are also on that list.

In 2015, the credit reporting agencies agreed to improve how they fix mistakes and address disputes, under a separate settlement with 31 state attorneys general. (Reporting by Jonathan Stempel in New York and Lisa Lambert in Washington; Editing by Tom Brown)