TransUnion vs. Equifax: What's the Difference?

TransUnion and Equifax are both major credit bureaus that track your financial history, but they're not identical twins.

While they serve the same purpose, they work differently behind the scenes.

Differences between TransUnion and Equifax

While both TransUnion and Equifax track your credit history, they use different scoring models, update on different schedules, and may have access to different financial information about you.

Different Algorithms

TransUnion and Equifax calculate your credit score using different methods:

• Equifax looks at 81 months of credit history using the FICO model

• TransUnion examines 84 months using the VantageScore model

• These different models weigh factors like payment history and credit utilization differently

They Don't Share Information

Not all lenders report to both bureaus:

• RBC might check with TransUnion for a credit card application

• KOHO Credit Building reports payments to Equifax

• This means one bureau might have information the other doesn't

Different Update Schedules

Your credit score isn't updated instantly:

• Equifax updates at least monthly

• TransUnion updates monthly or every 45 days at most

• This timing difference can cause score variations

Headquarters and Background

• Equifax: American company with Canadian headquarters in Toronto

• TransUnion: Based in Burlington, Ontario, with roots as a Chicago railway equipment company

Neither is more "accurate"

Since they use different methods and information, neither bureau is definitively better.

They're just different, and lenders may prefer one over the other.

How to check your credit score

You can get your credit report free once a year from each bureau:

• myEquifax Canada: Request online for instant access

• TransUnion: Available online, by phone, mail, or in person

Other options include:

• KOHO: Free credit score from Equifax

• Credit Karma: Free weekly updates from TransUnion

What affects your credit score

Both bureaus consider:

• Payment history

• Amounts owed

• Length of credit history

• Credit mix

• New credit applications

They can't legally use personal information like age, race, gender, religion, or marital status.

» Learn more about the factors that affect your credit score.

It's worth checking both

Since mistakes happen and information varies, it's smart to check both your TransUnion and Equifax reports annually to ensure everything is accurate.