Even if a lender reports to both credit bureaus, it may do so on different dates, potentially leading to discrepancies in your credit score. The opening and closing of accounts is a factor that impacts and can lead to a difference in your score. Some lenders only report to one credit bureau, while some report to both.įor example, I had the Triangle World Mastercard for several months, and it did not show up on my Equifax credit report. The information that credit bureaus use in computing your score is based on what lenders report to them. On the other hand, TransUnion’s CreditVision Risk Score looks at data over the past 24 months. The information available online shows that Equifax uses an 81-month credit history. Both range from 300 to 900, which is the credit score range in Canada. The algorithm used by Equifax and TransUnion is proprietary to each company and most likely different in how they compute your score.Įquifax uses the Equifax Risk Score, while TransUnion uses the CreditVision Scoring model. Their credit reports were similar, but a recent credit card inquiry for my Triangle World Elite Mastercard was not reflected on my Equifax (Borrowell) credit report. When I last checked my credit score, TransUnion scored me at 830, while my Equifax score was 802 – a difference of 28 points. Why are the Credit Scores (TransUnion vs. The credit scores from these two main credit bureaus in Canada can be significantly different, and I want to see both. I did so because Borrowell gives me an Equifax credit score and report, while Credit Karma supplies me with a TransUnion credit score and report. Equifax Canada Credit ScoresĮarlier, I mentioned that I signed up with Borrowell and Credit Karma to receive monthly updates on my credit score and report. This TransUnion vs Equifax comparison covers why your credit score from both financial institutions may differ. These two companies provide monthly updates (both credit score and report) that make it easy to monitor my credit profile and prevent identity fraud or theft. Since then, I have viewed my score multiple times for FREE through Borrowell and Credit Karma. I paid to view my credit score once in 2015 when we started thinking about buying a home, and I wasn’t 100% sure what my credit looked like. You can assess where you stand using the ranges below: In general, a good credit score in Canada is 650 and above. If your credit score is poor, it means you are not good with other people’s money, and you will either not qualify for credit or will be required to pay more in interest charges for credit.Įquifax and TransUnion have their custom in-house algorithms for calculating your credit score, which may result in differing scores. If you routinely vet your credit report and track your credit scores from the two main credit bureaus (TransUnion and Equifax), you may have noticed that they can be slightly different.Ĭredit scores measure your creditworthiness and are used by lenders to determine how much of a risk you pose when they lend you money. Equifax credit scores, what a good credit score means in Canada, and how to do a free credit score check. Learn why there is a difference between TransUnion vs.
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