Upon analyzing data from both Equifax and TransUnion reports, we’ve uncovered notable discrepancies in credit scores for the same consumer across credit bureaus.
Reason for obtaining both reports & benefits:
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Credit Score: Different credit scores between the two bureaus.
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Collections, bankruptcies: We noticed that collections and bankruptcies reported to the two bureaus could be different.
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Secured loans: Secured loans are reflected in one bureau but not the other.
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Tradelines: These could be different between the two bureaus. For example, a car loan inquiry could be present in TransUnion but not in Equifax. This highlights the importance of reviewing both reports for a complete financial assessment.
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Comprehensive Insight: Since certain lenders report to one bureau more frequently than others, obtaining both reports ensures you have a comprehensive understanding before making any decisions.
Analysis
Among the applications we examined, 72% displayed different scores between the two bureaus.
Further examination of these applications with the difference in scores reveals:
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5% of the applicants showcased credit scores with TransUnion, yet Equifax reported “No Score”.
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30% of applicants reported collections, and 63% displayed differences in reported collections between the two bureaus.
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13.8% of applicants had bankruptcies reported to the bureaus, with 40% displaying differences in the bankruptcy records reported between Equifax and TransUnion.
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5.5% of applicants showcased discrepancies in reported loans between the two credit bureaus.
Note:
It’s important to note that credit scores may also vary due to different scoring systems (variations in the scoring model).
