Transunion Vs Equifax Canada

Are you confused about the differences between TransUnion and Equifax in Canada? Do you know which one to choose when checking your credit score or applying for a loan? Don’t worry; you’re not alone.

While both companies provide credit reports and scores, there are some critical differences between them. In this article, we’ll discuss the similarities and differences between TransUnion and Equifax in Canada, so you can decide which one to use.

What are TransUnion and Equifax in Canada?

TransUnion and Equifax are Canada’s two major credit reporting agencies that collect and maintain credit information on individuals and businesses. These agencies collect information from various sources, such as banks, credit card companies, and other lenders, and use this information to create credit reports and scores for consumers.

Credit reports from TransUnion and Equifax typically include your personal information (name, address, etc.), credit accounts you have opened or have had in the past, payment history, credit inquiries, and public records such as bankruptcies or court judgments.

Credit scores are numerical ratings that summarize your credit history and help lenders assess your creditworthiness. TransUnion and Equifax each have their proprietary credit scoring models used to calculate credit scores. Credit scores can range from 300 to 900, with higher scores indicating better creditworthiness.

Both TransUnion and Equifax offer a range of credit monitoring services, including credit report and score monitoring, identity theft protection, and alerts for suspicious activity on your credit report. They also provide consumers with access to their credit reports and scores for a fee and free credit scores through various financial technology companies and mobile apps.

What’s the Difference Between Equifax compared to TransUnion?

While both TransUnion and Equifax offer similar services, there are some differences between the two companies regarding their credit reporting and monitoring products and their credit scoring models. Here are some critical differences between TransUnion and Equifax in Canada:

1. Credit Report Information: TransUnion and Equifax provide similar information on credit reports, including personal information, credit accounts, credit inquiries, public records, and collections. However, there may be slight variations in the information reported by each company, as they may collect information from different sources.
2. Credit Score Models: TransUnion and Equifax use different credit scoring models to calculate individual credit scores. TransUnion uses the TransUnion Risk Score, while Equifax uses the Equifax Risk Score. Both scores range from 300 to 900, with higher scores indicating better creditworthiness. However, the algorithms used to calculate these scores may vary, resulting in different scores for the same individual.
3. Credit Monitoring Products: Both companies offer credit monitoring services, which can alert consumers to changes in their credit reports or scores. TransUnion offers Credit Monitoring and Identity Theft Protection products, while Equifax offers Credit Monitoring and Identity Theft Protection with Score Power.
4. Availability: In Canada, both TransUnion and Equifax are widely available and used by lenders, employers, and individuals. However, depending on their internal policies and practices, some lenders and organizations may prefer one company over another.

Ultimately, both TransUnion and Equifax provide similar services and information, and it may be worth checking credit reports and scores from both companies to ensure accuracy and completeness.

Which is More Accurate?

Each company may collect credit information from different sources, which can lead to slight variations in the information reported on credit reports.

TransUnion and Equifax use different scoring models to calculate credit scores, so having other scores from each company is possible. However, if the credit information being reported is accurate and up-to-date, the scores reported by both companies should be similar.

It’s always a good idea to check credit reports and scores from both TransUnion and Equifax to ensure accuracy and completeness. If you find errors or inaccuracies on your credit report, you should contact the respective credit reporting agency to have them corrected.

You can also use the Best Credit Monitoring Services in Canada, which provides many other cool features to help your finances for free.

How to Get a Free Credit Score With TransUnion or Equifax in Canada

Many services and apps connect with Equifax and TransUnion to provide you with a free credit score in Canada.

TransUnion Credit Score

1. Credit Karma: This app gives users free credit scores and credit reports from TransUnion. Users can also receive personalized credit monitoring and alerts.
2. RBC: Royal Bank of Canada provides their clients with free credit scores from TransUnion through the RBC Mobile App.
3. Scotiabank: This bank offers clients free access to credit scores and reports through the Scotia Mobile App powered by TransUnion.

Apps That Use Equifax

1. Borrowell: This app gives users a free credit score and credit report from Equifax. Users can also receive personalized financial recommendations and offers based on their credit profile.
2. Credit Karma: This app gives users free credit scores and credit reports from TransUnion. However, they also offer credit monitoring and alerts for Equifax reports.
3. Mogo: This app gives users a free credit score and credit report from Equifax and TransUnion. Users can also access free identity fraud protection and receive personalized recommendations to help improve their credit; read more in our Mogo Review.
4. Ratehub.ca: This app gives users a free credit score and credit report from Equifax. Users can also compare credit cards, mortgages, and other financial products.

What are the Differences Between The Paid Plans?

TransUnion and Equifax in Canada offer various products and services at different price points. Here are some of the costs associated with their products and services:

TransUnion:

1. Credit Monitoring and Identity Theft Protection: $19.95 per month
2. Credit Report and Score: $19.95 for a single report and score, or $29.95 for unlimited access for 30 days
3. Credit Monitoring and Score: $24.95 per month
4. Credit Score: $9.95 for a single score or $19.95 for unlimited access for 30 days
5. Fraud Victim Assistance: Free

Equifax:

1. Credit Monitoring and Identity Theft Protection: $19.95 per month
2. Credit Report and Score: $23.95 for a single report and score or $19.95 per month for unlimited access
3. Credit Monitoring and Score: $19.95 per month
4. Credit Score: $23.95 for a single score or $19.95 per month for unlimited access
5. Fraud Victim Assistance: Free

How to Dispute Items on Your Credit Report

If you need to update your personal information with the credit bureaus in Canada, Equifax and TransUnion, you can follow these steps:

Equifax:

1. Go to the Equifax website and click “Get My Free Credit Report.”
2. Next, enter your personal information to verify your identity.
3. Once you can access your credit report, review your personal information to ensure it is correct.
4. If you need to update your personal information, click the “Dispute information” button and follow the instructions to submit your request.
5. Equifax will then review your request and make any necessary updates to your credit report.

TransUnion:

1. Go to the TransUnion website and click “Credit Monitoring and ID Theft Protection.”
2. Enter your personal information to verify your identity.
3. Once you can access your credit report, review your personal information to ensure it is correct.
4. If you need to update your personal information, click the “Dispute an item” button and follow the instructions to submit your request.
5. TransUnion will then review your request and make any necessary updates to your credit report.

It’s important to note that credit bureaus may take time to update your information. Therefore, you should also follow up with them to ensure that your credit report updates have been made.

Should I Use Both Equifax and TransUnion?

Yes, you can use both Equifax and TransUnion in Canada. Both companies are major credit bureaus in Canada and provide credit reports and scores based on their respective credit reporting systems. It’s a good idea to check your credit report from Equifax and TransUnion periodically to ensure that the information on your credit report is accurate and up-to-date.

Access to both credit reports can also be helpful if you are applying for credit or a loan, as different lenders may use other credit reporting systems to assess your creditworthiness. In addition, by checking both reports, you can ensure that all the information is correct and you are presenting an accurate picture of your credit history.

Additionally, if you are monitoring your credit for potential fraud or identity theft, accessing both credit reports can help you identify any discrepancies or unusual activity across both reports.

It’s important to note that while both Equifax and TransUnion provide similar services, their credit reports and scores may differ slightly. This is because they use different algorithms to calculate credit scores and may have different information on file for you. Therefore, checking both reports regularly is a good idea to ensure you completely understand your credit history.