TransUnion vs. Equifax: What’s the Difference?
The main difference between TransUnion and Equifax is that transunion places a greater emphasis on trended data and alternative credit data whereas equifax focuses more on traditional credit data.
Before we move to more differences, let’s first understand TransUnion and Equifax:
- TransUnion: TransUnion is a global information and insights company that provides credit reports, credit scores, and other related services to businesses and consumers.
- Equifax: Equifax is a global data, analytics, and technology company that provides credit reports, credit scores, and other related services to businesses and consumers.
Now, let’s get to TransUnion vs Equifax:
Major differences between TransUnion and Equifax
| TransUnion | Equifax |
|---|---|
| TransUnion offers Credit Lock, a service that allows consumers to lock and unlock their credit files for free. | Equifax charges a fee for its credit lock service. |
| TransUnion provides identity verification and fraud prevention services to businesses. | Equifax provides a broader range of risk management solutions, including fraud detection, compliance, and analytics. |
| TransUnion operates in over 30 countries. | Equifax operates in over 24 countries. |
| TransUnion uses the VantageScore model to calculate credit scores. | Equifax uses the FICO model. |
| TransUnion collects information from a wide range of sources, including public records. | Equifax places more emphasis on credit card and loan data. |
So, these are the main differences between the entities.
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