Hi everyone, I have heard of the credit bureaus such as Equifax or Experian, but I don’t know the differences between them. Can anyone tell me the main differences between the major credit bureaus?
The three major credit bureaus are Experian, Equifax, and TransUnion. Each credit bureau weighs financial information differently, which is why you may have different credit scores from each of the three bureaus. These 3 credit bureaus use VantageScore to give you your credit score.
This is how your score is calculated with VantageScore.
Payment History = Very Important
Percentage Of Credit Limit Used = Very Important
Age & Type Of Credit = Very Important
Total Balances & Debt = Important
Available Credit = Not as Important
Recent Credit Behavior & Inquiries = Not as Important
Your score may differ between bureaus because not all lenders will share your credit information to all 3 bureaus, rather they may just choose one. Thus, credit score is more of an estimation, but the three bureaus calculate your score in a similar fashion.