What Is FICO vs TransUnion vs Equifax Credit Scores?
While many people think of their credit score as a singular number, the truth is that most consumers have several different credit scores. This is because different credit bureaus (Equifax®, TransUnion®, and Experian®) use different scoring models, such as FICO® and VantageScore®.
FICO scores are one of the most popular types of credit scores. TransUnion and Equifax are credit reporting agencies and have collaborated with Experian to produce VantageScore. If you compare VantageScore vs. FICO scores, you will find that they share many similarities — and feature a few key differences.
Keep reading to learn more about FICO, TranUnion, and Equifax, including how each works, which credit score bureau is best, and how you can obtain your credit scores and credit reports.
Key Points
• FICO scores are widely used by lenders and are based on credit data from major bureaus, using a specific algorithm to assess creditworthiness.
• TransUnion and Equifax are two of the three major credit bureaus that collect and maintain consumer credit data, but they may have slightly different information on file.
• FICO scores use a consistent formula, while TransUnion and Equifax may provide different scores using their own models, such as VantageScore.
• Your credit score varies between FICO, TransUnion, and Equifax due to differences in reporting dates, data collection, and scoring methods.
• Lenders may use FICO scores or TransUnion or Equifax reports to determine creditworthiness, so it’s important to monitor all three for accuracy.
Types of Credit Scores
There are several different types of credit scores, since different companies have different ideas of which information is most predictive of whether a consumer will be a good lending risk. However, the two most common types of credit scores are the FICO Score and the VantageScore.
How FICO Works
FICO scores are produced by the Fair Isaac Corporation and are one of the most popular types of credit scores. The Fair Isaac Corporation lists five factors that affect your FICO score:
• Payment history (35%)
• Amounts owed (30%)
• Length of credit history (15%)
• Credit mix (10%)
• New credit (10%)
Based on these factors, you receive a FICO credit score, which is a three-digit number between 300 and 850. Those with high credit scores will typically receive the best rates and terms from lenders.
How VantageScore Works
VantageScore is a credit scoring model developed by the three major credit bureaus — Experian, Equifax, and TransUnion. It evaluates creditworthiness using factors like payment history, credit utilization, account age, total debt, and recent inquiries. Unlike FICO, VantageScore can generate a score with a shorter credit history, making it more accessible for new borrowers.
Similar to FICO, the scoring model ranges from 300 to 850, with different categories to indicate credit health:
• 781–850: Excellent
• 661–780: Good
• 601–660: Fair
• 500–600: Poor
• 300–499: Very Poor
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Recommended: Differences Between VantageScore and FICO Credit Scores
TransUnion vs. Equifax
TransUnion and Equifax are two major credit reporting agencies, along with Experian. Each plays a key role in determining creditworthiness, but understanding their differences can help you better manage your financial health and navigate credit decisions.
How TransUnion Works
TransUnion does not actually produce its own credit score — instead, it is one of the three major credit reporting agencies, along with Equifax and Experian. TransUnion collects payment and other information about consumers to build a consumer credit report.
However, TransUnion, along with Equifax and Experian, did create the VantageScore credit score model in 2006. VantageScore is a company that produces credit scores. So if you hear someone talking about a TransUnion credit score, they may be referring to a VantageScore credit score.
How Equifax Works
Like TransUnion, Equifax is most often thought of as a credit reporting agency rather than as a company that produces credit scores. However, Equifax is another partner in the VantageScore credit score model. So like TransUnion, if you hear someone talking about an Equifax credit score, they may be talking about a VantageScore credit score.
Which Credit Score Bureau Is Best?
When choosing the best credit score bureau, it’s important to recognize that no single bureau is definitively superior. TransUnion, Equifax, and Experian all provide valuable insights into your credit report. The key difference lies in the information they collect and how they calculate scores, which varies slightly.
How Can You Obtain Your Credit Score?
You can check your credit score through several sources, each offering different levels of access and detail. Here are some common ways to obtain your credit score:
• Credit card issuers and banks – Many provide free credit score access to customers.
• Credit bureaus – You can purchase your credit score directly from Equifax, TransUnion, or Experian.
• Online credit monitoring services – You can sign up for credit score monitoring. SoFi’s credit monitoring service allows you to track your credit score and receive weekly updates at no cost.
• Loan applications– Some lenders disclose your credit score when you apply for a loan.
• FICO and VantageScore websites – You can purchase official credit scores from these scoring model providers.
Recommended: How Often Does Your Credit Score Update?
How Can You Obtain Your Credit Reports?
To obtain your credit reports, you can access them through several channels. The Fair Credit Reporting Act (FCRA) grants consumers the right to a free credit report from each of the three major credit bureaus — Equifax, Experian, and TransUnion — once a year. Regularly reviewing your credit report helps identify errors and detect potential identity theft.
To obtain your credit reports, you can:
• Visit AnnualCreditReport.com, the only federally authorized website for free reports.
• Request your reports by calling 1-877-322-8228.
• Submit a request via mail by completing the Annual Credit Report Request Form.
• Access additional reports through credit monitoring services or directly from the credit bureaus.
It can be a good idea to use a money tracker app to review your payment and spending history, as well as regularly review your credit report. If you find any errors or inconsistencies, you can report or dispute them to the agency in question to get any incorrect information removed. Incorrect information on your credit report can cost you points on your credit score.
What Is a Good Credit Score Range?
A good credit score range typically falls between 670 to 739 on the FICO Score scale, which ranges from 300 to 850. Lenders generally view scores in this range as favorable, meaning borrowers are more likely to qualify for loans and credit cards with competitive interest rates.
Credit scoring models like VantageScore also use a 300 to 850 range, with a good score typically between 661 and 780. Maintaining a good credit score involves making timely payments, keeping credit utilization low, and managing different types of credit responsibly.
Recommended: How Long Does It Take to Build Credit?
The Takeaway
There are different companies that issue credit scores, so while you might think that you have a singular credit score, you actually have several different credit scores.
FICO credit scores are one of the more popular credit scores used by lenders. TransUnion and Equifax are two of the three most popular credit reporting bureaus. Along with Experian, they have partnered to create VantageScore, another common credit scoring model. Different credit score models may use different information, and it’s normal for scores from different models to vary by a few points.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
FAQ
Which is more accurate: TransUnion, Equifax, or FICO?
No single credit score is more “accurate.” TransUnion and Equifax are credit bureaus that collect data, while FICO is a scoring model that uses that data to generate scores. Lenders may use different scores depending on the situation, so accuracy depends on which score a lender relies on.
Is the FICO score higher than Equifax?
Sometimes FICO scores are higher than VantageScores (the scores that are affiliated with Equifax). Other times, your VantageScore may be higher than your FICO score. It depends on your individual situation, but it is common for your scores to be similar.
Do banks look at TransUnion or Equifax?
Different banks, credit unions, and other lenders may look at different credit reports (such as TransUnion, Experian, or Equifax) depending on their preferences. Generally, companies do not disclose what credit reports or credit scores they use.
Which credit score is most accurate?
No single credit score is the most accurate, as different lenders use different models. FICO scores are the most widely used for lending decisions, but Equifax, TransUnion, and Experian each generate their own scores based on available data. Accuracy depends on which score a lender considers most relevant.
What is a good FICO score?
A good FICO score typically falls between 670 and 739. Scores in this range indicate a lower risk to lenders, making it easier to qualify for loans and credit cards with favorable terms. Higher scores (740+) offer even better rates, while lower scores may lead to higher interest rates or denials.
Why is my FICO score higher than my credit score?
When considering FICO scores vs. credit scores, it is important to understand that while your FICO score is a type of credit score, it is only one type of credit score. Your FICO score may be higher than other credit scores you may have, or it could be lower. Generally, your FICO score should be within a few points of your other credit scores.
photo credit: iStock/tolgart
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