It’s not uncommon for your Equifax score to be lower than your TransUnion or Experian score. In fact, it’s quite common. There are a few reasons why this might happen:
1. Different Credit Reporting Models:
Each credit bureau uses a different credit scoring model. This means that they may weight different factors differently when calculating your score. For instance, your credit utilization ratio may be more important to TransUnion than your payment history is to Equifax.
2 Different Data Sources:
The credit bureaus don’t all have access to the same data. This means that they may have different information about your credit history. For instance, one bureau might be in possession of information regarding a late payment while another bureau might not.
3. Reporting Errors:
Sometimes, there may be errors in your credit report. These errors can lower your credit score. It’s crucial to routinely review your credit reports and challenge any inaccuracies you discover.
4. Different Credit Mix:
The credit bureaus may also look at your credit mix differently. This refers to the types of credit accounts that you have, such as credit cards, installment loans, and mortgages. If you have a lot of credit cards and not many installment loans, this could lower your Equifax score.
5. Recent Inquiries:
If you’ve recently applied for a lot of new credit, this can lower your Equifax score. This is because each time you apply for new credit, a hard inquiry is placed on your credit report. Hard inquiries can stay on your credit report for up to two years.
What can you do about it?
If you’re concerned about your low Equifax score, there are a few things you can do:
- Check your credit reports for errors: You can get a free copy of your credit report from each of the three major credit bureaus once a year at AnnualCreditReport.com. Review your reports carefully and dispute any errors that you find.
- Improve your credit utilization ratio: Your credit utilization ratio is the amount of credit that you’re using compared to your total available credit. Aim to keep your credit utilization ratio below 30%.
- Pay your bills on time: This is the most important factor in your credit score. Make sure to pay all of your bills on time, every time.
- Keep your credit accounts open: The longer your credit history, the better. Try to keep your credit accounts open as long as possible.
- Apply for new credit sparingly: Only apply for new credit when you need it. Each time you apply for new credit, a hard inquiry is placed on your credit report. Hard inquiries can stay on your credit report for up to two years.
You can raise your Equifax score and get it closer to your TransUnion and Experian scores by using the advice in this article.
What’s The Difference Between Equifax And TransUnion?
|
TransUnion VantageScore Model |
|
|
Payment history |
40% |
|
Age and credit mix |
21% |
|
Credit utilization |
20% |
|
Account balances |
11% |
|
New credit |
5% |
|
Available credit |
3% |
|
FICO Scoring Model |
|
|
Payment history |
35% |
|
Account balances |
30% |
|
Length of credit history |
15% |
|
New credit |
10% |
|
Credit mix |
10% |
Why Your Equifax Credit Score Is Lower Than Transunion
FAQ
Why is my credit score so low on Equifax?
Why is Equifax always the lowest?
Is Equifax credit score accurate?
Why is my Equifax score 100 points lower?
Why is my Equifax score lower than the other credit scores?
Your Equifax score is lower than the other credit scores because there is a slight difference in what is reported to each credit agency and each one uses a slightly different method to score your data. Your Experian, Equifax and TransUnion credit reports should be fairly similiar.
Why is my Equifax score lower than TransUnion?
Equifax and TransUnion have different scores because slightly different information is reported to each credit reporting agency. In addition, TransUnion reports your employment history and personal information. Equifax’s different credit scoring model results in lower scores.
Does Equifax have a different credit score?
Equifax. Each bureau collects similar data,but there can be slight variations in the information each one reports, leading to differences in credit scores. How’s your Equifax credit score calculated? Equifax, like other credit bureaus, calculates credit scores using its own scoring model, known as the Equifax Credit Score.
What is a good Equifax credit score?
Equifax credit scores over 660 are considered a good score. Your Equifax credit report will be slightly lower than the others. How do I build my Equifax credit score? You can pay a credit repair company to fix the errors, but you can do it yourself. Are Equifax scores accurate?