Personal Finance

Big discrepancy between transunion and equifax score

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[OP]
Penalty Box
Jul 28, 2010
680 posts
57 upvotes

Big discrepancy between transunion and equifax score

My TU score is 795 out of 900, while my equifax score is 663/900.

I did a consumer proposal in 2016 that was paid off right away, and has been over 3 years since it was paid off. Could it be that equifax is not registering it as completed?

Everything else is identical (1 $1000 collections account dated 2017, no other missed payments, long credit history, some OSAP debt, no other debt)
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13 replies
Deal Addict
Oct 24, 2010
1079 posts
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My spread is about the same, but with TU higher than Equifax. I also can't explain it.

It happens, I guess.
Deal Fanatic
Dec 5, 2006
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laptopuser wrote: My TU score is 795 out of 900, while my equifax score is 663/900.

I did a consumer proposal in 2016 that was paid off right away, and has been over 3 years since it was paid off. Could it be that equifax is not registering it as completed?

Everything else is identical (1 $1000 collections account dated 2017, no other missed payments, long credit history, some OSAP debt, no other debt)
It's better to monitor and check by yourself. There are some service there

https://www.genymoney.ca/equifax-vs-tra ... he-scores/
Deal Fanatic
Feb 17, 2007
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Mort Réal
There was a Marketplace TV investigation some time ago about these so-called credit scores. Seems like the banks go by the FICO score (which you can't get or buy by yourself) and not the credit scores they sell you. So, the score is pretty much useless.
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Jul 17, 2008
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When are you going to learn that scores are meaningless. FI don't even use these scores as they have their own internal to decide what loan products to give you.

TU and Equifax needed money and just came up with some scores to make people pay
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Aug 24, 2016
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Messerschmitt wrote: When are you going to learn that scores are meaningless. FI don't even use these scores as they have their own internal to decide what loan products to give you.
Not true at all.
Credit scores are not useless, they aid in determining your credit worthiness.
But most times, they’re not the only factor in the decision.
And while some lenders do have internal algorithms they use, they’re more than likely used along side a bureau score.
I can’t argue your other comment about Equifax and TransUnion though.
That’s where many people go wrong, thinking their score provided as part of a free service, or paid service from the two bureaus, are actually their real credit scores.

Which is why I cringe every time I see a thread such as this one pop up.
There are still so many people obsessing over these scores that nobody uses.
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Apr 16, 2007
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Financial District B…
coolintheshade wrote: Not true at all.
Credit scores are not useless, they aid in determining your credit worthiness.
But most times, they’re not the only factor in the decision.
And while some lenders do have internal algorithms they use, they’re more than likely used along side a bureau score.
I can’t argue your other comment about Equifax and TransUnion though.
That’s where many people go wrong, thinking their score provided as part of a free service, or paid service from the two bureaus, are actually their real credit scores.

Which is why I cringe every time I see a thread such as this one pop up.
There are still so many people obsessing over these scores that nobody uses.
Correction there: There are still so many people obsessing over these scores that no lending institution uses for underwriting risk.

There's an easy solution to all the insane obsession over credit bureau scoring - just remove the score altogether, eliminate it from the joe-average consumer credit bureaus that's supplied to them from either bureau entities plus the free-bureau suppliers.
Scoring metrics should only be for lending institutions anyways.
Right now Joe-average consumer does not get to see the R2,R3, R4 etc or the I1, I2, I3 etc coding that we see.
All numeric fields on a credit bureau profile are all codes for lending qualifying. There are lots of other numeric code that mean a lot to us but have no use to Joe-average consumer.
For example the BNI index (Bankruptcy Navigator) has a range from 1 to 600 and we can see that on any bureau we pull. Joe average has no use for those metrics.
So just remove all the summation scoring altogether. Problem solved. Texted reason codes would be good enough.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
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Dec 5, 2006
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mikeymike1 wrote: Correction there: There are still so many people obsessing over these scores that no lending institution uses for underwriting risk.

There's an easy solution to all the insane obsession over credit bureau scoring - just remove the score altogether, eliminate it from the joe-average consumer credit bureaus that's supplied to them from either bureau entities plus the free-bureau suppliers.
Scoring metrics should only be for lending institutions anyways.
Right now Joe-average consumer does not get to see the R2,R3, R4 etc or the I1, I2, I3 etc coding that we see.
All numeric fields on a credit bureau profile are all codes for lending qualifying. There are lots of other numeric code that mean a lot to us but have no use to Joe-average consumer.
For example the BNI index (Bankruptcy Navigator) has a range from 1 to 600 and we can see that on any bureau we pull. Joe average has no use for those metrics.
So just remove all the summation scoring altogether. Problem solved. Texted reason codes would be good enough.
Are you sure removing score is a good idea?

Then tell us what the another single metric can tell customers whether they are doing well in terms of personal finance? Bureau score is the most single index that can tell customers their financial situation and don't expect average Joe can use trade line to build their own score

And I don't like obsession in bureau score as well. But let's say if i saw my bureau score dropped, i am worried and pay off my debt, reduced my balance, is it good for my finance? I think it's. It's actually worse off if I don't know my score dropped

Same as other indexes such as S&P 500

We need separate whether score is useful ( which I think it's) as a tool to manage your personal finance from whether FIs use same score

I just don't want people feel because a few FIs don't use it for their decision, then it's useless for average joe. Average joe need it more than others
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Apr 16, 2007
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smartie wrote: Are you sure removing score is a good idea?
Do you know what your auto insurance risk score values are? Why not?
Underwriting auto insurance risk is not very much different from underwriting credit risk.

For auto the premiums are based on a number of risk factors such as driving record, where you live, type of auto, age and gender and the amount driven. All these factors equal a scoring value. Do you know what yours is? Again, why not?

Two people can drive the exact same car live side by side in one neighbourhood, they can be the exact same age and drive exact same kms per year and have two different quoted premiums. One will score worse than the other. Why do you not know why that is?
Credit can be just like auto insurance underwriting. You don't necessarily need to know how an insurer underwrites your risk and because of that the insurance industry does not tell you.

smartie wrote: Then tell us what the another single metric can tell customers whether they are doing well
As similarly answered above people don't necessarily need to be gauged or dictated how they travel through life by a number.

There's an old saying: We're all slaves to money....
Well there's another one now: We're all slaves to a credit bureau number....

Think about what I just said there. Like really think about it. People are living their lives based on a number dictated by a score value from a credit bureau entity. Like really!?

smartie wrote: in terms of personal finance? Bureau score is the most single index that can tell customers their financial situation and don't expect average Joe can use trade line to build their own score
Again I will refer back to auto insurance rating because risk evaluating is very similar. Do you know your own auto ins risk score? What are you doing to try improve it. Why do you not now what your standing is in regards to auto risk? - I will tell you why. Because that industry doesn't feel you Joe Average consumer needs to know (yes I am repeating things but it's important to point this out)
If for example you are paying $200/mth why would you not want to know how to improve it so you only pay $180/mth?
The car you drive has what's called a CLEAR (Canadian Loss Experience Automobile Rating) ranking for auto insurance risk. Do you know what yours is? Why not? I will tell you why. Because the auto industry feels you don't need to know.

All the metrics the insurance industry uses to evaluate risk is not disclosed to joe Average consumer. Credit should follow these same policies and rules.

The real problem is that all the free-score suppliers are not using the same scoring models and many are using old antiquated systems.
It's like going to some offices and some computers are using Windows XP and others are Windows 7/8 and some are Windows 10. (Fact: 1 in 3 businesses still use WinXP)

I mentioned this in another thread. It's rumored that some of them purposely use older models because the older models lack some updated risk metrics which can skew higher score values than a newer scoring model.
For Joe Average consumer, he/she may visit the site that gives them a higher score value versus a site than gives them a lower score. More website visits draws more revenue for the site and/or recommended financial products from their partners etc etc.
Not be accusatory, just throwing that out there
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
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Dec 5, 2006
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Markham
mikeymike1 wrote: Do you know what your auto insurance risk score values are? Why not?
Underwriting auto insurance risk is not very much different from underwriting credit risk.

For auto the premiums are based on a number of risk factors such as driving record, where you live, type of auto, age and gender and the amount driven. All these factors equal a scoring value. Do you know what yours is? Again, why not?

Two people can drive the exact same car live side by side in one neighbourhood, they can be the exact same age and drive exact same kms per year and have two different quoted premiums. One will score worse than the other. Why do you not know why that is?
Credit can be just like auto insurance underwriting. You don't necessarily need to know how an insurer underwrites your risk and because of that the insurance industry does not tell you.



As similarly answered above people don't necessarily need to be gauged or dictated how they travel through life by a number.

There's an old saying: We're all slaves to money....
Well there's another one now: We're all slaves to a credit bureau number....

Think about what I just said there. Like really think about it. People are living their lives based on a number dictated by a score value from a credit bureau entity. Like really!?



Again I will refer back to auto insurance rating because risk evaluating is very similar. Do you know your own auto ins risk score? What are you doing to try improve it. Why do you not now what your standing is in regards to auto risk? - I will tell you why. Because that industry doesn't feel you Joe Average consumer needs to know (yes I am repeating things but it's important to point this out)
If for example you are paying $200/mth why would you not want to know how to improve it so you only pay $180/mth?
The car you drive has what's called a CLEAR (Canadian Loss Experience Automobile Rating) ranking for auto insurance risk. Do you know what yours is? Why not? I will tell you why. Because the auto industry feels you don't need to know.

All the metrics the insurance industry uses to evaluate risk is not disclosed to joe Average consumer. Credit should follow these same policies and rules.

The real problem is that all the free-score suppliers are not using the same scoring models and many are using old antiquated systems.
It's like going to some offices and some computers are using Windows XP and others are Windows 7/8 and some are Windows 10. (Fact: 1 in 3 businesses still use WinXP)

I mentioned this in another thread. It's rumored that some of them purposely use older models because the older models lack some updated risk metrics which can skew higher score values than a newer scoring model.
For Joe Average consumer, he/she may visit the site that gives them a higher score value versus a site than gives them a lower score. More website visits draws more revenue for the site and/or recommended financial products from their partners etc etc.
Not be accusatory, just throwing that out there
I don't know what you try to say here: no one said in this full thread that only score matters and if two people have exactly same score, they will get same credit decision. No one . Score matters and only score matters are two things.Are we on the same page?

Yes if i can know my insurance score and i can reduce my insurance by improving it, why not, insurances industry doesn't want me know is exactly the reason why we need care

I don't argue some free websites that give you score which is not accurate, that's their business, but it has nothing to do with whether we care score or not. At least I think score from cap 1 and scotiabank are accurate

Again, you can say we don't want to be slave, fair and I agree. But if you care and know how to manage your financial which will reflect in your score, you will become master. You don't know your credit worthy and pay the price will make you become slave

Remember, knowledge is power which why insurance companies don't want you know insurance score . Because the less you know the more premium you will pay

You just proved why knowing your score matters
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Feb 17, 2007
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smartie wrote:
I don't know what you try to say here: no one said in this full thread that only score matters and if two people have exactly same score, they will get same credit decision. No one . Score matters and only score matters are two things.Are we on the same page?

Yes if i can know my insurance score and i can reduce my insurance by improving it, why not, insurances industry doesn't want me know is exactly the reason why we need care

I don't argue some free websites that give you score which is not accurate, that's their business, but it has nothing to do with whether we care score or not. At least I think score from cap 1 and scotiabank are accurate

Again, you can say we don't want to be slave, fair and I agree. But if you care and know how to manage your financial which will reflect in your score, you will become master. You don't know your credit worthy and pay the price will make you become slave

Remember, knowledge is power which why insurance companies don't want you know insurance score . Because the less you know the more premium you will pay

You just proved why knowing your score matters
But you don't need the score. Just as for car insurance, a responsible driver (consumer) will know that to improve your premiums, don't get into accidents, don't get traffic violations, and call your broker BEFORE you buy a new car to ask for quotes on different models, to know which models have cheaper premiums. Same goes for financial products, you should know that, in order to get better rates or chances to get approved, you should have a stable revenue, pay your bills on time, avoid over-using credit, and then if you want to obtain credit for something, call a broker and find out if/how much/which rate you qualify for, and what you can do to improve it.

You don't need to know which figures (score) they're using, you just need to know what you have to do to obtain what you want. And you can know ALL that without scores.
All those companies that profit off selling (the wrong) credit scores are preying on human's natural curiousness. And you're letting them win if you're buying it, since they're not even selling you anything close to what the lenders actually use to loan you $, and this, contrary to just doing what's right like paying your bills, etc, doesn't help you in any way in obtaining credit.

Remember, the OP's question was asking why the huge discrepancies between the different credit score sellers. You may not like the answer, you can argue it if you want, but these are just the facts.
I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.
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Apr 16, 2007
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WHO wrote: But you don't need the score. Just as for car insurance, a responsible driver (consumer) will know that to improve your premiums, don't get into accidents, don't get traffic violations, and call your broker BEFORE you buy a new car to ask for quotes on different models, to know which models have cheaper premiums. Same goes for financial products, you should know that, in order to get better rates or chances to get approved, you should have a stable revenue, pay your bills on time, avoid over-using credit, and then if you want to obtain credit for something, call a broker and find out if/how much/which rate you qualify for, and what you can do to improve it.

You don't need to know which figures (score) they're using, you just need to know what you have to do to obtain what you want. And you can know ALL that without scores.
All those companies that profit off selling (the wrong) credit scores are preying on human's natural curiousness. And you're letting them win if you're buying it, since they're not even selling you anything close to what the lenders actually use to loan you $, and this, contrary to just doing what's right like paying your bills, etc, doesn't help you in any way in obtaining credit.

Remember, the OP's question was asking why the huge discrepancies between the different credit score sellers. You may not like the answer, you can argue it if you want, but these are just the facts.
All that is correct and right on point.
People don't need a score number to tell them their credit is bad. They already know by defaulting on loans, not paying on time, hiding from collection agencies.
People with trash credit don't need a number to tell them that.

Same goes for people with excessive credit where their cards are maxed or near maxed. They already know they will get denied other credit because of that.

As I stated above as well as referring to your posting, a person with multiple speeding tickets will know they will score very low and have to pay a higher premium for insurance. They don't need a score metric to tell them they are a high risk.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
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Mar 30, 2010
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Same here. My TU score is currently about 50 points higher than my Equifax score.

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