TransUnion vs. Equifax vs. WalletHub

Both TransUnion and Equifax give consumers free access to their credit report and allow them to set fraud alerts, freeze and unfreeze their credit report, and dispute errors on their report. However, the information on their credit reports can differ, and the credit scores customers get update on different schedules. That’s why you may see a different credit score from each credit bureau. You may also see a different credit score from personal finance apps like WalletHub. WalletHub is a personal finance app designed to help people manage their money better. Continue reading to learn more about how these companies differ.

TransUnion vs. Equifax Comparison

Both TransUnion and Equifax have been around for over 50 years, and as far as most people are concerned, they do pretty much the same thing. However, the two companies differ in terms of the memberships and secondary services they provide consumers. For example, while Equifax offers consumers the ability to lock their credit report, TransUnion does not. Below, we break down these differences and also show you how WalletHub compares.

TransUnion vs. Equifax vs. WalletHub: Key Characteristics 

Now that you have a brief overview of the companies, it’s time for a detailed comparison of the services that TransUnion, Equifax, and WalletHub provide.

TransUnion vs. Equifax Credit Scores & Reports

All three companies offer free access to your credit score and report, and all three will give you VantageScore 3.0 credit scores. TransUnion and Equifax can also provide your FICO credit score, but you have to pay for that.

Even though memberships with TransUnion, Equifax and WalletHub will get you the same type of credit score, the actual scores you see may not be the same due to differences in the underlying credit reports and how often the information is updated.

Different Credit Reports

Both WalletHub and TransUnion give you access to your TransUnion credit report, and the scores you get from them are based on your TransUnion report as well. With Equifax, you get access to your Equifax report and scores based on it. Lenders may not report account information to all credit bureaus, leading to differences in your credit report and ultimately your score.

Different Credit Score Update Frequency

How often these companies update your credit score can also play a role in why you may see different scores. Equifax updates the free credit score you get access to only monthly, while both WalletHub and TransUnion update your score every day.

Equifax does provide daily updates to your credit score with a paid subscription. Equifax’s paid subscription will also give you yearly access to your credit score and reports from TransUnion and Experian, in addition to your Equifax credit report and score. TransUnion’s paid subscription offers you quarterly access to your Experian and Equifax credit scores and reports, along with your TransUnion credit score and reports.

Credit Score Accuracy

The credit scores you can get from TransUnion, Equifax and WalletHub are all equally accurate. They are all based on one of your major credit reports and one of the most popular credit scoring models. As a result, these scores aren’t likely to differ from each other very much.

It’s also important to remember that you’ll probably never see the real score that your lender is using. Lenders use their own proprietary credit scores that include in-house scoring factors you don’t have access to.

Learn more about why you have different credit scores.

How Your Credit Score Is Calculated

TransUnion, Equifax and WalletHub all give customers access to their VantageScore 3.0 credit score. Even though the scores you see may vary by company due to update frequency and credit report differences, the factors affecting your score will not change. The factors used to calculate your VantageScore 3.0 credit score include:

• Payment history: 40%
• Depth of credit: 21%
• Credit utilization: 20%
• Balances: 11%
• Recent credit: 5%
• Available credit: 3%

Learn more about VantageScore 3.0 and the factors that affect your credit score.

TransUnion vs. Equifax vs. WalletHub: Credit Monitoring

Credit monitoring can help limit the potential credit damage that fraudulent credit accounts can cause. WalletHub and TransUnion both offer credit monitoring for free, unlike Equifax. However, TransUnion and Equifax offer 3-bureau credit monitoring with a paid subscription, allowing you to have your TransUnion, Equifax, and Experian credit reports all monitored.

TransUnion vs. Equifax vs. WalletHub: Identity Monitoring

WalletHub is the only company among these three to offer free basic identity theft protection, such as password monitoring, change-of-address alerts, and alerts to notify you if a new name, alias, or address associated with your Social Security number is added to your TransUnion credit report. With a paid subscription, WalletHub also offers access to identity theft restoration services and identity theft protection, just like TransUnion and Equifax.

TransUnion vs. Equifax vs. WalletHub: Overall Financial Management

While TransUnion and Equifax focus on your credit score, WalletHub provides various tools to help you with all aspects of your financial life. WalletHub offers tools that allow you to make a budget in multiple different ways, create debt payoff plans and savings goals, and track your investments and net worth. WalletHub also provides a financial health score, called a WalletScore, that looks at your credit, spending, how prepared you are to handle a financial emergency, and your ability to retire at a reasonable age with sufficient funds.

TransUnion and Equifax don’t offer budgeting, investment tracking, net-worth tracking features or the ability to see your financial health score.