Why Should I Get Both Equifax and TransUnion Reports?
When evaluating a tenant's creditworthiness, relying on just one credit bureau can lead to an incomplete picture. Our analysis of applications reviewed using both Equifax and TransUnion reports revealed significant discrepancies between the two—differences that could impact your leasing decisions.
Key Reasons to Obtain Both Reports
1. Credit Score Variations
Consumers often have different credit scores across the two bureaus due to varying data sources and scoring models.
2. Collections & Bankruptcies
Collections and bankruptcies may appear on one report but not the other. We’ve observed cases where Equifax and TransUnion provided conflicting information.
3. Secured Loans
Some secured loans may only be reported to one bureau. This can lead to missing or incomplete information if only one report is reviewed.
4. Tradelines & Inquiries
Tradelines such as car loans or credit inquiries can be present on one report and absent from the other. This inconsistency makes it essential to review both to ensure accuracy.
5. Comprehensive Insight
Since lenders don't consistently report to both bureaus, pulling both reports offers a more complete and reliable financial assessment of the applicant.
Our Findings
From the data we analyzed:
72% of applications showed different credit scores between Equifax and TransUnion.
5% of applicants had a credit score from TransUnion, while Equifax reported "No Score."
30% of applicants had collections reported, with 63% showing differences in collection accounts between the two bureaus.
13.8% of applicants had bankruptcies, and 40% of those cases had inconsistent bankruptcy records across the bureaus.
5.5% of applicants had discrepancies in reported loan information.
Note:
Credit score differences may also arise due to the use of different scoring models. Each bureau may apply a slightly different algorithm, resulting in score variations.
🔗 For a deeper dive into the comparison, read our full breakdown here:
Equifax vs. TransUnion: What a Landlord Needs to Know