TransUnion vs Equifax

The three major differences between TransUnion vs Equifax are as follows: 

1. Information or Data - Due to variations in how lenders report credit activity—such as credit card usage, auto loan payments, and student loan status—credit bureaus might not always have the same data.  Due to the possibility of the information being submitted to several credit agencies, this may lead to differing ratings.

2. Updating time - Since credit bureaus update their databases on a regular basis, credit ratings obtained in April from another may differ from those obtained in August. Every 30 to 45 days, creditors submit current information on payments, debt, and new applications; however, they do not transmit it to all agencies at once, resulting in ratings that fluctuate daily. 

3. Credit scoring models - Because different credit-scoring models assess the criteria differently, they may provide different outcomes.  For instance, you would receive greater benefits under TransUnion's model than under FICO's if you have a lengthy credit history and pay your payments on time.  However, if your credit usage ratio is good, the FICO model will probably offer you a better score than TransUnion, everything else equal.

Follow https://www.thecreditapp.org/why-is-equifax-lower-than-transunion to read the full post here. The Credit App is a reliable credit reporting company that helps report defaults and nonpayment directly to the credit bureaus. Visit the website https://www.thecreditapp.org to learn more about credit reporting services.

Credit

Why is Equifax so much lower than TransUnion

Cette édition de votre magazine audio consacré à la planification financière reçoit 2 invités. D’abord, l’économiste et conférencier Francis Gosselin qui a vécu une expérience plutôt traumatisante avec les bureaux de crédit. Ses finances sont littéralement prises en otage. Les agences Equifax et Transunion desservent-elles bien les Canadiens? Pas certain. 

Notre deuxième invité est Mathieu Tessier, Vice-Président et gestionnaires de comptes chez Pimco. Il nous racontera pourquoi ce groupe californien est devenu un géant de la gestion active des obligations et qu’elles sont les perspectives pour cette catégorie d’investissement en 2024 et 2025. 

Notre question du beau-frère provient de Lynda de Lasarre. Son beau-frère la pousse à investir dans l’or mais surtout dans les minières. Est-ce une bonne suggestion? 

Enfin, notre capsule historique avec Isabelle Juneau raconte la folle histoire du magnat du pétrole et milliardaire américain John Paul Getty.

Finance en Otage

Consumer adoption of buy now, pay later (BNPL) products is growing – but BNPL data is not included in credit reports… yet. With this shift finally on the horizon, what should lenders and consumers be thinking about and how can they prepare?

In the latest episode of the What the FinTech? podcast, FinTech Futures editor Paul Hindle sits down with Liz Pagel, SVP and Consumer Lending Business Leader at TransUnion, to explore the growing popularity of BNPL products and their future impact on credit reporting.

Liz shares insights on the potential benefits of BNPL for new-to-credit consumers, its growth in the market, and the role it could play in financial inclusion.

The discussion also covers the upcoming integration of BNPL data into credit reports, its potential effects on credit scores, and how lenders can continue to adapt to this significant shift in the credit landscape.

And finally, we find out what fintech buzzword Liz wants to free from our Fintech Jail!

What the FinTech? | S.5 Episode 17 | The growth of BNPL and the future of credit reporting

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Several factors determine your credit scores. The three major credit authorities are Experian, Equifax, and TransUnion. Every time you apply for a loan or lease an apartment, these agencies note how you handle debt. If you pay your bills on time, this is good for your score! If not, your credit score will go down.

If you have a bad credit score, it can be hard to get approved for certain types of loans and credit cards. You might even wonder if it’s worth applying at all. However, there are some things you can do that will help raise your score and make it easier to apply for new credit in the future. You can’t control whether or not your score is affected by late payments or unpaid bills right now, but you can take steps to ensure they don’t happen in the future.

How to raise credit score, Is it possible? Yes, It is possible to increase your credit score. you can do this by following some steps, which include: opening an account, maintaining a low balance and paying your bills on time. However, it can be challenging to grasp where to begin. Are you rebuilding after hitting your score to boost your credit score? How are your scores calculated? And learning the basics to improve them is essential. Then, you can dive into a more detailed guide based on your situation.

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How to raise credit score

The Credit App is a credit report app that is considered the best in the United States. Their main focus is on helping individuals and businesses report nonpayments directly to the credit bureaus, similar to what big banks do.

Le planificateur financier et chroniqueur Fabien Major est le concepteur et animateur du balado "Le Planif". Il s'agit du premier balado canadien francophone consacré à la planification financière. 

En compagnie d'experts triés sur le volet, le planificateur financier Fabien Major échange sur la gestion de portefeuille, les assurances et gestion des risques, le budget, les impôts, la retraite, l'administration d'entreprise, les successions, les aspects légaux et bien d'autres. 

Dans un langage clair, vous apprendrez comment mieux organiser et planifier vos finances personnelles.

FinTech Futures was founded as Banking Technology Magazine in the 1980s.

Today you can find worldwide fintech news, intelligence & analysis at https://fintechfutures.com.

New tracks tagged #TransUnion