What Is the Difference Between Credit Bureaus?

Because the three major credit-reporting agencies -- Experian, Equifax and TransUnion -- collect different information, the credit score you receive from each one may vary slightly. The information that each reporting agency has can differ, as not all lenders and creditors report to all three credit bureaus. In addition, each credit bureau uses a different scoring model to calculate a consumer's credit score. Credit reporting agencies also analyze and present data differently.

Experian

Like the other two major credit bureaus, Experian uses its own version of the FICO scoring method to calculate a consumer's credit score. FICO scores are not the only scores credit bureaus use, but they are the scores to which lenders refer most often. Other than any differences in data contained in the bureau's credit report, Experian uses the Experian/Fair Isaac Risk Model to come up with a score. Experian scores range from 330 to 830. Although the numbers may differ somewhat from other scoring models, they indicate similar levels of risk. A credit report generated by Experian shows when each account listed in your credit file is scheduled to come off your credit report.

Equifax

Equifax is the only credit-reporting agency that summarizes open and closed accounts separately on your credit report. This makes it easier to identify specific accounts you might want to check. The other two credit bureaus list all your accounts together in alphabetical order. Equifax also allows you unlimited access to your credit report. Equifax uses the Beacon scoring method. Credit scores fall within a range of 340 to 820.

TransUnion

TransUnion allows consumers to update employment information on their credit report as it changes. Although providing these updates will not affect your credit score, your report will show a potential lender when you were hired and for how long you have worked for a particular employer. The report also lists the status of your accounts as satisfactory or unsatisfactory. TransUnion applies the Empirica scoring method using a formula based on information in your credit file to produce your credit score. The number helps give potential lenders and creditors an idea about how likely you are to repay the debt you owe on time. Empirica credit scores range from 150 to 934.

What a Credit Report Must Include

No matter what other information about you a credit bureau contains, all credit reports are required to include your full name, address, date of birth, current employer and part of your Social Security number. Your report must list any account information pertaining to your payment history that creditors have reported to the credit bureau. A credit report must also show information such as judgments, liens or bankruptcies that are a matter of public record. Each time a creditor or lender pulls your report when you apply for credit, your report must list the inquiry. You also have the right to add a consumer statement to your credit report in the event you still question any information listed in your credit file that a creditor verifies.