How Are the Three Major Credit Bureaus Different?

Equifax, Experian and TransUnion are the three credit reporting agencies responsible for producing your credit report, which creditors use to determine whether or not to lend to you. The information these agencies produce is often similar, but may vary due to differences in the agencies themselves.

What's On Your Credit Report

Your credit report is essentially a record of the debts you owe and your history of repaying them. It lists every lender or creditor with whom you have an account, how long the account has existed, how much you owe and how much credit is available to you. It also shows how often you have paid late and what legal actions -- such as bankruptcy, foreclosures or lawsuits -- have resulted from the late payments. Credit reporting bureaus track each time you or a business requests to see your credit report, which may affect your credit score, and they keep track of the personal information you provide each time you apply for new credit.

Data Collection

Your Experian, TransUnion and Equifax credit scores may not be identical since these agencies collect different, though similar, information about you from lenders. For example, all three agencies might spell your name correctly in their reports, but only one might list your address correctly because the agency updates its information more thoroughly. Or, if a lender mistakenly notifies credit reporting agencies that you made a late payment but later attempts to correct the error, one or two of the agencies may still list a late payment in your report. To spot errors, order a free copy of your credit report every year through AnnualCreditReport.com, which the Federal Trade Commission endorses, and contact the agency that lists the error. This free report does not include your credit score.

Scoring Methods

In addition to gathering different information, each agency calculates your credit score in its own way. Equifax and TransUnion evaluate your payment history, debt-to-credit ratio and credit inquiries, according to My Credit Score, a website that answers consumer questions relating to credit scores. TransUnion calculates its scores in a similar way using its PLUS Score method, which offers information about your report such as how TransUnion calculated your score and how you can improve it.

Pricing

The agencies offer a similar product, but as different businesses, Equifax, Experian and TransUnion charge different prices for a copy of your credit report and score. As of 2011, Equifax allows you to check your Equifax credit report and score for $15.95, or your report and score from all three agencies for $39.95. Experian allows you to access your Experian report and score for seven days for $1, and for $14.95 per month after that unless you cancel the service. TransUnion lets you access your report and score for all three agencies free of charge for seven days, then for $14.95 a month if you don't cancel the service.