TransUnion started reporting credit histories in 1969 after it had purchased the Credit Bureau of Cook County in 1968. TransUnion, itself, started as a railcar-leasing company.
Equifax has been reporting credit histories since 1899. Equifax's original name was Retail Credit Company, which tracked individual spending habits for the local Retail Grocer's Association.
Function
TransUnion and Equifax collect personal information that reflects an individual's spending habits and loans. Both companies use the Fair Isaac Company Inc.--FICO--computation model.
Types
TransUnion calls its credit-score model zendough; Equifax calls its credit-score model Score Power. TransUnion uses a score range of 300 to 900, and Equifax uses a range of 300 to 850.
Identification
TransUnion and Equifax prepare credit reports in different formats. TransUnion credit reports are in a table format. TransUnion includes a personal message at the beginning of its credit reports and inquires at the end. Equifax provides short summaries of credit histories and includes inquiries at the beginning of its reports.
Features
TransUnion and Equifax both use codes to summarize people's borrowing, repayments, collections and court-record information. The codes for TransUnion and Equifax have different meanings so each company's credit report has to be read carefully and codes should be checked carefully.
Time Frame
Information by banks, retailers, collection agencies and court records reported to TransUnion and Equifax stays on a persons Equifax credit report for a much longer period of time than on TransUnion reports.
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