Equifax vs Transunion report?

[princecharles]

Hi all

Do you purchase the Equifax or the Transunion report? Is one more helpful than the other for screening purposes?

How useful is it to get both?

Thanks

 

[markl]

Hi Charles,

We use Equifax 95% of the time. We find it to be a more complete report ie more reported on it.

They both give you a feel for your customers credit worthiness but in the RTO business we need to know every detail to ensure they can complete.

 

[OlegP]

QUOTE (princecharles @ Jan 8 2010, 08:06 AM) Hi all

Do you purchase the Equifax or the Transunion report? Is one more helpful than the other for screening purposes?

How useful is it to get both?

Thanks

To the best of my knowledge, more institutions use Equifax. Trans Union came to Canada later, purchased an exisiting Canadian credit bureau in Hamilton, and had to build their database to the national level. For the most part, you will get similar information from either one of them both in terms of completeness of data and score values. However, as an investor I find that pulling a file from Equifax is sufficient.

 

[princecharles]

great info thank you both!

 

[Vishal]

I would actually order both even though Equifax may be used more - the reason is that when I ordered both, both had errors on it that allowed me to correct them.

You can order the detailed report for free.

Thanks,

Vishal

 

[Tootse]

I just obtained my own reports from each company while building my sophisticated investors binder. I found the Equifax report easiest to read and was more up to date with less errors.

 

[princecharles]

yeah, good points.

one other thing - i ordered the equifax report from tenantverification.com and it did not provide any details on public info, bank info, trade info etc. Only basic stuff and a credit score.

It seems as though equifax now requires some sort of inspection before they will release any details to LLs.

Transunion on the other hand will still currently provide the aforementioned details to LLs.

So I had to purchase Transunion as well

but it had more details

Heads up!

 

[Mitch Collins]

I have been using TransUnion lately.

Be aware that often times some loans will show up on one credit bureau and not on another! This has happened several times to me, and I didn`t know this occured.

Also - different lending institutions will check different credit bureaus. I would reccomend pulling both files unless you know for sure which bureau your lender uses.