All credit reporting bureaus have different formats of presenting information in their reports. Equifax and TransUnion are no exceptions to this fact.

Equifax Vs. Transunion

Generally, the dissimilarity between the credits reports of any two bureaus may exist due to various reasons including The irresponsibility of creditors in reporting your payment histories to all the bureaus, in turn, causing your credit account to be different in each bureau. Drawing the credit report at different times; which would cause the variation between two reports. Incorrect personal information submitted to the reporting bureau. Employment of different scoring models in evaluating the credit scores.

Apart from these general factors that are valid for variations in the scores of all reporting bureaus, TransUnion and Equifax scores would vary significantly from each other because of the difference in the priorities of the company in signifying different aspects of your credit history that is used in evaluating the credit scores. For example, TransUnion reports provide a very extensive section on employment information, which cover employer's name, your designation, dates of employment, etc. While Equifax just reports the employer's name. Equifax, unlike the TransUnion, segregates the accounts in ?open' and ?closed' types. This allows the present accounts to be weighted differently than the past ones. Also, Equifax employs an eighty-one-month history for credit score calculation instead of the seven years that are used by TransUnion and other agencies.

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What is a credit score in Canada

If you are one of the many people who is asking about what is a credit score Canada, then you definitely should read the information below.

It is always important to monitor your credit score for you to know where you stand when it comes to lending companies. Fortunately, you can now check your credit score for free with the use of Borrowell because they have partnered with Equifax Canada. Get to know more about these two companies by reading the information below.


Borrowell is a fintech lender company in Canada which offers fast, friendly, and fair loans to people who need it the most. They have fix interest rates that are affordable.

Equifax Canada

Equifax gathers credit reports, which include your payment history, your debts, and the length of the credit that you already have. They have grown from a credit consumer company to a leading provider of credit score around the globe.

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How are credit scores calculated in Canada?

How Are Credit Scores Calculated

In Canada, credit scores are calculated to show your creditworthiness which is useful for the lending institutions to identify the level of risk involved in lending you loans such as mortgage or home loans. The credit score ranges from 300 to 850. Higher the score, better are chances of you repaying your loans and hence, lower the risk for the lenders.

The credit score is determined by giving your payment history the 35 % weight. Followed by, the amount you already owe as 30%. The weight of 15% is given to the length of your credit history. The new credit applications that you have made and the type of credit that you have used in the past account for 10 % each.

Explanation of credit score ranges in Canada

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Explanation Of Credit Score Ranges In Canada

Knowing the explanation of credit score ranges in Canada is essential for you to understand them fully well.

Getting your loan or credit card approved will depend highly on your credit score. Not everyone is familiar with the ranges of credit score in Canada, which is why familiarizing yourself with them is important. Below are the credit score ranges that you need to know.


Poor credit score ranges from 300 to 559. According to a study, almost 4% of the population in Canada has this score. This can cause difficulties when applying for loans and credit cards.


Good credit score ranges from 660 to 724. 15% of the population has this score. This credit score can help you to obtain a loan or a credit card but with added requirements.


An excellent score ranges from 750 and above. 57% of the population has this score. They can quickly obtain every loan or credit card that they need without providing requirements.

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