
There are three types of credit scores that you might have heard of: TransUnion Equifax, Experian and TransUnion. Each company has its own model, so it is important to understand how these companies calculate your credit score. These three main models are based upon your credit history. They are more inclusive for new users and less frequent users. It is likely that you won't be approved for credit if your credit score is very poor.
TransUnion
TransUnion and other credit scores can be used to provide lenders with a snapshot of a consumer’s creditworthiness. The scores are free and are used by lenders to make lending decisions. However, they can vary significantly from lender to lender. While lenders all use the exact same scoring system, different lenders might look at an applicant depending on how it was calculated.
TransUnion scores range from 300 to 850, with the lowest being 300. Equifax scores on the other hand range from 228 to 850. Both bureaus consider the average age and history of payments more important. The FICO score is more comprehensive and is based on a person's overall financial situation and credit history.

Equifax (TransUnion), Experian, and TransUnion are America's three main credit bureaus. All three use different methods to calculate scores and scores can vary between them. This is one of the reasons why you should pull your credit report at all three agencies.
Experian
The Experian credit scores vary from 0 up to 549. They are not guaranteed. They can fluctuate depending on your financial habits. Credit scores can be calculated using statistical algorithms. The calculation method used by each bureau is proprietary, and each score is unique. To get your exact score you will need to consult your credit history with the bureau.
There are many ways to improve your credit score. Some credit score builders can help you raise your credit score for free. Experian Boost allows you to increase your credit score up to 13 points. However, this service is not for everyone. Only those who pay their bills through an eligible account are eligible for it.
It is important to check your credit scores from all three credit agencies. Each bureau has a different score by 50 points. TransUnion and Experian use different formulas to calculate scores.

Equifax
The Equifax is a type of credit score that lenders use to determine your eligibility for a loan. Your credit history, including the number of credit card accounts you have and how they are paid off, as well as the length of those credit cards. You should be aware that your score may change over time. You need to evaluate your score against the score of the same period in order to determine if you're eligible for loan approval.
Equifax, a major credit bureau, has a large consumer credit score database. But there is a problem. The company made an error in the coding process for some credit scores. It resulted in some incorrect information being calculated. This error affected millions of consumers but most didn't notice any significant changes.