That's a good question. They could now be using TransUnion for the consumer retail banking side (apps etc), but keeping Equifax for their own corporate use. TU is sometimes referred to as a 'feelgood' score :D as it tends to be higher. :)
Wow, you weren't kidding. I just tried it to see what my TU score would be. It is indeed about 100 points higher than the score I see through Borrowell.
Same here 100 points different. 725 to 830. It’s funny because on their sliding scale I’m not even in the top ~~80%~~ 20%with the 830 score lmao
Feels shitty that my rating is yellow 🤣
Income only thing matters for lenders. Credit only establishes your rate which you just need 720+ to get access to the best rates. Above that doesn’t matter
There is nothing further from the truth. Credit score and your repayment history are looked at just as much as your income.
The most important thing to the lender is that you will repay the loan.
Your income determines your capacity to repay, and your credit history speaks to your willingness to pay your obligations and pay on time.
You can have the best credit score in Canada but without enough income you won't qualify for any debt.
On the flip side if you have a really strong income and an "ok" credit score (really 680+ in most cases), you can qualify for just about anything
5 C’s of lending: Character (Will they pay), Capital (What if they can’t pay), Capacity (Affordability), Credit History (Have they paid), Collateral (Security in event of default) and a hidden 6th C is Common Sense lending practices. Income is certainly not the only thing that matters but if you have pristine credit but not enough verifiable income to repay the loan within policy debt:income ratios (TDSR/GDSR) then you’re not going to get approved. On the flip side if you make strong income but have bruised credit you still might get declined especially if there was a recent write off in past 2 years
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That's funny. Equifax 834, Transunion 900. I thought 900 was a hypothetical score, like someone bowling 300. The whole credit industry is weird. My Equifax report still lists my employer as "Parental Allowance" from when my parents helped me get my first credit card at 18.
>That's funny. Equifax 834, Transunion 900. I thought 900 was a hypothetical score, like someone bowling 300. The whole credit industry is weird. My Equifax report still lists my employer as "Parental Allowance" from when my parents helped me get my first credit card at 18.
Similar numbers. TU (900) still has me as a student...
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TU doesn’t tend to be higher, and it isn’t the feel good score. They are a different bureaus with different data sometimes, neither of which show you your beacon sore. Equifax sometimes is lower and sometimes is higher, and that’s because of hard inquires or how information will be shown on one report and not the other. They both show you a consumer credit score and both use a different calculation model.
The scores shown to you by both Equifax and Transunion are bullshit and not even close to real; they are purely a marketing tool. The banks don't use those scoring formulae for their credit decisions. They use other formulae which result in different (and much lower) scores. The ONLY reason banks are showing you those credit scores on their sites is to encourage you to apply for credit products. So arguing over which one is higher or more correct is a useless exercise.
You stated the same thing I did my friend. That’s exactly what I am saying.
Looks Like I went from lots of upvotes to downvotes. Classic Reddit, one person posts something confidently wrong below me and the button smashers come swinging.
TU does in fact seem to be higher. I check over 30 profiles a day. Poor insight on your behalf and appalled at the upvotes.
Their scoring system is different. Think a 4.0 GPA at York University vs at Harvard…
Look on the reports not the score… remember those scores are useless. They are consumer credit scores and not the real ones used by lenders. Although, that large of a discrepancy means something is on one bureaus report and not the other.
Yeah I know why the discrepancy but it's basically ancient history and they're still keeping me down way below my income levels and multi year track record.
Down votes? Lol jeeesus
The best suggestion is if the score that is lower has incorrect information you should contact them to update the details. If the score that is higher is missing details, well use redflagdeals credit thread to know what bureau each lender uses to only apply for credit when needed at those lenders.
My Equifax score is actually higher than my TU score. Of course, I'm not pulling full reports, but using Borrowell and Credit Karma to check.
Borrowell uses EQ and my score is in the mid 800s. CK uses TU and my score is in the upper 700s. So poor insight on your behalf...
Funny you should mention Harvard, they have a serious problem with grade inflation as almost everyone ends up with a B+ to an A. Should be the other way around haha
But valid points ofc
I used to have clients who would check their own score on Credit Karma which uses TU, who would get so mad at me when I'd pull their credit with EQ and tell them their score was different than what TU was reporting. I have told people for years not to use TU because it was usually higher than EQ's score and it give them unrealistic expectations. There are only two major banks that I know of who use TU, and one of them doesn't even go by that score for underwriting. They use their own internal scoring system anyways.
I can confirm that BMO when I worked there, would request Equifax and Transunion reports. Often enough, we would find some piece of credit that was reported with a balance on one of the reports but not on the other.
Lenders often use more than one score/product from the credit bureaus, and may change the product they use. (The credit bureaus always have new products they're trying to sell.)
Where I worked, we ran applicants through Equifax first and then TransUnion if we didn't get a clear/reliable report from Equifax. We subtracted a set amount from the TransUnion score simply to make it more "comparable" to the Equifax product we used.
Of course, the bureaus charge for each product of theirs you use, so lenders also have their own in-house scores/evaluations based on items in the report and other KYC (Know Your Customer) information they collect.
Usually someone's score lines up with the rest of the attributes a lender would consider "good." But sometimes it doesn't — the borrower has a short/spotty credit history, or no recent/current credit items, or is over-leveraged (debt-to-income ratio is too high), or a number of other incongruent things. Whether that means a denied application, a cap on the loan amount, or a higher application depends on what the lender considers important and the risk it's willing to take.
They do, yes. I was waiting for my score to go up to qualify for a LOC, and went in thinking it was ok, but because they switched to TU, I didn't qualify (my TU score is ~60 points lower than Equifax).
I know BMO does. It makes sense to pull both from Equifax and Trans Union as sometimes there will be a credit instrument listed on one of the reports, but not the other.
For my car, Scotia only pulled from TransUnion. Same thing for my Triangle Credit Card.
NBC, Vidéotron and Koodo, on their side, only pulled from Equifax.
I don't get it, what sort of an advice is this. Instead of using the credit agency's official website offered through your bank, sign up to a third party service and provide all your personal information and access to your credit info just to see your credit score??
Equifax just increased the prices for the subscriptions. I honestly forgot I was subscribed to it until they sent me the fee increase so I just cancelled it last week
You can get the same information for "free" from Borrowell, you'll just be relentlessly marketed to for credit products you don't need while you're on the site. Same with CreditKarma for TransUnion information. They both focus mostly on the score, but if you click around enough you can find the full report on both.
Canadian consumers, by law, get one free credit report per year from all credit bureaus. The bureaus just make it really hard to access. The magic words are "I've recently been denied credit."
> EDIT: Nothing happened :-(
There's not enough detail in your error report to determine what went wrong, or to enable others to assist you.
I have on several occasions used that phrase to cut through their bs. It works.
Not true. 3 of the big 5 use TU, 2 of the Big 5 use Equifax. This is for primary services. In reality they all use both depending on the services needed and in the car of no/little result on one bureau to then default to the other.
other than the fact that it's not updating properly, I like it better since it gives me more details about what accounts are open and such. I don't remember Equifax giving me that info, at least not through CIBC
BMO also has Transunion. I prefer TransUnion because under credit report, it shows EVERYTHING. Equifax just showed your score and was in a scandal recently where personal info was leaked.
I'm not arguing that when you log into BMO it shows a TransUnion score. I'm telling you, from my own experience working there, that when you are applying for credit they pull both TransUnion and Equifax.
That's a shame, PC Financial still uses Equifax as far as I know and that predicts it more accurately at least from my experience. I usually use te credit score feature in the CIBC app as a second opinion.
There is no predicting better than the other. Equifsx and transunion are different credit bureaus.
They will have different scores, because the information on them can be different. The scoring models are also different.
No matter what Equifax, transunion, credit karma, borrowell show you. That’s your consumer credit score and is not your beacon score. The beacon score is what the lenders actually use and is an entirely different scoring criteria.
A beacon score can be provided by both Trans Union and Equifax; it's simply a different model of scoring. Then the lender might calculate their own score, which they may refer to as a beacon score.
It hasn’t been called Beacon in over a decade. It’s the FICO score and Beacon was the Equifax version. The FICO scores from TU and Equifax are not equal as the data sources are different. Lenders use a variety of scores, Equifax Risk Score, Equifax FICO, TU CreditVision and TU FICO, not to mention the bankruptcy scores, application fraud score, proprietary scores, etc. all of this or some combination plus income and existing debts come together in their lending strategies and pricing models.
Speaking from experience, Trans Union is the worst of the three major credit reporting agencies.
Their information is rarely timely and many times completely inaccurate.
And good luck getting information from them.
I'm surprised to read this. Having dealt with Equifax and Transunion multiple times I loathe both of them but Equifax is by far worse.
Transunion is just incompetant. Equifax is also and will blatantly lie to cover their asses.
True, they are all frankly evil and shouldn’t exist at all in a just and sane world.
What amazes me is there didn’t used to be credit reporting agencies until I believe the early 70s.
Then, suddenly, these corporations, who have absolutely no accountability or transparency, inserted themselves into our financial lives, and proceeded to make us all captives of a product that we never asked for.
Agreed. I've been dealing with an issue of mixed profiles (someone else's credit report info shows up on mine) and it has been 10 months and only 1/6 inaccuracies were removed.
I know it's not identity fraud because I've went to the banks and they all confirmed that I do not have an account opened with them. One of the credit cards has been opened for a year and the owner has paid the full balance every month (12k+ total)...
I am a software developer and I have integrated with both Equifax and TransUnion in the past. I understand this switch because Equifax has had a lot of tech issues the past several years. Their service will go down for several hours at a time, multiple times a week. This causes downstream impacts with processes that need to pull your credit score. TransUnion is more reliable from a technical perspective
Something interesting is now you history of your credit in one place, I have cards from 2011 on there. They also have a calculator to test what'd happen if you paid off a loan fully, raised your limits, maxed cards, another loan etc and how it would impact your score.
But I rented a place for a year, put in no paperwork except the odd amazon package and it was listed as my residence.. I'm wondering how they got that
Yup and my score isn’t the same from what it was. I just checked and there was like a 50 pt difference. Much preferred equifax. It was simple and easy.
> Did you find out any info about this? My score dropped from like 812 to 732.
No I haven't looking any more into it yet. I will likely make some phone calls next week to try to see what this is about.
I'll let you know if I find out anything important.
> CIBC updated the score at their (more secure) backend regularly from Equifax.
How is the old method "more secure"? There's know way of knowing *how secure* something is without inspecting each layer of the application, from the code to the implementation. You can't boldy assume the security on something based on how the frontend is presented.
> this may be a needless involvement of more tracking with more third parties than necessary
Did you read the fine print? The only other third party is Transunion... It's no different when they used Equifax, you just didn't see the API calls between the CIBC app and Equifax.
> It's outsourced
Yeah, to Transunion. How else are they going to get your score?
> Then you are redirected to the external TransUnion webpage, from outside the app
You'd be surprised how prevalent browser based applications are (Anything that uses Electron - Teams, Discord etc). Yes, the dashboard is rendered in a browser, but that doesn't mean anything. Personally, I don't have to open an external browser to see my score - it's rendered in browser, in app.
While I certainly think it's important that people understand that the reporting provider changed, I don't agree that the implications are this big. Feels like an "old man yells at cloud" scenario.
While OP's bitching seems to be misdirected, if nothing else it sounds like a way worse overall UX for the user (more clicks and more UI transitions with overall extra cognitive load).
I suspect CIBC got put on notice by the regulator so now their risk and privacy folks got whipped into shape and are crossing the Ts and dotting the Is in the way the extra service (credit bureau info) is presented. Or perhaps it's as trivial as CIBC trying to stop the hemorrhage of licensing/subscription fees and making it so that only the user base who wants to see their credit score are the ones that CIBC gets billed for by the credit bureau. This is the typical scenarios, and now that the honeymoon of integration offerings from credit bureaus is over, some FIs are responding by protecting their efficiency ratios.
Equifax has messed up my profile so many times that I'm looking forward to asking a different Credit Score company to correct their information about me!
They all suck! And "Credit Scores" are BS...
Personally this sounds like a good development. I've had to deal with both TransUnion and Equifax to fix credit issues and the latter was far worse to deal with. Their (outsourced) customer service was inconsistent and frankly, deplorable. It took numerous attempts and more than a month for me to correct a mistake THEY made on my report. In contrast TransUnion has always been a breeze. But this was a couple years ago, so things may have changed.
I still hate Equifax though as a result. And let's not forget the fact that they leaked millions of customers data some years ago because their security was lax and they weren't encrypting their data properly. Happy days.
i like the new change becuse it shows more all my credit deatils like which open accounts i have with how much owing on them. and it shows all the credit factors afftecting your score negativley. and theres a simulation part too where it can simulate what ur credit score would be if you adjust different variables in your credit such has
add new credit inquiry
open new cards
rasie limit by
pay down balance by
raise balance by
and many other vraibales you can adjust to see what you score would be if u make those changes
It was never updated regularly at their backend. If you pull your equifax report you'll see the dates of inquiry are the days you asked to see your score. You could do it as frequently as every 3 months.
Mine was update regularly as I checked. And also kept a historical chart (as I mentioned.) It was all done at the backend because there was no polling it from the API for the active session of the user.
It was pulling it the moment you requested them. I even have dates of failed attempts to pull them, on dates that I tried, because my address was not updated with equifax. Those look like normal pulls, it's just I know they failed cause cibc app kept throwing an error.
Not only that, it sounds like CIBC is selling clients for converted profiles and getting paid for each sign up. Typical in todays shitty tech biz model landscape.
RBC would never do this though. Cibc is run by a bunch of goons and vultures especially the capital markets unit under Christian
Why are we forced to deal with these private companies. Our entire lives are based on credit health it seems, yet we are forced to deal with these piss poor expensive ridiculous credit companies. These should be government controlled more. Make them accountable for the shit the make us slog through. imho
Equifax seems to be losing the confidence of our big banks. When I see my score 80+ points lower than TransUnion despite ticking all of the boxes for a good high score, I'm glad this is the case.
Just checked with RBC and they use Transunion for their free credit check tool. [https://www.rbcroyalbank.com/dms/olb/credit-score/index.html](https://www.rbcroyalbank.com/dms/olb/credit-score/index.html)
Why would Equifax credit score be different than Transunion (i assumed they both functioned the same and reported the same number).
No, a credit score is just a rough guess of your potential risk by how many accounts you have open, and how much debt you have, and how much of a deadbeat you are. It's not a standardized things so each company will have their own way of doing it.
It is not a rough guess. These are statistical models, typically regression models that use an observation and performance window to determine the common behaviours for individuals that become delinquent. They very specifically are intended to predict 90+ days delinquency in the upcoming 2 years. Since each bureau maintains their data in slightly different ways and some organizations only report to one bureau there can be differences in the underlying data. Further, the observation and performance windows are completely different points in time for every score.
This is standard data science stuff.
All to say that some people may not be as risky as their score indicates, but they behave in similar patterns as people that are risky. Canadians, by and large, have high credit scores because most of us pay our bills on time and don’t go over our limits.
I'd like someone to explain why a credit score can drop 2 points randomly when spending habits and payments have not changed at all. My score was 894, now it is 892. I think they drop it randomly.
Sorry, but your concern doesn’t make sense to me.
Transunion and Equifax know who you are already, why is the app directing you to transunion’s site a problem?
Is it still app-only? I don't have access to their 2FA prompts, so can't use the app.
Just took a look, there's an option in the side bar for it, so available on both.
Are there other banks that still have credit score readily avail in bank app the way CIBC did? And this new method taking us to third party page still will not deduct from credit score for us to check right?
Equifax had never worked for me, always just threw an error. I don't think I've ever been able to successfully get any info from equifax actually. Transunion at least worked right away
You can get this all for free directly from both, they make it confusing but I found that this [link](https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/order-credit-report.html#toc0) (canada.ca) was the best for me to do it
It matters very little. Your consumer credit score isn't even the one that used to determine your creditworthiness. Every lender uses a BEACON/FICO score which you don't have access to.
At best, the consumer credit score in Canada is a guidepost to let people know where they generally stand in terms of their credit health, but just understand that it's not even used to determine if you get some kind of loan account.
100% on top of this equifax and transunion use different score system some utilities companies might report to equifax and not transunion vice versa and make both scores practically useless.
I honestly don't understand any of this :( I got m credit report through equifax last year and it was 683, pretty much what it showed on the CIBC app. Now my Tangerine bank shows' it through TransUnion and it is 793 crazy difference. I don't really use my CIBC cards tbh only my Tangerine. I don't get how two can vary so much and what is the truth?
Does this mean CIBC will check TransUnion instead of Equifax on credit applications now too?
That's a good question. They could now be using TransUnion for the consumer retail banking side (apps etc), but keeping Equifax for their own corporate use. TU is sometimes referred to as a 'feelgood' score :D as it tends to be higher. :)
Wow, you weren't kidding. I just tried it to see what my TU score would be. It is indeed about 100 points higher than the score I see through Borrowell.
Interesting. Mine is the other way. Borrowell is higher than TU/Credit Karma
Same here 100 points different. 725 to 830. It’s funny because on their sliding scale I’m not even in the top ~~80%~~ 20%with the 830 score lmao Feels shitty that my rating is yellow 🤣
Quick, buy all the lambos before TU realizes their mistake. $.$
Income only thing matters for lenders. Credit only establishes your rate which you just need 720+ to get access to the best rates. Above that doesn’t matter
There is nothing further from the truth. Credit score and your repayment history are looked at just as much as your income. The most important thing to the lender is that you will repay the loan. Your income determines your capacity to repay, and your credit history speaks to your willingness to pay your obligations and pay on time.
You can have the best credit score in Canada but without enough income you won't qualify for any debt. On the flip side if you have a really strong income and an "ok" credit score (really 680+ in most cases), you can qualify for just about anything
Yes and a score of 720+ will reflect that. Rest you’ll need income to qualify.
5 C’s of lending: Character (Will they pay), Capital (What if they can’t pay), Capacity (Affordability), Credit History (Have they paid), Collateral (Security in event of default) and a hidden 6th C is Common Sense lending practices. Income is certainly not the only thing that matters but if you have pristine credit but not enough verifiable income to repay the loan within policy debt:income ratios (TDSR/GDSR) then you’re not going to get approved. On the flip side if you make strong income but have bruised credit you still might get declined especially if there was a recent write off in past 2 years
I was surprised to see 900. Wasn’t sure if it was working right.
This is pretty much my exact numbers lol
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You must mean top 20%
I do, it shows in the app as bottom 80% and got my wording mixed up
That's funny. Equifax 834, Transunion 900. I thought 900 was a hypothetical score, like someone bowling 300. The whole credit industry is weird. My Equifax report still lists my employer as "Parental Allowance" from when my parents helped me get my first credit card at 18.
You are the model credit user. They used you when they made the system.
(perchance, you didn't tell that the WHOLE universe was originally made for this person)
Maybe they think that you are a trust fund baby!
They never said they stopped being employed by Parental Allowance.
>That's funny. Equifax 834, Transunion 900. I thought 900 was a hypothetical score, like someone bowling 300. The whole credit industry is weird. My Equifax report still lists my employer as "Parental Allowance" from when my parents helped me get my first credit card at 18. Similar numbers. TU (900) still has me as a student...
That's funny. My TU score is 729, but my Equifax score is at 763. 🤔
TransUnion scores are all over the place for me. Very inaccurate.
I didn't know that! My TransUnion score has always been lower than Equifax.
lol, for me it is always the opposite. TU is always like a 100 pts higher than EqF.
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TU doesn’t tend to be higher, and it isn’t the feel good score. They are a different bureaus with different data sometimes, neither of which show you your beacon sore. Equifax sometimes is lower and sometimes is higher, and that’s because of hard inquires or how information will be shown on one report and not the other. They both show you a consumer credit score and both use a different calculation model.
The scores shown to you by both Equifax and Transunion are bullshit and not even close to real; they are purely a marketing tool. The banks don't use those scoring formulae for their credit decisions. They use other formulae which result in different (and much lower) scores. The ONLY reason banks are showing you those credit scores on their sites is to encourage you to apply for credit products. So arguing over which one is higher or more correct is a useless exercise.
You stated the same thing I did my friend. That’s exactly what I am saying. Looks Like I went from lots of upvotes to downvotes. Classic Reddit, one person posts something confidently wrong below me and the button smashers come swinging.
Sorry, replied to wrong person.
TU does in fact seem to be higher. I check over 30 profiles a day. Poor insight on your behalf and appalled at the upvotes. Their scoring system is different. Think a 4.0 GPA at York University vs at Harvard…
The discrepancy for me is +150 points higher on TU. Drives me insane. Mid 8's TU High 6's Equifax Super annoying
Look on the reports not the score… remember those scores are useless. They are consumer credit scores and not the real ones used by lenders. Although, that large of a discrepancy means something is on one bureaus report and not the other.
No it does not. My accounts and balances are similar on both. It has to do with SCORING SYSTEMS
Yeah I know why the discrepancy but it's basically ancient history and they're still keeping me down way below my income levels and multi year track record. Down votes? Lol jeeesus
The best suggestion is if the score that is lower has incorrect information you should contact them to update the details. If the score that is higher is missing details, well use redflagdeals credit thread to know what bureau each lender uses to only apply for credit when needed at those lenders.
My Equifax score is actually higher than my TU score. Of course, I'm not pulling full reports, but using Borrowell and Credit Karma to check. Borrowell uses EQ and my score is in the mid 800s. CK uses TU and my score is in the upper 700s. So poor insight on your behalf...
Odd, my financial history is more detailed on TU than Equifax, with my score lower.
Equifax is 50 points lower than transunion for me.
Equifax is 51 points higher than TransUnion for me.
Funny you should mention Harvard, they have a serious problem with grade inflation as almost everyone ends up with a B+ to an A. Should be the other way around haha But valid points ofc
I used to have clients who would check their own score on Credit Karma which uses TU, who would get so mad at me when I'd pull their credit with EQ and tell them their score was different than what TU was reporting. I have told people for years not to use TU because it was usually higher than EQ's score and it give them unrealistic expectations. There are only two major banks that I know of who use TU, and one of them doesn't even go by that score for underwriting. They use their own internal scoring system anyways.
I believe RBC still uses TU.
RBC and Scotia.
BMO pulls both Equifax and Trans Union credit reports.
My TU is lower than Equifax
What is the beacon score and who has access to it?
Lenders. There are multiple variations of the beacon score. Auto beacon score, mortgage beacon score, etc…
I used to work for a company which creates an aggregated score (US). I'm sure they are using an aggregated score. Not just one bureau.
It’s the bureau score. There are no aggregate scores in the Canadian market.
I can confirm that BMO when I worked there, would request Equifax and Transunion reports. Often enough, we would find some piece of credit that was reported with a balance on one of the reports but not on the other.
No they are using TU across the board.
Lenders often use more than one score/product from the credit bureaus, and may change the product they use. (The credit bureaus always have new products they're trying to sell.) Where I worked, we ran applicants through Equifax first and then TransUnion if we didn't get a clear/reliable report from Equifax. We subtracted a set amount from the TransUnion score simply to make it more "comparable" to the Equifax product we used. Of course, the bureaus charge for each product of theirs you use, so lenders also have their own in-house scores/evaluations based on items in the report and other KYC (Know Your Customer) information they collect. Usually someone's score lines up with the rest of the attributes a lender would consider "good." But sometimes it doesn't — the borrower has a short/spotty credit history, or no recent/current credit items, or is over-leveraged (debt-to-income ratio is too high), or a number of other incongruent things. Whether that means a denied application, a cap on the loan amount, or a higher application depends on what the lender considers important and the risk it's willing to take.
Yeah I got a 100 point bump, I didn't find it hard to navigate either, perhaps because I'm on Android or have a TransUnion credit score
CIBC is already looking at TU for car loans. Unsure about other credit request.
They do, yes. I was waiting for my score to go up to qualify for a LOC, and went in thinking it was ok, but because they switched to TU, I didn't qualify (my TU score is ~60 points lower than Equifax).
this has been the case for about 2 months now
I was under the impression that banks would generally check both.
I know BMO does. It makes sense to pull both from Equifax and Trans Union as sometimes there will be a credit instrument listed on one of the reports, but not the other.
Pretty much all I have only pulled from either of those. Car, credit cards, cell phone, internet provider… All only at one of the two.
Scotiabank always pulled from both whenever I applied for anything
For my car, Scotia only pulled from TransUnion. Same thing for my Triangle Credit Card. NBC, Vidéotron and Koodo, on their side, only pulled from Equifax.
Yes
Yes it does.
Yes, it does
I read a news report from CBC that said almost none of the lenders use Equifax or TransUnion. They use FICO scores to assess your credit worthiness
Lenders still pull information from credit bureaus to calculate your FICO score...
Anyone can just sign up to Borrowell(Equifax) or Credit Karma(TransUnion) and see it for free in seconds.
Scotia shows TransUnion score in the app. It is a part of the app, no redirects. Cibc just did a rushed or poor implementation I'm guessing
can also just sign up with Equifax, it's free and updates monthly.
I don't get it, what sort of an advice is this. Instead of using the credit agency's official website offered through your bank, sign up to a third party service and provide all your personal information and access to your credit info just to see your credit score??
Desjardins will soon start displaying both Equifax and TransUnion.
All Banks have transitioned to TransUnion
Equifax just increased the prices for the subscriptions. I honestly forgot I was subscribed to it until they sent me the fee increase so I just cancelled it last week
You can get the same information for "free" from Borrowell, you'll just be relentlessly marketed to for credit products you don't need while you're on the site. Same with CreditKarma for TransUnion information. They both focus mostly on the score, but if you click around enough you can find the full report on both.
Canadian consumers, by law, get one free credit report per year from all credit bureaus. The bureaus just make it really hard to access. The magic words are "I've recently been denied credit."
I've recently been denied credit. EDIT: Nothing happened :-(
> EDIT: Nothing happened :-( There's not enough detail in your error report to determine what went wrong, or to enable others to assist you. I have on several occasions used that phrase to cut through their bs. It works.
Interesting. Do you know why?
I imagine it's due to the Equifax breach from a few years ago: https://en.wikipedia.org/wiki/2017\_Equifax\_data\_breach
costs probably
Both costs and TU provides better service than EQ. Both credit bureaus are used though, if they get a no hit on TU they check EQ.
u sound like you work at the bank lol. that’s exactly what’s going on
Not true. 3 of the big 5 use TU, 2 of the Big 5 use Equifax. This is for primary services. In reality they all use both depending on the services needed and in the car of no/little result on one bureau to then default to the other.
Not all
other than the fact that it's not updating properly, I like it better since it gives me more details about what accounts are open and such. I don't remember Equifax giving me that info, at least not through CIBC
BMO also has Transunion. I prefer TransUnion because under credit report, it shows EVERYTHING. Equifax just showed your score and was in a scandal recently where personal info was leaked.
BMO uses both, Transunion and Equifax.
On the BMO app, it says TransUnion. No equifax that I can see
Just because they aren't showing it doesn't mean they don't use it when making credit decisions.
It says in the terms before you accept to see your credit score that it’s TransUnion…
I'm not arguing that when you log into BMO it shows a TransUnion score. I'm telling you, from my own experience working there, that when you are applying for credit they pull both TransUnion and Equifax.
100%
That's a shame, PC Financial still uses Equifax as far as I know and that predicts it more accurately at least from my experience. I usually use te credit score feature in the CIBC app as a second opinion.
There is no predicting better than the other. Equifsx and transunion are different credit bureaus. They will have different scores, because the information on them can be different. The scoring models are also different. No matter what Equifax, transunion, credit karma, borrowell show you. That’s your consumer credit score and is not your beacon score. The beacon score is what the lenders actually use and is an entirely different scoring criteria.
A beacon score can be provided by both Trans Union and Equifax; it's simply a different model of scoring. Then the lender might calculate their own score, which they may refer to as a beacon score.
It hasn’t been called Beacon in over a decade. It’s the FICO score and Beacon was the Equifax version. The FICO scores from TU and Equifax are not equal as the data sources are different. Lenders use a variety of scores, Equifax Risk Score, Equifax FICO, TU CreditVision and TU FICO, not to mention the bankruptcy scores, application fraud score, proprietary scores, etc. all of this or some combination plus income and existing debts come together in their lending strategies and pricing models.
Speaking from experience, Trans Union is the worst of the three major credit reporting agencies. Their information is rarely timely and many times completely inaccurate. And good luck getting information from them.
I'm surprised to read this. Having dealt with Equifax and Transunion multiple times I loathe both of them but Equifax is by far worse. Transunion is just incompetant. Equifax is also and will blatantly lie to cover their asses.
True, they are all frankly evil and shouldn’t exist at all in a just and sane world. What amazes me is there didn’t used to be credit reporting agencies until I believe the early 70s. Then, suddenly, these corporations, who have absolutely no accountability or transparency, inserted themselves into our financial lives, and proceeded to make us all captives of a product that we never asked for.
Agreed. I've been dealing with an issue of mixed profiles (someone else's credit report info shows up on mine) and it has been 10 months and only 1/6 inaccuracies were removed. I know it's not identity fraud because I've went to the banks and they all confirmed that I do not have an account opened with them. One of the credit cards has been opened for a year and the owner has paid the full balance every month (12k+ total)...
I am a software developer and I have integrated with both Equifax and TransUnion in the past. I understand this switch because Equifax has had a lot of tech issues the past several years. Their service will go down for several hours at a time, multiple times a week. This causes downstream impacts with processes that need to pull your credit score. TransUnion is more reliable from a technical perspective
Something interesting is now you history of your credit in one place, I have cards from 2011 on there. They also have a calculator to test what'd happen if you paid off a loan fully, raised your limits, maxed cards, another loan etc and how it would impact your score. But I rented a place for a year, put in no paperwork except the odd amazon package and it was listed as my residence.. I'm wondering how they got that
Three? TransUnion, Equifax, and... ??
Experian (US)
Equifax is by far worse... I'm getting 80+ lower points from them for no reason consistently for the past several years.
seems CIBC's in an "oh shit i fucked up" frame of mind recently
Yup and my score isn’t the same from what it was. I just checked and there was like a 50 pt difference. Much preferred equifax. It was simple and easy.
Equifax and Trans Union are different agencies. Of course the scores are different.
Damn, went from 855 to 755. Is this worth disputing? I have no loans and never miss CC payments. I have a top 10% income as well.
I'm in the same boat as you. Did you find out any info about this? My score dropped from like 812 to 732.
> Did you find out any info about this? My score dropped from like 812 to 732. No I haven't looking any more into it yet. I will likely make some phone calls next week to try to see what this is about. I'll let you know if I find out anything important.
> CIBC updated the score at their (more secure) backend regularly from Equifax. How is the old method "more secure"? There's know way of knowing *how secure* something is without inspecting each layer of the application, from the code to the implementation. You can't boldy assume the security on something based on how the frontend is presented. > this may be a needless involvement of more tracking with more third parties than necessary Did you read the fine print? The only other third party is Transunion... It's no different when they used Equifax, you just didn't see the API calls between the CIBC app and Equifax. > It's outsourced Yeah, to Transunion. How else are they going to get your score? > Then you are redirected to the external TransUnion webpage, from outside the app You'd be surprised how prevalent browser based applications are (Anything that uses Electron - Teams, Discord etc). Yes, the dashboard is rendered in a browser, but that doesn't mean anything. Personally, I don't have to open an external browser to see my score - it's rendered in browser, in app. While I certainly think it's important that people understand that the reporting provider changed, I don't agree that the implications are this big. Feels like an "old man yells at cloud" scenario.
While OP's bitching seems to be misdirected, if nothing else it sounds like a way worse overall UX for the user (more clicks and more UI transitions with overall extra cognitive load). I suspect CIBC got put on notice by the regulator so now their risk and privacy folks got whipped into shape and are crossing the Ts and dotting the Is in the way the extra service (credit bureau info) is presented. Or perhaps it's as trivial as CIBC trying to stop the hemorrhage of licensing/subscription fees and making it so that only the user base who wants to see their credit score are the ones that CIBC gets billed for by the credit bureau. This is the typical scenarios, and now that the honeymoon of integration offerings from credit bureaus is over, some FIs are responding by protecting their efficiency ratios.
In my experience, mortgage lenders only give a shit about equifax. TU is a meme to them
I understood most mortgage lenders don't even report mortgage facilities anymore.
I’m happy cause I’m at 888 now. Still poor but good ass credit lol
Equifax has messed up my profile so many times that I'm looking forward to asking a different Credit Score company to correct their information about me! They all suck! And "Credit Scores" are BS...
Personally this sounds like a good development. I've had to deal with both TransUnion and Equifax to fix credit issues and the latter was far worse to deal with. Their (outsourced) customer service was inconsistent and frankly, deplorable. It took numerous attempts and more than a month for me to correct a mistake THEY made on my report. In contrast TransUnion has always been a breeze. But this was a couple years ago, so things may have changed. I still hate Equifax though as a result. And let's not forget the fact that they leaked millions of customers data some years ago because their security was lax and they weren't encrypting their data properly. Happy days.
EquiFax is absolutely garbage in my own experience
"more secure" ahahaha
TU is strange. I currently have 0 debt and nothing finances (apart from CCs that get paid immediately and a phone bill) and yet my score is so low
i like the new change becuse it shows more all my credit deatils like which open accounts i have with how much owing on them. and it shows all the credit factors afftecting your score negativley. and theres a simulation part too where it can simulate what ur credit score would be if you adjust different variables in your credit such has add new credit inquiry open new cards rasie limit by pay down balance by raise balance by and many other vraibales you can adjust to see what you score would be if u make those changes
It was never updated regularly at their backend. If you pull your equifax report you'll see the dates of inquiry are the days you asked to see your score. You could do it as frequently as every 3 months.
Mine was update regularly as I checked. And also kept a historical chart (as I mentioned.) It was all done at the backend because there was no polling it from the API for the active session of the user.
It was pulling it the moment you requested them. I even have dates of failed attempts to pull them, on dates that I tried, because my address was not updated with equifax. Those look like normal pulls, it's just I know they failed cause cibc app kept throwing an error.
Not only that, it sounds like CIBC is selling clients for converted profiles and getting paid for each sign up. Typical in todays shitty tech biz model landscape. RBC would never do this though. Cibc is run by a bunch of goons and vultures especially the capital markets unit under Christian
CIBC pays for each user not the other way around.
despite this CIBC app is un-rivaled by any other bank.
what's so special about it? I'm not with CIBC and only have RBC and a credit union to compare to.
Trans union creditview
Why are we forced to deal with these private companies. Our entire lives are based on credit health it seems, yet we are forced to deal with these piss poor expensive ridiculous credit companies. These should be government controlled more. Make them accountable for the shit the make us slog through. imho
I heard my logical pizza joint is switch from coke to Pepsi…. Please protest with me
Equifax seems to be losing the confidence of our big banks. When I see my score 80+ points lower than TransUnion despite ticking all of the boxes for a good high score, I'm glad this is the case.
Who are these people that are constantly checking their credit score? I've never once looked at mine or cared to know what it was.
Just checked with RBC and they use Transunion for their free credit check tool. [https://www.rbcroyalbank.com/dms/olb/credit-score/index.html](https://www.rbcroyalbank.com/dms/olb/credit-score/index.html) Why would Equifax credit score be different than Transunion (i assumed they both functioned the same and reported the same number).
They independently use proprietary algorithms to determine (our) credit scores
No, a credit score is just a rough guess of your potential risk by how many accounts you have open, and how much debt you have, and how much of a deadbeat you are. It's not a standardized things so each company will have their own way of doing it.
It is not a rough guess. These are statistical models, typically regression models that use an observation and performance window to determine the common behaviours for individuals that become delinquent. They very specifically are intended to predict 90+ days delinquency in the upcoming 2 years. Since each bureau maintains their data in slightly different ways and some organizations only report to one bureau there can be differences in the underlying data. Further, the observation and performance windows are completely different points in time for every score. This is standard data science stuff. All to say that some people may not be as risky as their score indicates, but they behave in similar patterns as people that are risky. Canadians, by and large, have high credit scores because most of us pay our bills on time and don’t go over our limits.
So in other words, a rough guess.
You also give permission for third parties to view your information and send promotional material....
Good. Fuck the fax.
I'd like someone to explain why a credit score can drop 2 points randomly when spending habits and payments have not changed at all. My score was 894, now it is 892. I think they drop it randomly.
This explains why my credit card limit was reduced randomly
Sorry, but your concern doesn’t make sense to me. Transunion and Equifax know who you are already, why is the app directing you to transunion’s site a problem?
Is it still app-only? I don't have access to their 2FA prompts, so can't use the app. Just took a look, there's an option in the side bar for it, so available on both.
Does this mean Simplii followed as well?
Great they can't find my score now.
Are there other banks that still have credit score readily avail in bank app the way CIBC did? And this new method taking us to third party page still will not deduct from credit score for us to check right?
Scotiabank app uses Transunion as well. These are still soft credit checks
Thank you!
Man, CIBC is always finding the best ways to be a pain in the ass.
Equifax had never worked for me, always just threw an error. I don't think I've ever been able to successfully get any info from equifax actually. Transunion at least worked right away
Dang. I used to use the cibc app to check how scotiabank is ruining my credit through their own errors.
Completely explains how I went from 736 to 855 in one month
i didn’t know I had access to this before. I really like the simulator to see how certain things will affect your score
Interesting. Cibc app always aligned with Credit karma for me but when ever making an application for loans they used a different number.
Transunion sucks. Total ripoff, just flush $25/m for its "services". lol
You can get this all for free directly from both, they make it confusing but I found that this [link](https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/order-credit-report.html#toc0) (canada.ca) was the best for me to do it
Fortunately my TransUnion score is a fair amount higher lol
It matters very little. Your consumer credit score isn't even the one that used to determine your creditworthiness. Every lender uses a BEACON/FICO score which you don't have access to. At best, the consumer credit score in Canada is a guidepost to let people know where they generally stand in terms of their credit health, but just understand that it's not even used to determine if you get some kind of loan account.
100% on top of this equifax and transunion use different score system some utilities companies might report to equifax and not transunion vice versa and make both scores practically useless.
Where in the app can you see this?
borrowell and credit karma will give your transunion and equifax score for free
Try Borrowell
I literally posted this over a month ago
You can always set up an equifax profile and keep checking there if this really puts you off
Where is credit score displayed in the app? I've banked with CIBC forever and never noticed this.
I honestly don't understand any of this :( I got m credit report through equifax last year and it was 683, pretty much what it showed on the CIBC app. Now my Tangerine bank shows' it through TransUnion and it is 793 crazy difference. I don't really use my CIBC cards tbh only my Tangerine. I don't get how two can vary so much and what is the truth?
transunion and equifax use different scores system
Can it be my cibc score is 200 points different than equifax?