Credit bureaus such as Equifax and TransUnion actually produce many different scores. Different scores use a different scoring model and are the reason why they vary. For example, a mortgage lender may look at a different credit score than your bank when they are deciding whether to grant a credit card or a new credit limit. The credit score you received from the Borrowell website is generated by Equifax. This score is your Equifax Risk Score 2.0 and is a widely used score in Canada for making consumer credit decisions.
It’s important to note that one score is not “more accurate” or “correct” than another score. Each score is correct according to the scoring models and data used. It's important to know where you stand with both credit bureaus. For more information, please check out this blog post: https://borrowell.com/blog/why-is-my-credit-score-different
Different from Equifax
Depending on when Equifax sends your updated details to Borrowell, and the date of the week that Borrowell pulls your updated score, the score you see from Borrowell could vary from Equifax's.
If you receive your score in the mail from Equifax, then it is possible that your score may have changed by the time you receive your physical score in the mail from them.
If you receive your score online from Equifax or over the phone the same day as you're emailing us, the credit score with Borrowell should update in a week or two due to the timing of when we receive this information from Equifax and when we show it to you.
Different score from TransUnion
TransUnion and Equifax are two different credit bureaus in Canada that use different credit scoring models and factors. Some lenders only report to one bureau and not the other, while some will report to one bureau sooner than they report to the other. These factors can cause you to see differences in the score you get between Equifax and TransUnion. There are many different credit scores offered by the two credit bureaus. These different scores may have different purposes and data inputs. For instance, a mortgage lender may look at a different credit score than your primary bank looks at when they are deciding whether to grant you a credit card or a new credit limit. Even if your information is the same with both bureaus, your score may be different depending on how each bureau weighs each account depending on the model used.
Different score from Credit Karma
The credit score Credit Karma presents you is from TransUnion. The score Borrowell presents to you is from Equifax. Each credit bureau is its own business, they each operate in its own way. The Equifax Risk Score is a popular and legitimate score calculated by Equifax that is used by many banks and lenders, which is why we chose to offer this score. We feel it's important to know where you stand with both credit bureaus in Canada.
Different score from the Bank
Most banks will show you a credit score from TransUnion (i.e. Scotiabank, BMO, RBC, Capital One etc), or a different score from Equifax. The score from Borrowell is the Equifax Risk Score 2.0.