What banks use TransUnion?

_{TransUnion, credit reporting, New Brunswick}

In Canada, many banks and financial institutions prefer TransUnion for credit checks. Major players like RBC, Tangerine, and National Bank rely on their reports, while BMO and Scotiabank consult both TransUnion and Equifax. So, if you’re exploring credit options, expect TransUnion to play a significant role in your financial interactions.

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_{Credit reporting in Canada relies on TransUnion banks.}

Transunion Question

What banks use TransUnion? I’m interested in knowing which Canadian banks rely on TransUnion for credit reporting and decisions.

From: Anonymous Question
Location: Moncton, New Brunswick (NB)
Category: credit rebuilding

Transunion Answer

In Canada, credit checks often go through TransUnion, especially with institutions like RBC, Laurentian Bank, Bridgewater Bank, and Vancity. Many credit unions and financial players, including Tangerine, National Bank, AMEX Bank of Canada, and CAA Mastercard, rely on their reports. And if you’re sorting through credit card options, folks like Capital One, PC Financial, and MBNA have been known to use TransUnion too—though, don’t be surprised if they peek at Equifax every now and then. Big names like BMO and Scotiabank? They like to keep their options open, drawing reports from both credit bureaus when necessary.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

The provided sources relate to Canadian laws and regulations regarding bankruptcy and insolvency but do not specify which banks use TransUnion for credit reporting and decisions. For information on which banks rely on TransUnion, you may need to consult financial institutions directly or look into specific credit reporting policies from TransUnion itself.

From: OSB Helper

Related Questions to Credit Reporting

Here are the top 5 most frequently asked questions related to the use of TransUnion by banks, based on the provided sources and general online trends:

1. Which banks use TransUnion for credit checks?

• Banks such as RBC, BMO, Scotiabank, Laurentian Bank, Bridgewater Bank, and Vancity use TransUnion for credit checks[1][4].

2. Do all banks use either TransUnion or Equifax?

• No, some banks may use both TransUnion and Equifax for their credit reporting needs[1][2][4].

3. How does TransUnion differ from Equifax in credit reporting?

• TransUnion and Equifax collect similar credit information but may have slight variances in data and scoring models, and they have different processes for accessing and disputing credit scores[4].

4. Can banks switch between TransUnion and Equifax for credit checks?

• Yes, some banks may use one credit bureau primarily but consider the other in certain circumstances[2][4].

5. Which credit card companies use TransUnion for credit checks?

• Credit card companies such as AMEX Bank of Canada, Capital One, CAA Mastercard, and Wal-Mart MasterCard use TransUnion for credit checks[1][4].

If you have a question about debt see our debt questions or ask your own debt related question.

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