Credit Reports vs Credit Scores

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Credit Scores vs. Reports

There are some important differences between your credit report and credit score. Your credit report is a detailed look into your current and recent credit history, while your credit score is an evaluation of your credit worthiness based on that report. To address any potential problems you may have with your credit, you need to first know what your credit worthiness has been valued at and then address any problems by looking at your detailed report. See the following chart for important differences between your credit score and credit report:

Credit Score Credit Report

Length A three digit number usually between 600 and 750 A compilation of personal information, credit history, inquiries, and public information on you that spans several pages

Recorded by myFICO and made available to lenders Equifax, Experian, and TransUnion and made available to lenders

What it is A standardized evaluation of your credit worthiness Current and recent financial detail collected on you

Usefulness to you Find out how lenders view your credit worthiness and what type of loans/credit you should expect Find out what financial areas of your life you need to address to increase your credit score

Free Credit Score/Report Offers

You can use free credit score and report offers to your advantage. They can give you some power in the loan or credit decision process. Keep in mind that you have a legal right to receive your credit report once a year from the three major credit bureaus based on the 2003 Fair Credit Reporting Act (FCRA). This act does not apply to your credit score. The evaluation of your credit worthiness—something that most lenders use do decide whether they’ll do business with your or not—is only available from credit management and identity theft protection services. Start by obtaining your free credit score.

The following are examples of times in your life when it would be a good idea to look into your credit worthiness by finding out your credit score:

When applying for a credit card
When applying for a job
When applying for a loan

If your score is below 650, your future finances may be significantly affected. Get a copy of your credit report and begin working on improving your credit worthiness.

Related Links

Get more information on credit reports
Get more information on credit scores

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