Difference Between Credit Score and Credit Report

Published on 06-May-2023

Feature	Credit Score	Credit Report
Definition	A numerical representation of an individual's creditworthiness based on their credit history	A detailed record of an individual's credit history, including credit accounts, payment history, and inquiries
Purpose	Used by lenders and creditors to assess the risk of lending money or extending credit to an individual	Used by lenders and creditors to assess an individual's creditworthiness and ability to manage credit
Scale	Typically ranges from 300-850, with higher scores indicating better creditworthiness	Does not have a set scale, but includes detailed information about an individual's credit history
Factors	Based on a variety of factors, including payment history, credit utilization, length of credit history, and types of credit accounts	Includes detailed information about credit accounts, payment history, inquiries, and public records
Calculation	Calculated using a proprietary algorithm by credit bureaus or lenders	Compiled by credit bureaus based on information reported by lenders and creditors
Access	Credit scores may be available for free or for a fee through credit monitoring services or credit bureaus	Credit reports are available for free once per year from each of the three major credit bureaus
Updates	Credit scores may be updated on a monthly or periodic basis based on changes to an individual's credit accounts and payment history	Credit reports may be updated on a periodic basis as new information is reported by lenders and creditors
Impact	Can impact an individual's ability to obtain loans, credit cards, and other financial products, as well as the interest rates and terms offered	Can impact an individual's ability to obtain loans, credit cards, and other financial products, as well as the interest rates and terms offered
Timeframe	Can be calculated quickly and easily, typically in a matter of seconds	May take longer to obtain and review, as it includes detailed information about an individual's credit history
Accuracy	May vary depending on the credit bureau or lender providing the score, and may not always reflect an individual's true creditworthiness	Can be more accurate and comprehensive than a credit score, as it includes detailed information about an individual's credit history
Disputes	Errors or inaccuracies in a credit score can be disputed and corrected by contacting the credit bureau or lender	Errors or inaccuracies in a credit report can be disputed and corrected by contacting the credit bureau or lender
Public records	Generally does not include information about bankruptcies, tax liens, or other public records	Includes information about bankruptcies, tax liens, and other public records that may impact an individual's creditworthiness
Derogatory marks	Generally does not include information about late payments, collections, or charge-offs	Includes information about late payments, collections, charge-offs, and other derogatory marks that may impact an individual's creditworthiness
Inquiries	Does not generally include information about inquiries made on an individual's credit history	Includes information about inquiries made on an individual's credit history, which can impact their credit score and creditworthiness
Length of history	May be impacted by the length of an individual's credit history and the age of their credit accounts	Includes information about the length of an individual's credit history and the age of their credit accounts
Public access	Generally not available to the public, and can only be accessed by authorized parties such as lenders and creditors	May be accessed by anyone with a legitimate reason to review an individual's credit history, such as landlords or employers
Personal information	Does not generally include personal information such as name, address, and social security number	Includes personal information such as name, address, and social security number