Credit Report vs Credit Score—What’s the Difference?

Annual Reports

credit report vs credit score

Perhaps you’ve heard of your personalized credit score or credit report. But do you know what they are?

Your credit report determines your credit score, which can have a huge impact on your life. 

This article will tell you everything you need to know regarding your credit report vs. credit score. Find out the difference between a credit report and score, and why each matter!

The Difference Between Credit Report vs. Credit Score

Credit Report

What Is It?

A credit report is a detailed document that breakdowns your credit history. These reports are prepared by three major credit bureaus: TransUnion, Equifax, and Experian

These credit bureaus record your credit history and create a report based on it. Therefore, you have three main credit reports out there.

What’s Included in a Credit Report?

While every credit report is different, some items will be found on all reports. Here is what will be included in every credit report:

  • Your personal information
    • Name
    • Address
    • Social security number
    • Date of birth
    • Employment information
  • Your credit accounts
    • The types of credit accounts you have opened (credit card, loan, etc.)
    • The date the account was opened
    • Your credit limit/loan amount
    • Account balance
    • Payment history
  • Collections and overdue debt
  • Bankruptcies
  • Credit inquiries (when you take out a loan, creditors will request a copy of your credit report. This tracks the number of times a creditor inquires about your report.)

Credit Score

What Is It?

Your credit score is at the heart of how credit works. Basically, all the things listed above come together to create your individualized credit score. 

A credit score is a number that indicates how reliable you are at repaying loans and credit. Your credit report ultimately determines your score.

How is Your Credit Score Calculated?

Your score is calculated based on the following factors: 

In other words, because it makes up 35% of your total score, one late payment can damage your score by up to 75 points! Your credit utilization, or amounts owed, make up 30% of your score. This means that if you go over your credit limit, you can damage your score by 40-50 points. Moreover, a long, well-maintained credit history makes up 15% of your score, while mixed credit and new credit make up another 10% each. 

What is Your Score?

Here is a breakdown of credit scores so you can see if your score is good or bad:

  • Excellent Credit: 750 or higher
  • Good Credit: 660-749
  • Fair Credit: 620-659
  • Bad Credit: 619 and below

Why Your Credit Score Matters

Believe it or not, but your credit score can have a huge impact on your life.

For one, a bad credit score can prevent you from taking out loans. That means that if you want to buy a house, a car, or make another large payment, you may not get approved for loans! 

At the same time, your credit score will determine how much interest you pay for loans. In fact, over the course of a loan, a fair or bad credit score can cost you tens of thousands of dollars more than if you had good credit!

You Can Fix Your Credit Score!

So what’s the difference between a credit report vs. credit score? A report documents your credit history and your score determines how reliable you are at paying back borrowed money.

Do you have a bad credit score?

Don’t worry! Credit repair companies help to remove errors and negative items on your report to improve your credit score.

Go Clean Credit is a leading credit repair company in Arizona. They are passionate about helping you improve your score, overcoming credit-related challenges, and reach your financial goals. In the end, their mission is your success. While fixing your credit may seem like daunting, Go Clean Credit is ready to simplify the process and teach you about your report and your score.

For more information about how Go Clean Credit can help you, contact them today for a free consultation! They are ready to help you with all your credit-related issues!

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