Credit Score vs. Credit Report: What's the Difference?

Here's what you need to know about your credit score vs credit report.

Image of someone holding their phone and checking their credit report and credit score.
(Image credit: Getty Images)

Your credit score and credit report can help you make sense of your overall credit history and get a better understanding of your creditworthiness. Both can illustrate what kind of borrower you are, which is why they're used by lenders to determine whether or not to extend you a line of credit, like a credit card. However, the two aren't the same. Here's what you need to know about the differences between your credit score and credit report.

Credit score vs credit report: the takeaway

  • A credit score is a three-digit number that provides a quick impression of your overall creditworthiness. A credit report documents your loans, credit cards, mortgages and other accounts, as well as payment history.
  • Your credit score and credit report are important for your financial security and freedom. Having a clean report and a high credit score will make getting a mortgage or other loan easier and usually, significantly cheaper.
  • Check both your credit score and credit report regularly. Look for errors in your report. Try to boost your credit score by paying attention to the factors that make up your score, like paying your bills on time.

A credit report is a document that summarizes your overall credit history, provided by each of the three credit bureaus: Experian, TransUnion and Equifax. These bureaus base their reports on information from lenders with whom you have done business. Your credit report includes personal information, open and closed lines of credit  — mortgages, credit cards, personal loans, etc. — payment history, delinquent payments, accounts in collections, public records like liens or foreclosures and the number of times you’ve applied for a line of credit. It’s what lenders see when determining whether or not to loan money to you, as well as what interest rates you receive. And it’s also used to determine your credit score.

Because of this, it’s important to be proactive and regularly check for errors on your credit report. You may be surprised at how common it is to find a mistake. According to a survey by Consumer Reports, 44% of those who successfully checked their credit report said they found at least one mistake in their credit reports. Another report found that complaints filed with the Consumer Financial Protection Bureau concerning credit report errors nearly doubled between 2021 and 2022. And these errors can have significant impacts on your financial health. It could be the difference between being approved or denied for a line of credit, like a mortgage or car loan, and could result in unnecessarily high interest rates or APRs on loans you are approved for.

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Therefore, it’s important to perform regular “credit checkups” to ensure that the information on your credit report is accurate. And it’s easy to do. You can get a free weekly credit report from Equifax, Experian and TransUnion on AnnualCreditReport.com. If you do discover an error, such as the presence of a credit card or loan you never opened, file a dispute with the credit reporting company. Explain in writing what is incorrect and provide documents to support your claim. The Consumer Financial Protection Bureau (CFPB) even has a template letter you can use as a guide. 

Credit score

Your credit score is a three-digit number indicating your overall creditworthiness. It’s a snapshot of your overall credit health and is calculated using the information in your credit report. A credit score is an easy way for lenders to determine whether or not you’re a risky borrower and how likely you are to pay back your loans on time. 

Two main companies provide credit scores — FICO and VantageScore. Since 90% of lenders use FICO Scores to make lending decisions, however, this score usually gets more attention, although lenders can use both scores to make decisions. Both scores range between 300 and 850, with a lower score indicating poor credit and a higher score indicating excellent credit.  

FICO Score: 

  • Poor: 300-579
  • Fair: 580-669
  • Good: 670-739
  • Very Good: 740-799
  • Exceptional: 800-850

VantageScore:

  • Very Poor: 300-499
  • Poor: 500 - 600
  • Fair: 601-660
  • Good: 661-780
  • Exceptional: 781-850

How is my credit score calculated?

Five main factors go into determining your credit score. 

Payment history: Payment history is the largest factor affecting your credit score, accounting for 35% of your total score. For this reason, having a history of consistent on-time payments is crucial. Just one missed payment can significantly decrease your score.

Credit utilization:  Credit utilization is the ratio between any debt you have compared to your total credit limit, and it makes up 30% of your overall credit score. The lower your credit utilization ratio, the better, but a good rule of thumb is to keep your credit utilization below 30%. 

Length of credit: A longer credit history shows you’ve had a consistent track record of paying back debt.

Credit Mix: By having both installment and revolving loans, you show lenders you can manage different kinds of payments.

New credit: Having several “hard pulls” on your credit report from opening new credit accounts around the same time can lower your score.

Not only are you more likely to be approved for loans and credit cards with a good credit score, but you’ll be able to score the best rates possible, which can save you thousands of dollars over the life of a loan. For example, raising your credit score can lower your mortgage rate, resulting in savings of over $130,000. 

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.