Your Credit Report and Your Credit Score Are Different Things
A credit report is a detailed record of your credit-related information — accounts, payment history, balances, inquiries, and public records — compiled by credit reporting agencies (commonly called credit bureaus). A credit score is a number calculated from the information in that report, designed to summarize how lenders may view the information at a single point in time.
Why You May See Different Scores
Different scoring models weigh information differently, and each credit reporting agency may hold slightly different information about you. Not every creditor reports to every agency, and updates may arrive at different times. This is one reason a score from one source may not match a score from another.
Factors That Commonly Influence Credit Decisions
- Payment history — whether accounts have been paid on time
- Amounts owed and credit utilization — how much of your available credit you are using
- Length of credit history — how long your accounts have been open
- New credit and inquiries — recent applications and new accounts
- Credit mix — the variety of account types in your profile
What This Means For You
Understanding your own credit profile is the first step toward most larger financial goals — financing a vehicle, qualifying for a home loan, or preparing for business funding. If information on your report looks unfamiliar, consumers generally have the right to review it and dispute information they believe is inaccurate.