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Credit Reports vs. Credit Scores: What's the Difference?

This article explains how credit reports and credit scores work. It is not financial advice. For decisions about your own money, talk to a qualified professional.

The short answer

Your credit report and your credit score are two different things. A credit report is a statement with information about your credit activity and current credit situation, such as your loan paying history and the status of your credit accounts. Your credit scores are calculated from the information in that report. [1] Think of the report as the record and the score as a number worked out from it.

What's in a credit report

Credit reporting companies gather information about you from other companies, called furnishers. Examples include your bank, your landlord and your credit card company. [2] That information becomes your credit report. The three nationwide credit reporting companies are Equifax, Experian and TransUnion. [3]

How credit scores work

The CFPB explains that both your score and the information on your report matter when lenders decide whether you can get a mortgage, credit card, auto loan or other credit, and what rate you'll pay. Higher scores reflect a better loan paying history and can make you eligible for lower interest rates. [1]

You don't have just one score. Your score can differ depending on which credit reporting company provided the information, the scoring model, the type of loan, and even the day it was calculated. [1] So it's normal to see scores that are slightly different from each other. [4]

Why the report matters for the score

Because scores are calculated from your report, an error on the report can pull your score down. The CFPB notes that this could mean a higher interest rate and less money in your pocket, which is why it points to checking your report and correcting errors well before applying for a loan. [1] The CFPB says you should check your credit reports at least once a year to make sure there are no errors that could lower your score or keep you from qualifying for credit or the best available terms. [5]

Does checking your own report hurt your score?

No. According to the CFPB, requesting your own credit report does not hurt your credit score. Checking your own report isn't an inquiry about new credit, so it has no effect on your score. [3] AnnualCreditReport.com, the free credit report site created by the three major credit reporting companies, says the same: checking your reports there won't affect your credit scores. [6]

Where people get their reports

AnnualCreditReport.com is the website authorized by federal law for free credit reports. You can request reports from one, two or all three of the nationwide companies online, by phone or by mail. [6] The CFPB says you can review your report online for free once a week from each of the three companies, or request a copy by mail once every 12 months from each. [3]

Where people get their scores

Credit scores usually come from somewhere else. The CFPB lists a few common places [4]:

Your credit card company or lender. Many show a score on your monthly statement or in your online account.
Nonprofit counselors. Nonprofit credit counselors and housing counselors trained by the U.S. Department of Housing and Urban Development can often provide a free credit report and score and help you review them.
Credit score services. Some are free and supported by advertising; others charge, sometimes as part of a monthly subscription with credit monitoring or identity protection. The CFPB notes that buying a score doesn't require buying other services offered with it.

Some sources give an "educational" score rather than one a lender would use. For most people it's close, but for some it can be quite different, so the CFPB suggests finding out what kind of score you're looking at. [4]

How disputing an error works

You have the right to dispute errors on your credit report. Fixing one generally means contacting both the credit reporting company and the company that provided the information. [2] Here's the process the CFPB describes:

Dispute with the credit reporting company. Explain in writing what you think is wrong and why, with copies (not originals) of documents that support your dispute. Equifax, Experian and TransUnion each accept disputes online, by mail or by phone. The credit reporting company must investigate, forward your dispute to the company that supplied the information, and report the results back to you.
Dispute with the furnisher. You can also send a written dispute to the company that provided the information. Furnishers generally must investigate and respond within 30 days of receiving it.
If something's wrong, it gets fixed. If the furnisher provided wrong information, or it can't be verified, it must update or remove it and notify the credit reporting companies, which then update your reports.
If the furnisher says it's accurate. You can ask the credit reporting companies to add a statement explaining the dispute to your file. That statement goes to whoever requests your report later.

If you suspect the error comes from identity theft, the CFPB points to IdentityTheft.gov, and you can also submit a complaint with the CFPB if you have a problem with your credit report. [2] AnnualCreditReport.com notes there is no fee for filing a dispute. [6]

Putting the numbers in context

Credit is one part of the bigger money picture. If you're sorting out where your money goes each month, our guide on how to make a budget with ChatGPT walks through it step by step.

A quick note on advice

Useful Hive explains how things work. Nothing here is financial, tax or legal advice.

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