What is the Difference between Credit Score and Credit Report

      Welcome to Bankboi.com, Are you looking for a better way to understand your Credit Score? Do you want to know what can affect your Score? If yes, you are in the right place. We believe that everyone should know about Credit Score and Credit Reports because, without them, you can't get credit or even apply for it. People often get confused between Credit Score and Credit Report, Is the same question in your mind? Let's see what are the differences between a Credit Score and a Credit Report? Before digging deep let's see What is Credit Score and Credit Report.

What is the Difference between Credit Score and Credit Report

What is Credit Score :

   A credit score is a numerical value that represents the creditworthiness of an individual. It is based on an assessment of an individual's credit history, including their borrowing and repayment activity, and is used by lenders to determine the risk associated with lending money to a particular borrower.

What is Credit Report :  

    A credit report is a detailed record of an individual's credit history. It is a summary of an individual's borrowing and repayment activity, including information about credit accounts, loans, and credit card balances.

Credit reports typically include the following information:

Personal information: This includes the individual's name, current and previous addresses, date of birth, and Social Security number.

Credit accounts: This includes a list of all credit accounts, including credit cards, loans, and mortgages, along with the account balance and payment history.

Public records: This includes information about bankruptcies, foreclosures, and court judgments that have been recorded on the individual's credit report.

Inquiries: This includes a list of organizations that have requested the individual's credit report within the past two years.


What is the Difference between Credit Score and Credit Report

Credit Score Credit Report 
Credit Score is a number generated by the information in your credit report.
    A credit report is a detailed record of an individual's credit history
Your credit score is calculated from the information in your credit report. Credit Report is based on your Credit History.
A credit score is a three-digit number calculated by computers. Credit scores typically range from 300 to 850, with higher scores indicating a lower risk of default.A credit Report on the other hand is detailed information of your credit history including your personal information.
Credit scores are constantly changing, but they rarely move much by themselves.
Credit reports list all of your current debts.
 You can improve your credit score over time.It will update your credit activity in your credit report 
To know Actual Accurate Credit Score you need to pay a specific amount it is not free like Credit Report It is free to get a copy of your credit report once a year. Credit score is not the same as your credit report.


Conclusion - 

 It's good to know about credit score and credit report. The difference between a credit score and a credit report is that the first defines your creditworthiness and the second gives a more detailed picture of your financial situation.

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