Did You Know Credit Scores and Credit Reports are Not the Same?

Did you know that a credit report is not the same thing as a credit score and vice versa? Read this article to find out how.  

Credit report and credit score are synonymous, right? Not so fast. A credit report is not the same thing as a credit score, and a credit score is not the same thing as a credit report. It’s not even close.

The Fair Credit Reporting Act (FCRA) clearly defines credit report and credit score as two different items. A consumer report, of which a credit report is an example, is defined by the FCRA as “any communication of any information by a consumer reporting agency indicating a consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for credit or insurance to be used primarily for personal, family, or household employment purposes, or other permissible purposes.”

A credit score is defined by the FCRA as “a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default.”

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