Difference Between Credit Score vs. Credit Report

1. Difference Between Credit Score vs. Credit Report CREDIT REPORTS ARE A DETAILED HISTORY OF YOUR CREDIT USE. THE DATA THEY CONTAIN IS USED TO CALCULATE YOUR 3-DIGIT CREDIT RATINGS. When you apply for a credit card, an apartment rental, a mortgage or a car loan, two things help potential lenders assess the likelihood of paying as agreed: your credit scores and credit reports. Credit Score A credit score is a number that lenders use to assess your security or risk as a customer. Your payment history, and if you have derogatory notes for delay or default. How much money you owe in relation to your credit limits, called the credit utilization rate. Credit Report Your credit reports provide a complete list of your credit lines and payment history, but do not contain your credit score. Credit reports are often multi-page because they detail all the accounts you have already opened or closed, the loans you bought and the diligence with which you paid outstanding balances. If you have already been sued or declared bankrupt, this will also appear on your credit report.Reports sometimes contain errors. Therefore, it is important to examine them carefully and question any errors you encounter with the company that issued the report. Everyone has the legal right to a free credit report each year directly from each of the three credit reporting companies. RL Kramer help hundreds of clients with repairing there credit score with in 120 days. He has many happy clients that speak about his service and professionalism. Find more about his service here. WWW.RLKRAMER.COM