It also includes information from public records covering lawsuits, arrests, judicial decisions, and divorce. It contains information that has a bearing on your ability to pay bills, including address, social security number, marital status, past and present length of employment, income, number of dependents, and record of bill-paying habits. Lenders, such as credit card companies and banks, use the information in a credit report to determine how much money is safe to loan you and the interest rate of the loan.Ī credit report is information provided by a reporting agency (often called a credit bureau) that gives a consumer’s bill-paying history or habits based on the information in his or her file. In short, a good credit score indicates a higher reliability to repay loans. If you have borrowed money to buy a home, purchased items using credit cards, or bought insurance for your auto, home, or life, you probably have a “credit rating,” often laid out in a credit report and represented by a credit score. In your credit report, you will find the types of credit you have open or closed, how long they have been opened or closed, and the amounts you owe, among other information. On the other hand, a credit report provides an analysis of your ability to manage a variety of loans with different lenders. We recommend registering for one of them. That said, any of the websites above can provide a free credit score and help you monitor your credit. The FICO 8 score is used by the majority of financial institutions when consumers apply for installment loans (car and home) and revolving credit (credit cards). Unlike other websites like, ,, and that offer a free credit score based on the less-used VantageScore, Discover’s credit score card website is the only one that offers consumers their FICO 8 Credit Score. The website clearly shows registered users what’s negatively impacting their score and allows them to take corrective action. You do not need to be a customer of Discover. Discover credit card company launched This website allows anyone who signs up to check their FICO 8 Credit Score for free. It summarizes in a number how well you manage your credit/debt. ( Print Friendly PDF) What is the Difference Between a Credit Score and a Credit Report?Ī credit score is an overall “grade” of your credit report. Guide G-216 Revised by Bryce Jorgensen College of Agricultural, Consumer and Environmental Sciences, New Mexico State UniversityĪuthor: Extension Family Resource Management Specialist, Department of Extension Family and Consumer Sciences, New Mexico State University. You Can Check Your Credit Report and Rating
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