What is the difference between my credit score and my credit report?

A consumer’s credit report is a synthesis of the consumer’s credit accounts, payment histories, accounts referred to collections, inquiries into a consumer’s credit file and public financial records, like bankruptcies. The credit history documented in a consumer’s credit report is collected by a consumer reporting agency. The three largest nationwide consumer reporting agencies are Equifax, Experian and TransUnion. Using information contained in credit reports, these agencies also produce credit scores— numbers that signify a consumer’s relative likelihood of repaying a debt compared to other consumers. Credit reports and scores are widely used by lenders to determine consumers’ eligibility for credit and to set pricing for loans based on credit risk. Many companies have adopted the use of credit reports for other purposes, including eligibility determinations for homeowners and auto insurance, employment, and tenant screening.

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