What is the difference between fico score and credit report

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We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. How Scores Are Calculated. Getting a Free Score.

Why Your Score Matters. Using Your Score. Alternatives to FICO. Personal Finance Credit Cards. Table of Contents Expand. What Is a Credit Report? What Is a Credit Score? Credit Score vs.

Credit Report: Key Differences. Key Takeaways A credit report is a detailed look at your finances, assembled all in one place. It contains detailed data on your financial history, assembled in four categories: identifying information, credit accounts, credit inquiries, and public records. It is used by lenders as a shortcut to decide whether or not to grant you credit.

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Related Articles. Consumers can face higher interest rates than expected, or be denied credit. On the flip side, non-FICO credit scores can lead you to underestimate your creditworthiness, keeping you from purchasing a much-needed family car or refinancing a mortgage that could save you thousands in interest. For instance, FICO Scores continue to accurately predict credit risk so you can get access to the credit you need and get credit that you can manage.

By choosing FICO Scores, you're getting decades of industry-leading knowledge and expertise that lenders value and trust. Remember, before the creation of FICO Scores there was no industry-standard to make sure access to credit was more fair and accurate. When you want to know where your credit stands, it just makes sense to get the scores your lenders will use. Consumers Union. April September Visit www. All Rights Reserved. Skip Navigation. Our Products.

The bureau's reports are detailed and provide lenders with deeper information about a consumer's borrowing habits than just a number.

Its disadvantages are also the same. Borrowers cannot safely gauge their chances of loan approval by looking at their Equifax report alone. However, if their Equifax report is much stronger than their Experian report or FICO score, then they have the ability to search for lenders that prioritize Equifax.

Fair Isaac Corporation. Building Credit. Credit Cards. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.

At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification.

I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. How Scores Are Calculated. Getting a Free Score. Why Your Score Matters.

Using Your Score. Alternatives to FICO. Table of Contents Expand. An Overview. FICO vs. Experian vs. Equifax: An Overview Three major credit bureaus compile information about consumers' borrowing habits and use that information to create detailed credit reports for lenders.

FICO just provides a numerical credit score, based on an individual's payment habits and the amount of debt they carry. Credit bureaus Experian and Equifax both provide scores, too, but they also provide detailed credit histories on individuals. Article Sources. Investopedia requires writers to use primary sources to support their work.

These include white papers, government data, original reporting, and interviews with industry experts.