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

These two terms are often used interchangeably, but they're fundamentally different tools — one is a detailed record, the other is a summary number derived from it.

What is a credit report?

Your credit report is a statement of your credit activity and current credit situation. It includes: every open and closed account, your payment history on each, current balances, any collections or public records, and a log of who has requested your report (inquiries). Three separate companies — Equifax, Experian, and TransUnion — each maintain their own version of your report. They may differ because not every creditor reports to all three bureaus. You can get all three free weekly at AnnualCreditReport.com.

What is a credit score?

A credit score is a three-digit number (typically 300–850) generated by a mathematical model applied to the data in one of your credit reports. The most widely used model is the FICO Score, though VantageScore is also common. Lenders use scores to quickly predict how likely you are to repay a debt on time. You don't have just one score — you have dozens, because each score depends on which bureau's report was used, which scoring model was applied, and when it was calculated.

How they relate to each other

• The report feeds the score. No credit report = no score can be calculated.
• Errors on your report lower your score. A wrong late payment on your report pulls down your score even if you always paid on time.
• Fixing the report fixes the score. Successfully disputing an inaccuracy updates the underlying data — your score recalculates (usually within 30–45 days) from the corrected report.
• They're updated on different schedules. Lenders report to bureaus on their own cycles (often monthly). Your score recalculates each time a lender pulls it.

Which one do lenders look at?

Most lenders pull both. The score is used for a fast approval/denial decision and to set the interest rate. The report is reviewed for details — how much debt you carry, what kinds of accounts you have, how long your history is, and any red flags like recent collections or bankruptcies. For small business financing, lenders often also pull a business credit report (Dun & Bradstreet, Experian Business, Equifax Business), which is entirely separate from your personal credit file.