null What is the Difference between my Credit Report and Credit Score?
It’s common to confuse checking your credit report with checking your
credit score. However, the two are not one in the same. Let’s take a
look at how they differ.
What Is Your Credit Report?
Your credit report is a document containing your personal
information, credit account history, credit inquiries and public
records, which may include prior bankruptcies and accounts that have
been sent to collections.
Information found in your credit report may be used to calculate your
credit score, which is a numeric value that informs future lenders
about your creditworthiness.
This information is reported by creditors to the three major credit
bureaus — Equifax, Experian and TransUnion. Consumers can receive one
free credit report check every 12 months from each of the three bureaus.
What Is Your Credit Score?
Much of the information found in your credit report is used to
calculate your credit score(s), which is a numeric value that informs
future lenders about your creditworthiness or likelihood to pay back a loan.
Although there are many different types of credit scores, the more
common ones (such as FICO®) use credit scores ranging from 0 (no
credit) to 300 (bad credit) to 850 (great credit).
While credit scores may be used to determine the terms of credit and
interest rates that you are eligible for, they also can be used to
determine your auto and home insurance premiums, apartment rental
amounts, cell phone plans and more. So, how can you check your credit score?
Many credit cards and banks offer free credit score reports to
You can use a credit score service or website such as Credit Karma
or any of the three major credit bureaus: Equifax, Experian and TransUnion.
Why Should You Check Your Credit Report and Credit Score?
Checking your credit report will give you a better idea of what’s
impacting your credit score and what you may be able to do to improve
it. For example, doing something as simple as fixing errors found in your credit report may
make a difference in your credit score.
It’s important to know your credit history so you are aware of your
auto financing options. If you are someone with bad credit or no
credit who is in the market to purchase a vehicle, Credit Acceptance
Simply fill out the form on our website to connect with
three enrolled dealers near you that can help you start your credit