Are Credit Report and Credit Score the same?

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I am a bit confused on this. Are credit reports and credit scores the same thing?

jameshogg · Posted: Thu Mar 23, 2006 12:30 pm Post subject:

Hi John,

Some people do get confused and thinks both as the same thing but there is a big difference.

In your credit report you will find listings of your current and past loans, your credit cards, the outstanding balances and other information like these.

But your credit score is a single three digit number which is calculated from all your credit report data in the credit report with the help of a complicated and secret formula.

Hope this makes it clear. Smile

To know more about Credit Report and Credit Score, go through our sections on these topics.

James

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I would like to mention another point. You are entitled to get a free copy of your credit report each year from each of three big agencies. You can get it at annualcreditreport.com.

But you are not entitled to get a free credit score. You have to pay a certain amount and buy one at myfico.com.

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If somebody has a bad credit history and is in the process of rebuilding it, how often he should check his score?

jameshogg · Posted: Thu Mar 23, 2006 12:44 pm Post subject:

Jennifer,

I feel checking the score after every six months will be sufficient.

James

Cliff · Posted: Tue Apr 04, 2006 11:58 am Post subject:

Jeniffer,

I would actually suggest monitoring your credit. You can do this with Privacy guard or also I believe myfico does it as well. Since you are rebuilding your credit I would suggest keeping a close eye on it. With the companies I metioned above they notify you if anything is done to your credit or if there are an new inquiries and they do charge a minimal fee. But well worth it.

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