Credit Report is not the same as a Credit Score

In the U.S., there are three national credit bureaus. Equifax is the oldest, Experian is the youngest, and TransUnion is the smallest. These three credit bureaus do almost precisely the same thing in the same way. They compete to capture, update, and store the credit histories of most U.S. consumers. All the information collected is compiled into a credit report. Lenders use these reports to determine loan eligibility, employers to debate hiring, and landlords to decide whether you will be a good tenant. These big three credit bureaus have a tremendous impact on nearly every American’s life, but what exactly do these overseers of a lending track?

Credit reports track your payment history for many bills, including credit cards, car loans, mortgages, and student loans. They also follow credit inquiries made by you or by a lender looking for information on you. In addition, they keep a record of every credit account you have, big and small, and also store data from the public form such as bankruptcies, foreclosures, lawsuits, wage attachments or garnishment, liens, and legal judgments against you. On top of all this, they also track addresses, date of birth, social security numbers, and employment histories for “identification purposes.”

It is important to note that a credit report is not the same as a credit score. Credit bureaus generate a credit score by plugging the information from your credit report into their proprietary formula to create a number known as a FICO score. Your credit score is evaluated mainly on two factors: 1) how often you pay your bills on time and 2) how long you’ve been using credit.

This credit score provides a general picture of your lending worthiness and is generally the same across bureaus. However, while most of the information collected on consumers by the three credit bureaus is similar, there can be discrepancies. For example, one credit bureau may have unique information captured on a consumer that is not being captured by the other two, or the same data may be stored or displayed differently by the credit bureaus in their reports.

When the scores are significantly different across bureaus, the underlying data in the credit report is likely other, thus driving that observed score difference. The difference can often originate from invalid or inaccurate data on your account. This is where services that identify and eliminate erroneous information can raise an individual’s FICO score. has a proven track record of identifying and eliminating false information on your credit reports. You can legally dispute any inaccuracies on your credit reports, and you should do so. At Credit Repair Systems, professionals can do this for you, using years of experience to accomplish what you may not be able to do on your own. For example, have you ever settled a credit card debt with a collection agency, only to be called by a different collector attempting to wring the same debt out of you? Credit Repair Systems can clean that from your report.

Don’t let an unjust credit report keep you from securing a car loan, a house mortgage, or your dream job. Clean up your account and raise your score today: contact Credit Repair and get the credit you deserve.

“Have what you have, spend less.”

Samuel Johnson, 18th century English intellectual and writer.

We at Credit Repair Systems Inc of Miami offer this service. With decades of experience in credit counseling and credit counseling, we can advise you on the best way to keep your credit positive and even appeal decisions that negatively affect.