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

A credit report and credit score are two different parts of the credit system. A credit report is a detailed record of your financial activities and borrowing history. It lists all of your credit accounts, including loan payments and credit cards, as well as any collection accounts, public records, and bankruptcies. A credit report also includes your personal information, like your address and Social Security number. A credit score is a three-digit number that represents how trustworthy a borrower you are, based on the information in your credit report. Your credit score is determined by a scoring model that looks at different aspects of your credit report, like how long you’ve been using credit, how often you pay your bills on time, and how much of your available credit you’re using. A higher credit score means you’re more likely to be approved for credit applications, while a lower credit score can make it harder to get approved. In California, there are laws in place to protect your credit rights, such as the Fair Credit Reporting Act and the Credit Repair Organizations Act. These laws ensure that credit reports and credit scores must be accurate and up-to-date. Additionally, these laws give individuals the power to dispute mistakes on their credit reports and request investigations to correct any errors.

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

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