Your credit report and your credit score are two different things. A credit report is a statement of information about your credit activity and current credit situation, such as loan payment history and the status of your credit accounts. Your credit scores are calculated based on the information in your credit report.
Your credit score and the details in your credit report play a crucial role in determining your eligibility for loans like mortgages, credit cards, and auto loans, as well as the interest rates you’ll pay. Credit scores are based on the information in your credit report.
You actually have multiple credit scores, and they can vary depending on the credit bureau, scoring model, loan type, or even the day it’s calculated. Higher scores reflect strong financial habits and can help you secure better rates.
Mistakes on your credit report can unfairly lower your score, leading to higher interest rates and costing you more money. That’s why it’s important to check your credit report and correct any errors before applying for a loan.
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