Credit Scoring vs Credit Report      Your credit score gives information about your credit rating and a number is created to easier quantify your rating. Most creditors will refer to this number to decide on what level of trust they give or don't give to you. This is referred to as your FICO score. This number ranges between 300 and 850. A high number will tell any creditor that you are generally trustworthy and pay your loans back where as a low number will make them wearier in lending to you and charge a higher interest rate. Organizations that can use your credit score are banks, insurance companies, landlords, employers and others. There are also other factors that can determine your ability to get a loan and at what rate such as your employment status and if you own a home. Your Credit Score differs from your Credit Report. Here are some key differences: Credit Score: - A number is assigned based on your risk of paying back what has been borrowed. - The most common score is called your FICO score. This is a number developed from Fair Isaac Corporation (www.fico.com) - Each of the 3 agencies: Equifax, Experian and Trans Union have a FICO score for you. - It is calculated by a combination of your payment history, what debt you have, how long your credit history is, any new credit you have obtained and the types of credit used. Credit Report Contains: - Gives a report on your credit history - What types of credit you are using or have used such as loans, credit cards mortgages etc. -Bank Information -Any bankruptcy or court judgments -How long you have had your credit and any newly opened credit. -If you are paying your bills on time

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