What Is the Difference Between a FICO Score and Credit Report?

Your credit report and FICO Score are used by a multitude of people. From potential creditors to perspective employers; many people require a credit check before conducting business with you. For this reason, it is important to ensure that the information featured on your credit report is accurate and up to date.

Basic Differences

While both your credit report and your FICO Score are used to determine your credit-worthiness, they are very different in regards to the information shared. Your credit report offers a comprehensive history of your personal credit balances and identifying information, to ensure that you are not confused with another person with the same name. Your FICO Score, on the other hand, provides a snapshot of your overall credit report by assigning it a numeric score. The scores range from 300-850, with a higher number reflecting a more favorable credit history.

Credit Report Basics

Your credit report is a file maintained by three different credit reporting agencies: Experian, Equifax, and TransUnion. These three agencies keep records on you for a rolling 10-year period. They have information used to identify you, such as your employment history, as well as your places of residence. In addition to identifying information, your credit report also contains information on existing loans, and other outstanding debts.

Your FICO Score

Your FICO Score is based on a mathematical formula created by the Fair Isaac Corporation. Though the exact formula is not readily accessible, it is based roughly on: outstanding debt, 30 percent; payment history, 35 percent; credit history (length and type), 25 percent; and new credit, 10 percent.

While this generally is the formula, when being considered by credit analysts certain aspects may be given more or less weight, depending on individual circumstances.

Details in Your Credit Report

Other than identifying factors, your Credit Report features detailed information about your outstanding debt and available credit lines. Accompanying a list of your existing accounts is a breakdown of your balances, payment history and the length of time holding the account(s). According to The Dough Roller, there is also a list of the inquiries made to your account, as well as any public collections, such as delinquent medical bills.

Differences Between Credit Reporting Agencies

While the information featured on all three credit reports should be roughly the same, they can have differing information, which is one reason to check your own credit at least once per year. The three major agencies all offer a numeric score based on the FICO Score, but the percentages may vary slightly, and each agency has renamed the FICO Score to differentiate one agency's score from another. Equifax calls it the Beacon Score, Experian has the Fair Isaac Risk Model, and TransUnion's numeric score is called the Empirica.