Monday, October 27, 2014
Did You Know That…”Credit score” and “Credit report or Credit history” are not the same thing even though many consumers use the term interchangeably which is a major source of confusion.
Listen Up: Your credit report is simple a set of data or record, collected about a person or a business previous borrowing and repaying habit which includes data about the individual’s or business late payment history and even bankruptcy.
The credit score on the other hand, is a 3-digit numerical number or expression based on a level analysis of a person's credit files, which mirrors a person’s creditworthiness. It is a combination of data based primarily on credit report information typically derived from credit bureaus.
ICMS, Inc - Now You Know (Consumer Education Series)