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)
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