What's the Difference Between a Credit Report and Credit Score?

When it comes to credit, 2 terms tend to pop up: credit report and credit score. Both are critical for maintaining financial health and are often referenced together, but they serve different purposes. While a credit report shows your credit history (along with some personal details), a credit score is a 3-digit number that represents your credit risk, including your likelihood of repaying debt.

According to the FICO® Score Credit Insights report, as of 2025, the average U.S. credit score is approximately 716, placing most consumers in the "good" range. Yet, nearly 25% of Americans with a credit history still fall into the subprime category (below 660), highlighting the need to understand and actively manage both your report and score.

Understanding the differences between a credit report and a credit score can empower you to make smart financial decisions. Let’s explore what makes these credit tools distinct and why knowing the difference can be important for your financial well-being.

What is a credit report?

A credit report includes information about your credit history and activity. Typically, your information is organized into several sections:

• Identifying information (such as your name, date of birth and Social Security number)
• Accounts (such as loans, mortgages and credit cards; this also includes details like whether an account is delinquent or sent to collections, debt amounts and payment histories)
• Public records of bankruptcies from the last 7 to 10 years
• Recent credit inquiries (these occur when someone checks your credit)

Credit reports are compiled by the 3 main credit bureaus. Each credit reporting agency gathers information from your creditors and other financial sources to compile this report about your credit history. Keep in mind that since credit bureaus may receive different data, your report can vary slightly between them.

What is a credit score?

A credit score is a 3-digit number, typically ranging from 300 to 850, that indicates your creditworthiness. It’s based on your financial history, and it helps lenders evaluate your likelihood of repaying debt, as well as set the interest rate and other terms you’ll receive if you’re approved for credit.

There are several credit scoring models, each with a unique algorithm. Therefore, you may have multiple credit scores that lenders could reference.

However, credit scores in general are influenced by 5 primary factors:

• Payment history: Consistent, on-time payments improve your credit score, while missed or late payments can lower it.
• Amounts owed: Lenders can consider how much debt you have, including loans and revolving credit, such as credit cards. For instance, they may look at your credit utilization ratio (how much credit you’re using compared to your total available credit). A lower ratio is ideal.
• Length of credit history: The longer your credit history, the better, as it gives lenders a clearer understanding of your financial habits.
• Recent credit inquiries: This factor considers the number of recent hard credit inquiries you’ve had. Hard inquiries happen when you apply for a new line of credit, like a loan or credit card. Too many hard inquiries can negatively impact your score. Hard credit inquiries generally affect your credit score for 1 year.
• Credit mix: Your credit mix is the variety of accounts you hold, such as credit cards, mortgages and student loans.

Credit score vs. credit report: key differences

Although a credit report and credit score are related, they differ in a few ways. At a high level, your credit report is a comprehensive document that includes a detailed account of your financial history, and that’s used to determine your 3-digit credit score.

Another key difference is the purpose. The credit report helps lenders assess specific behaviors. Meanwhile, your credit score provides a quick snapshot of your creditworthiness.

Another important difference is the frequency of updates. Credit scores can fluctuate more frequently than credit reports, which are typically updated monthly.

Together, credit scores and credit reports provide a financial profile that can help you understand your borrowing power.

Why are your credit score and credit report important?

Both your credit report and score may have substantial impacts on your finances.

For instance, lenders rely on your score and report to determine whether to approve a line of credit, including loans. In general, a higher score can improve your chances of approval, while a lower score may cause a lender to deny your application. Lenders also use both your score and report to determine interest rates on credit. A stronger report and score can help you access better rates, while a less-than-perfect report or score may lead to less favorable terms.

Regularly monitoring your report and score can also help you detect signs of identity theft early, such as unfamiliar accounts or addresses.

How to check your report and credit score

Staying informed about your credit is important, even if you’re not planning on applying for new credit in the near future. There are several ways you can check both your credit score and reports.

If you want to check your credit score, some financial institutions and credit card issuers (including Citi) offer free credit scores. You may check your credit score any time without negatively impacting it. It can also be a good idea to check your report regularly to spot any fraud or errors. If you’re planning to make a significant financial decision, such as buying a house or applying for a loan, it can be a good idea to check both your report and score beforehand to ensure accuracy.

You’re entitled to 1 free credit report every 12 months from each of the 3 consumer credit bureaus, which you can access online. The credit bureaus offer free weekly reports as well.

When looking at your credit report, review it carefully for any errors in your personal information, unfamiliar accounts, incorrect payment statuses or unauthorized inquiries. Even a small mistake can impact your credit score, so it’s important to catch and dispute any inaccuracies as soon as you find them.

The importance of monitoring your credit

Understanding the difference between a credit report and a credit score can give you more information to manage your financial health. Both can be crucial tools in helping you achieve financial goals and protect your personal information. Regularly monitoring your credit report and score allows you to identify areas for improvement and catch potential errors or fraud. The more informed you are, the better positioned you’ll be to make sound financial decisions.

Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. Citi and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. Citi and Fair Isaac do not provide ‘credit repair’ services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history or credit rating.