FREE INTRODUCTORY READING · GENERAL EDUCATION
A report is information. A score is a model output.
Credit reports contain account and other credit-history information. A score summarizes selected information using a scoring model. Different bureaus, report dates and model versions can produce different results.
The familiar FICO categories
FICO describes five general categories: payment history 35%, amounts owed 30%, length of history 15%, new credit 10% and credit mix 10%. Their importance can vary by person. These are not a formula you can use to calculate an individual score.
A score is not the whole lending decision
Income is not part of the standard FICO calculation. Lenders may separately assess income, obligations, collateral and other eligibility factors. Understanding your report does not guarantee approval.
Understand the right to question errors
Consumers can dispute inaccuracies directly without paying a company. FCRA Section 611 generally provides a 30-day reinvestigation period, with extensions in specified circumstances. There is no general seven-day automatic deletion rule. An unfavorable entry is not necessarily inaccurate.