What is the connection between a credit report and a credit score?

A credit report is a record of your credit history, usually compiled by credit reporting agencies. The three major ones in America are TransUnion®, Equifax®, and Experian®. Your credit score is determined by credit scoring companies like VantageScore® and FICO® using the information in the credit report(s). Sometimes the same credit scoring model can be used to evaluate information from all three credit bureaus. For example, VantageScore’s scoring model can be used for all three bureaus. FICO has a different version of the scoring model for different credit bureaus. FICO also has industry-specific scores like bankcard and auto scores which range from 250-900 instead of the generic 300-850.

There is some information that credit reports do not consider while calculating your score like your race, geographical location, or income. But lenders may choose to consider some factors, like your annual or monthly income, to decide if your card or loan can be approved.

In a nutshell, there are two main credit scoring companies: FICO and VantageScore. There are three main credit-reporting bureaus, information from which is used by FICO and VantageScore to calculate your credit scores.