The two terms may be interchangeable in some conditions, but there is a clear distinction between them.
A credit rating, represented as a letter grade, shows the creditworthiness of a business or government.
A credit score, represented by a 3-digit number, shows the creditworthiness of an individual or small business.
Both ratings and scores show potential lenders and creditors a borrower's likelihood of repaying debt.
Credit ratings are produced by credit rating agencies, such as S&P Global, that uses alphabet grading from A to D.
Corporations or governments with good financial records get AAA, followed by AA, A, BBB, BB, B, CCC, CC, C, and D.
Credit scores are generated by major credit bureaus like Equifax®, Experian®, and TransUnion®.
A person's credit score is based on information from these credit reporting agencies and range from 300 to 850.
Credit ratings and scores can be boosted with good credit habits, timely payments, and a stable track record.