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Do you know the difference between your credit report and your credit score? It may be easy to see these two related items as one and the same. However, if you take a closer look, you may start to understand some key differences between the two.
A credit report includes information about your past and existing credit agreements, such as credit card accounts, mortgages, and student loans, and lists inquiries about your credit history. It outlines how much you owe creditors, how long each account has been open, and how consistently you make on-time payments. Credit reports also list related public records, such as collections or bankruptcy filings.
The Fair Credit Reporting Act allows consumers access to one free credit report annually from each of the three major credit reporting agencies, through AnnualCreditReport.com. By viewing your credit reports, you will be able to know what lenders will see when you apply for a loan. The free annual credit report will not contain your credit score.
Tip
A credit score is like a grade that’s given to your credit report. This three-digit number typically ranges from 300 to 850, specifically those based on the standard FICO® Score. There are three credit reporting agencies –Equifax®, Experian®, and TransUnion® – each of which assigns you a credit score. When you request your credit score, you will actually receive three numbers in return, and since the numbers will be coming from different reporting agencies, they may all be different. If you request your free annual credit report, it will not automatically include a credit score. Each reporting agency will charge a fee to show your credit score. If, once you have your credit score from all three agencies, any of those numbers are drastically different than the others, you may want to look closely at your credit report to see if there are any errors which you can dispute. A high credit score can indicate lower risk to the lender and customers with a high credit score may be more likely to qualify for a loan.
To access your credit score for a fee, you can contact the credit reporting agencies. There are also websites that offer a free Vantage Score. A Vantage Score is not the same as a FICO® Credit Score, and there are differences in how they are calculated. Some banks and credit card companies also provide credit scores to their eligible customers. Wells Fargo now provides access to FICO® Credit Scores to eligible customers through Wells Fargo Online. When comparing scores, be sure to understand what kind of credit score you are looking at (FICO® Score vs Vantage Score), what score version it is, and when it was last updated. For more information, view: understanding the difference between credit scores.
By understanding your credit report and credit score – and checking them regularly for accuracy – you can make informed choices that will impact your financial future.
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You must be the primary account holder of an eligible Wells Fargo consumer account with a FICO® Score available, and enrolled in Wells Fargo Online®. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply. Eligible Wells Fargo consumer accounts include deposit, loan, and credit accounts. Other consumer accounts may also be eligible. Contact Wells Fargo for details.
Please note that the score provided under this service is for educational purposes only and may not be the score used by Wells Fargo to make credit decisions. We may use other FICO® Score versions and other information when you apply for credit. There are many factors that Wells Fargo looks at to determine your credit options; therefore, a specific FICO® Score or Wells Fargo credit rating does not necessarily guarantee a specific loan rate, approval of a loan, or an automatic upgrade on a credit card.
FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.
LRC-0620
Credit inquiries
Credit inquiries are requests by a "legitimate business" to check your credit.