Credit History vs Credit Report vs Credit Score
Credit history is a key component of your credit report. Everyone has three different credit reports, generated individually by the three major credit bureaus – Experian, Equifax, and TransUnion – after they collect relevant financial information from banks and lenders. In addition to credit history, credit reports usually include current and historical information on names, addresses, and employers. Lenders, employers, and sometimes landlords usually will receive a version of your credit report when they request a credit inquiry on your behalf.
Historically, individuals have been able to request a free copy of each credit report once a year at AnnualCreditReport.com.1 In response to the pandemic, all three bureaus plan to offer free weekly credit reports through at least December 31, 2022.
Your credit history and credit report should not be confused with your credit score, a number based on your credit history, usually ranging from 300 to 850. Your credit scores are calculated by algorithms that analyze your credit habits, including payment history, credit utilization rate, account age, and more. Credit scores are used by lenders as a prediction of future delinquencies, can usually be checked for free at any time through your bank or credit card account, and offer a quick snapshot into your credit health. There are two main credit score providers, FICO and VantageScore – FICO generally being more commonly used by lenders.
The bottom line: Your credit history is used to determine your credit score. Both your credit history and credit score are included in your credit report.