Credit report vs. credit score
Your credit report is the raw record. Equifax, Experian and TransUnion each keep one, built from what lenders send them. Your credit score is a three-digit number a scoring model calculates from one of those reports at the moment a lender asks for it. Reports don’t include scores, which is why you can pull all three reports and still not see a number.
Because each bureau receives slightly different data, and because there are several scoring models, you don’t have one score. You have many. A score that differs by 20 points between two apps usually means a different bureau, a different model, or a different date, not an error.
What is on your report
- Identifying details: name, addresses, Social Security number, date of birth. These are not scored.
- Accounts (tradelines): credit cards, auto loans, mortgages, student loans and other credit, with limits, balances and month-by-month payment history.
- Negative marks: late payments, charge-offs, collections and bankruptcies.
- Inquiries: a list of who has pulled your report.
Income, bank balances and employment status are not scoring factors. A high salary does not raise your score, and an empty savings account does not lower it.
You can get free reports from all three bureaus every week at AnnualCreditReport.com. The bureaus made weekly access permanent in September 2023. You can also call 1-877-322-8228 or mail a request form to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
The five FICO Score factors
FICO publishes the approximate weight of each category for the general population. Your own mix may differ. If you have a thin file, for example, some categories carry more weight than they would for someone with 20 years of history.
| Factor | Weight | What it looks at | What moves it |
|---|---|---|---|
| Payment history | 35% | Whether past and current accounts were paid on time | Late payments, collections, charge-offs, bankruptcy |
| Amounts owed | 30% | How much of your available credit you are using, plus balances on loans | Card balances relative to limits |
| Length of credit history | 15% | Age of your oldest and newest accounts and the average age of all accounts | Opening many new accounts; time |
| Credit mix | 10% | Mix of cards, retail accounts, installment loans, finance company accounts and mortgages | Having both revolving and installment credit |
| New credit | 10% | Recently opened accounts and recent hard inquiries | Several applications in a short period |
Source: myFICO, “What’s in my FICO Scores?” (checked October 2026).
What the weights mean in practice
Payment history and amounts owed make up 65% together. If you want to change your score, start there. Set up autopay for at least the minimum on every account so a missed due date never becomes a reported late payment. Then lower card balances. Scores see the balance your issuer reports to the bureaus, so a lower reported balance helps even if you always pay in full later.
Length of history mostly rewards patience. Closing an old card does not erase its history, but it removes that card’s limit from your available credit, which can push utilization up. If you’re new to credit, being added as an authorized user on a well-managed account can add history. See how becoming an authorized user builds credit.
Credit mix is a minor factor. FICO says you don’t need every type of account. Taking out a loan you don’t need just to add an installment account rarely makes sense. If you have no installment history and want to build some, a credit builder loan is a low-cost way to do it.
VantageScore: the other major model
VantageScore is the main alternative to FICO. Many free credit apps show a VantageScore, which is one reason the number in your app may not match what a lender sees. VantageScore 4.0 uses the same 300–850 range as base FICO Scores but weights factors differently and uses trended data, meaning it looks at the direction of your balances over time, not just a single snapshot.
| VantageScore 4.0 factor | Approximate weight |
|---|---|
| Payment history | 41% |
| Age and type of credit | 20% |
| Credit utilization | 20% |
| New credit | 11% |
| Balances | 6% |
| Available credit | 2% |
Source: Chase, “What is the VantageScore 4.0 credit model?” (checked October 2026).
VantageScore says version 4.0 can score about 33 million more U.S. consumers than conventional models, largely people with short or sparse credit files. The habits that help one model help the other: on-time payments and low balances.
Mortgage scoring changes in 2025–2026
For years, loans sold to Fannie Mae and Freddie Mac required older “Classic FICO” scores from all three bureaus. That has changed:
- July 8, 2025: FHFA Director Bill Pulte announced that Fannie Mae and Freddie Mac would allow lenders to use VantageScore 4.0 and that the three-bureau (“tri-merge”) report requirement would stay, reversing an earlier plan to move to two reports. A July 15 follow-up clarified that lenders choose Classic FICO or VantageScore 4.0 for a loan, not both.
- April 22, 2026: FHFA said the two companies would update selling policies so a limited group of approved lenders could start using VantageScore 4.0, and approved FICO Score 10T for future use. HUD said FHA would allow VantageScore 4.0 and FICO 10T “in the coming months.”
- July 1, 2026: historical data for FICO Score 10T was published. Freddie Mac says the model is still in the implementation pipeline.
- September 9, 2026: per Freddie Mac, all sellers may use VantageScore 4.0 on eligible loans without prior written approval.
- September 30, 2026: per Freddie Mac, credit fees for Classic FICO and VantageScore 4.0 loans are aligned.
What this means for you: if you’re applying for a conventional mortgage, ask the lender which model it uses. Lenders still pull all three bureaus, so an error on any one report can affect your pricing. Check all three reports a few months before you apply. Our mortgage lender guide covers what else lenders look at.
Hard vs. soft inquiries
A soft inquiry happens when you check your own credit, when an existing lender reviews your account, or when you get a prequalified offer. Soft inquiries never affect your FICO Score.
A hard inquiry happens when you apply for credit and the lender pulls your report to make a decision. According to myFICO, one additional hard inquiry costs most people fewer than five points. FICO Scores count hard inquiries for 12 months, and they stay on your report for up to 24 months.
Shopping for a mortgage, auto loan or student loan is treated differently. FICO groups multiple inquiries for the same loan type into one if they fall within a window: 14 days for older FICO versions and 45 days for newer ones. Because you don’t know which version a lender uses, keeping your rate shopping within about two weeks is the safe approach. Credit card applications don’t get this treatment; each counts separately.
Buy now, pay later loans
BNPL plans used to be invisible to the bureaus. That is starting to change. Affirm began sending BNPL data to Experian on April 1, 2025, and began reporting all its pay-over-time loans to TransUnion, starting with loans issued from May 1, 2025. At first, that data was not factored into traditional credit scores. In June 2025, FICO announced FICO Score 10 BNPL and FICO Score 10 T BNPL, offered to lenders alongside existing scores. FICO’s joint study with Affirm of more than 500,000 consumers found that adding BNPL data could raise scores for some consumers while improving how well the model predicts risk.
The practical rule: treat a BNPL plan like any other loan. A missed installment can lead to late fees, collections, or a negative mark depending on the provider and the model a lender uses. Several plans at once can also make you look stretched to a lender that sees them.
Medical debt: where the rules stand
At the end of the Biden administration, the CFPB finalized a rule to remove medical debt from credit reports, affecting about $49 billion in debt for roughly 15 million people. In July 2025 a federal judge in Texas vacated the rule, finding the CFPB lacked authority to issue it. The rule never took effect.
The three bureaus’ own voluntary policies still apply:
- Paid medical collections are removed from reports.
- Medical collections under $500 are not reported.
- Unpaid medical debt is not reported until it is a year old.
Fifteen states have their own medical debt reporting laws: California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Minnesota, New Jersey, New York, Oregon, Rhode Island, Vermont, Virginia and Washington. If you get a medical bill you can’t pay, ask the provider about financial assistance and a payment plan before it goes to collections.
How lenders use your score
Lenders use scores in two ways: to decide whether to approve you, and to set your price. A higher score usually means a lower interest rate, a higher credit limit, or a smaller down payment requirement. Scores are one input. Lenders also look at income, debt-to-income ratio and, for mortgages, the full report. See credit score ranges explained for what each band means and how much it can change a loan’s cost.
Common mistakes
- Assuming one number is “your” score. Check which bureau and model an app shows.
- Carrying a balance to “build credit.” Paying in full builds the same history without interest.
- Closing your oldest card right before a loan application. It can raise utilization.
- Applying for several cards in a few weeks. Card inquiries are not grouped like mortgage or auto inquiries.
- Ignoring report errors. You can dispute inaccurate information directly with the bureau that shows it, free. Paying a company to dispute accurate information won’t remove it; see our credit repair guide for what those firms can and can’t do.
If card balances are what’s holding your score down, our guide on how to pay off credit card debt walks through the options.
Frequently asked questions
Why is my score different on different apps?
Each app may use a different bureau (Equifax, Experian or TransUnion), a different model (FICO or VantageScore, and different versions of each) and data from a different date. Small differences are normal.
Does checking my own credit lower my score?
No. Checking your own credit is a soft inquiry and never affects your FICO Score. Only hard inquiries from credit applications count.
How long do hard inquiries affect my score?
FICO Scores consider hard inquiries for 12 months. They remain visible on your credit report for up to 24 months.
Will buy now, pay later loans show on my credit report?
Some will. Affirm reports to Experian and TransUnion, and FICO has released BNPL-aware score versions. Treat every BNPL plan like a loan and pay on time.
Is medical debt still on credit reports?
Paid medical collections and medical collections under $500 are not reported under the bureaus' voluntary policies, and unpaid medical debt is not reported until it is a year old. The CFPB rule that would have removed most medical debt was vacated by a federal court in July 2025.
Which score will my mortgage lender use?
Loans sold to Fannie Mae and Freddie Mac can now use Classic FICO or VantageScore 4.0, and lenders still pull reports from all three bureaus. Ask your lender which model it uses.
Does my income affect my credit score?
No. Income, savings and employment are not scoring factors, although lenders consider income separately when they decide on an application.
Sources
- myFICO – What's in my FICO Scores?
- myFICO – How to Rate Shop and Minimize the Impact to Your FICO Scores
- Chase – What is the VantageScore 4.0 credit model?
- VantageScore – VantageScore 4.0
- Freddie Mac – Credit Score Models and Reports Initiative
- Brownstein Hyatt Farber Schreck – FHFA Reverses Course on Bi-Merge; Opens Door to VantageScore 4.0
- Brownstein Hyatt Farber Schreck – FHFA and HUD Greenlight Credit Scoring Changes
- Checkbook – Federal Judge Kills CFPB Rule that Banned Medical Debt in Credit Reports
- PYMNTS – FICO to Launch Credit Scores That Incorporate BNPL Data
- Experian plc – Equifax, Experian and TransUnion Support US Consumers With Ongoing Availability of Free Weekly Credit Reports
- NerdWallet – How to Get Your Free Credit Reports
Rates, fees and terms change often. Figures were checked in October 2026; confirm current details with the provider before you apply.