Short answer: a credit report is the record of your credit history that a consumer reporting agency keeps. A credit score is a number or category made from the information in a report by a scoring model, to predict how you will handle credit. You have a legal right to free copies of your reports in set cases. A score is a separate disclosure, and the law lets the agency charge a fee for it. This is general information, not legal or financial advice.
What a credit report is
The CFPB says: “A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts” (CFPB, last reviewed October 29, 2026, read October 30, 2026). Consumer reporting agencies collect this data from creditors, and the CFPB notes that “Creditors are not required to report to every credit reporting company”, so your reports from different agencies may not match.
The CFPB lists what a report can contain:
- Personal information: names you have used with credit accounts, current and former addresses, birth date, Social Security number and phone numbers.
- Credit accounts: the type and status of each account, the credit limit or amount, the balance, payment history, the dates it was opened and closed, and the creditor.
- Collection items: missed payments, loans sent to collections and overdue child support reported by a government agency.
- Public records, such as bankruptcies.
- Inquiries: companies that have accessed your report.
Lenders use reports to decide whether to lend and at what rate, and to check whether you still meet the terms of an account you have (CFPB).
What a credit score is
The CFPB says: “A credit score is a prediction of your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports”, and that companies use “a mathematical formula”, called a scoring model, to create it (CFPB, last reviewed September 2, 2026, read October 30, 2026). The law defines a credit score as “a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default” (15 U.S.C. 1681g(f)(2)(A)(i), official U.S. Code text, read October 30, 2026).
The CFPB lists factors that scoring models take into account (CFPB):
- Your bill-paying history.
- Your current unpaid debt.
- The number and type of loan accounts you have.
- How long you have had your loan accounts open.
- How much of your available credit you are using.
- New applications for credit.
- Whether you have had a debt sent to collection, a foreclosure or a bankruptcy, and how long ago.
You do not have one single score. The CFPB says each score “depends on the data used to calculate it”, and may differ by scoring model, by the source of the data “and even the day when it was calculated” (CFPB).
Side by side
| Credit report | Credit score | |
|---|---|---|
| What it is | A record of your credit history and accounts | A number or category that predicts credit behavior |
| Who makes it | A consumer reporting agency, from data creditors send it | A scoring model applied to report data |
| Number of each | One file at each agency that keeps one on you | Several: scores differ by model, data and date |
| Free by law | Yes, in the cases in 15 U.S.C. 1681j | The law lets the agency charge a fair and reasonable fee (1681g(f)(8)) |
| Can you dispute it | Yes, errors in the report can be disputed | You dispute the report data the score is built on |
Your right to free credit reports
The law says the nationwide agencies “shall make all disclosures pursuant to section 1681g of this title once during any 12-month period upon request of the consumer and without charge to the consumer”, with requests to the nationwide agencies made through the centralized source set up for that purpose (15 U.S.C. 1681j(a)(1)(A) and (B), official U.S. Code text, read October 30, 2026). The law also gives a free report:
- Within 60 days after you get an adverse action notice under 1681m, from each agency that keeps a file on you (1681j(b)).
- Once in any 12-month period if you certify in writing that you are unemployed and plan to apply for a job within 60 days, that you receive public welfare assistance, or that you believe your file has errors due to fraud (1681j(c)).
- In connection with fraud alerts (1681j(d)).
In other cases an agency may charge a reasonable fee, which the law caps and the CFPB adjusts each year (1681j(f)). The CFPB says you can also view your reports online for free once a week at AnnualCreditReport.com (CFPB, last reviewed October 15, 2026, read October 30, 2026). For where to get your reports and what to check before you apply, see check your credit report before a loan.
Date example, only for the math: if an adverse action notice reaches you on November 2, 2026, 60 days later is January 1, 2027. The date you actually receive your own notice decides the real deadline.
What a credit score disclosure must include
When you ask a consumer reporting agency for your credit score, it must give you a statement that the information and scoring model may be different from the score a lender uses, and a notice with (15 U.S.C. 1681g(f)(1)):
- Your current credit score, or the last score the agency calculated for a purpose related to credit.
- The range of possible scores under the model used.
- All of the key factors that hurt your score, up to 4, listed in order of their importance (1681g(f)(1)(C) and (f)(2)(B)). If the number of inquiries is one of them, it must be listed even beyond the limit of 4 (1681g(f)(9)).
- The date the score was created.
- The name of the person or entity that provided the score or the credit file it was made from.
The agency “may charge a fair and reasonable fee, as determined by the Bureau” for this (1681g(f)(8)). Lenders that use your score have their own duties: see risk-based pricing notice and loan application denied: the adverse action notice.
Fixing problems
A score is built from report data, so errors in your report are where to start. See dispute a loan reporting error, and for how long negative items can be reported, see how long negative items stay on your credit report.
Questions to ask a lender
- Which agency’s report and which score did you use for my application?
- What were the key factors that affected my score?
- If I correct an error in my report, will you review my application again?
Checklist
- Get your free reports and read every account and inquiry.
- Remember the report is the data and the score is a prediction made from it.
- Expect different scores from different models, data and dates.
- Ask for the key factors if you get a score disclosure.
- Dispute any error in your report before you apply.
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Sources
- CFPB: What is a credit report? (last reviewed October 29, 2026)
- CFPB: What is a credit score? (last reviewed September 2, 2026)
- 15 U.S.C. 1681j, Charges for certain disclosures (Fair Credit Reporting Act), official text from the U.S. Code on GovInfo
- 15 U.S.C. 1681g, Disclosures to consumers (Fair Credit Reporting Act), official text from the U.S. Code on GovInfo
- CFPB: How do I get a free copy of my credit reports?
Disclosure: Modern Lending Solutions is not a lender, loan broker or agent for any lender or loan broker, and does not make credit decisions. Any compensation we receive is paid by participating lenders, only for advertising services. This guide is general information, not financial or legal advice.