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What is the difference between a credit score and a credit report?

Credit Reports

Credit reports are created and maintained by credit bureaus (like TransUnion). They contain detailed information about your credit history. Credit reports typically include things like your history of on-time or missed payments, your total credit limits and balances, past bankruptcies and other relevant details.

Credit Scores

The details on your credit reports are converted into a credit score using a credit scoring model (like the TransRisk model). Scores commonly range from 300 to 900 and are meant to be a quick estimation of how likely you are to pay back your debts.

Scores can vary depending on the scoring model because each model may place more or less importance on different details from your report. Scores can also vary by credit bureau because each bureau may have slightly different information about you. 

Who uses this information?

Lenders, landlords, utility companies and even employers may be interested in your credit information. Federal and provincial laws limit who can access your credit information and what they can get, though.

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