Frequently Asked Questions(FAQ)

Is my credit score or a credit report more important?

Neither is more important than the other because they are closely related. The information on your credit report is used to calculate your credit score. However, some lenders rely more on checking your score rather than spending time analyzing your credit report. Remember, checking your credit report matters because errors can negatively impact your score.

What should I do if I find an error on my credit report?

Disputing credit report errors is vital because they unnecessarily hurt your credit score. To dispute a mistake, contact both the credit reporting company and the company that provided the information. Dispute credit report errors in writing and state what you believe the error is. Include supporting documents that help you provide proof that there was an error.

How often does my credit score change?

Your credit score can change whenever new information is added to your credit report. Lenders report activity once a. month, which makes it important for you to check your credit report at least quarterly, if not monthly. Check it through the credit bureaus (Experian, Equifax, and TransUnion) or with

Do banks look at credit scores or credit reports?

Banks are typically very thorough and will look carefully at both credit scores and credit reports. Because of regulations, they must adhere to lending codes that ensure they remain solid financially and that consumers are protected. Retailers, on the other hand, are subject to different rules and regulations than the banks are, and some will only check credit scores instead of reading through credit reports.

Is VantageScore higher than FICO?

VantageScore can sometimes be higher than FICO for some consumers, but not always. Because both companies use different scoring systems, their scores will usually differ. For that reason, your score with VantageScore might be higher than your score with FICO this month, but not next month. If the difference in scores concerns you, contact each company and inquire how your score was determined.

About the Authors

Bob Phillips

Written by: Bob Phillips

Financial advisor and content writer

Bob has 15 years of experience as as a financial advisor/trainer/agency manager for several major financial services companies. He earned numerous awards for personal production and agency leadership during his financial career.

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