What is the difference between credit history and credit score?

credit history and credit score have correlation with each other. The difference between credit history and credit score is that credit history is a list of all different types of accounts, loans and credit accounts that the person has, as well as the history of each account. A credit score is a number or "class" that is calculated using different aspects of credit history. The credit authorities will then apply this information and formula of its choice to determine the credit score. For each creditor containing an account, it provides information to credit authorities, which is then listed on the credit report. This is another difference between the loan Hello and credit score. The credit history is listed on the credit report, but the credit score is not stated on the credit message and must be required separately.

Some of the information that can be found in credit history for each account include a loan type or credit account. Credit history also showe when the account was open and if the account was closed and the closure date. Credit history reports report your account balance and any account problems such as late salaries.

Costs are another difference between credit history and credit score. It is a federal law that an individual has a legal right to ask for a copy of each of his three credit reports at least once every 12 months. It is also a legal right to apply for a copy of each credit report if the individual has been rejected by a loan. In these circumstances, the cost is not to require a copy of credit history or credit reports. In order to obtain a credit score, each of the credit authorities charge a fee for obtaining this information.

Another difference between credit history and credit score is that a dispute may be made if there is an inaccurate information about credit history or credit report. Credit scores cannot be questioned, but may change by determining inaccuracies in credit history.