Why Isn’t My Credit Score Listed On My Credit Report?

credit reports and scores explained

There you are expecting your credit score to show up as you draw your credit report from one of the big three credit bureaus and it isn’t really there. You may be annoyed that you took the time and perhaps spent money in the hope of finding your credit score on that credit report. It makes sense that the credit score should appear on your credit report, so why doesn’t it and what can you do about this fiscal injustice?

Credit score background

The first thing to understand is that credit reports and credit scores are two absolutely different products.

The FICO score is a proprietary credit scoring system that was created in the 1950s. The company that established it Fair, Isaac and Company then sold the scoring system. At first, there were other scoring systems that competed with it.

As soon as Equifax began utilizing it as a general purpose credit rating, it quickly became the industry standard.

In short, the company that designed the FICO Score was so successful with it that the whole credit industry adopted it as a standard technique of determining creditworthiness. It is a product the credit bureaus use in order to assess you, and it is a product you buy to see where you fall.

Credit report: What’s in it?

The credit report is simply that: It provides your entire credit profile so that financial institutions can examine it and evaluate your creditworthiness, both independent of the FICO score and in conjunction with it. You can buy your credit score from all 3 bureaus also, and they likewise have their own scoring systems.

Credit Score: It’s not totally free, mainly

Your FICO score is seldom offered free of cost. Those sources may provide you a complimentary FICO rating, however then you’ll be signed up for a month-to-month repeating charge in some sort of membership program including credit, or credit tracking, or as a value-add by utilizing a certain charge card (like Discover, which offers a totally free score on your statement monthly). These may be worth it, depending on your circumstance.

Nevertheless, the Fair Credit Reporting Act by provides consumers access to their credit report free of charge one report from each of the three credit bureaus (Experian, Equifax, Transunion) once per year. This data is supplied at a centralized source, www.annualcreditreport.com.

In addition, the FCRA entitles you to a free credit report if a business or creditor takes what’s called adverse action against you. This includes rejecting an application for credit. You could also get one if your report is incorrect because of id theft.

You can dispute errors or you may have discovered a case of fraud. You want to do this not only so everything is correct, but because it will effect your FICO score.

3 bureau credit reports and scores