What is a credit score? What do the numbers mean and how do they translate into ratings?
A Credit Score is a number which represents your credit history. It also affects credit terms and interest rate offered to you. Your credit score indicates the level of risk that the financial institution would have if they would lend money to you and lets lenders know how likely you are to repay a loan. It determines your eligibility when applying for a mortgage, business loan, car loan, student loan, or line of credit.
What is a credit report? Who is involved in producing it?
Credit Reporting Agencies (CRAs) collects information about your financial activity in order to generate your credit score and report. Lenders (and you) have access to this report to evaluate you for credit (Fico Score, etc.)