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Credit Scores Vs. Credit Reports: Key Differences That Business Owners Should Know



Do you make a clear distinction between a credit report and a credit score? It’s easy to mistake these two connected things for the same.

Key Upshots

  • Your credit report is a chronicle of your indebtedness. It features your personally identifiable information including a record of your past and present obligations. It also indicates if you have always paid your debts on time or if you have ever missed a payment.
  • Your credit score is a 3 number figure calculated using information from your credit report. The greater your score, the more enticing you are to lenders. A lower figure may reflect negatively on your credit situation.
  • Your credit score does not ensure that you will be approved or denied for credit. Individual credit issuers often evaluate you based on their criteria, which may include your previous contact with them.                                                                                        

If you pay attention, you will see numerous significant differences between the two. We highlight how your credit score and credit report differ and how they interact to give a picture of your financial health. While the terms credit score and credit report are frequently used alike, they are not synonymous. Credit scores and credit reports are both dependent on how effectively you’ve managed credit in the past, but there are some key differences to be cognizant of.

What is a Credit Report, precisely?

A credit report comprises information on your observed in previous and present credit agreements, such as credit card accounts, mortgages, and student loans, as well as credit history checks. It reveals how much you owe creditors, how long every account has been open, and how often you make on-time repayments. Credit reports also include information from public records such as receivables or bad debts. Having secured credit cards Canada and making repayments on time have positive impacts on your credit history.

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(Image Source: Freepik)

Parts of a Credit Report

Your credit report is divided into three sections:

  1. Information about you

This section includes the following items:

Since credit bureaus use your address to match up all of your credit history, it is critical. As an outcome, it is vital that you register all of your bank accounts at a single location. Notify your lenders as soon as possible if you migrate so that they can update your information. This guarantees that your credit report is complete and correct.

2.History of credit accounts

This is a list of your credit and current accounts (for example, a credit card or a bank account). You will indeed be capable to see how much liabilities you currently have (your balance). This section will display your current accounts (which will have a £0 amount unless you have an overdraft), secured credit cards, short-term loans, and long-term debts, such as a mortgage.

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It may, however, include less apparent information, such as accounts with energy providers, internet service providers (ISPs), and mobile phone networks. If you use secured credit cards Canada, then it may help you in maintaining a great credit history.

In a formal sense, these are also credit accounts. You are receiving a service today and will be charged later. It is up to the individual supplier whether they will appear on your credit record. Not all service providers provide reports to credit bureaus.

  1. History of Payment

Your credit report will indicate if you have paid your obligations on time each month, whether you have made late payments, or if you have skipped any payments completely. At the risk of repeating myself, paying your obligations on time is a good thing. Missed payments reflect poorly on you.

What Is The Protocol For Obtaining A Copy Of Credit Report?

Every year, you are eligible for a free copy of each of your credit reports; you may get them through the government-approved website

Monitoring your credit reports might help youdiscover what lenders will look for when you apply for a loan.


Do you still need a clarification of what a credit report is? Well you have it now!

A credit report is a record of all your obligations including repayments and installments from secured credit cards Canada. It’s similar to a curriculum vitae or a school report. Only this time, instead of information about your prior work or academic achievement, it includes information on how you borrowed and repaid money.

The majority of the information in your report is provided by lenders. Credit reference agencies, which generate credit reports, compile this information.

What precisely is a Credit Score?

A credit score is akin to a test score issued to your credit report. This three-digit figure, which is based on the conventional FICO® Score, generally runs from 300 to 850. Equifax®, Experian®, and TransUnion® are the three credit reporting companies that issue you a credit score. It includes you credit behaviours from unsecured or secured credit cards Canada.

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When you seek your credit score, you will receive three numbers in response, which may all be different because the figures come from various reporting agencies. When you obtain your free yearly credit report, your credit score will not be included.

Your credit score is a three-digit figure that is calculated based on the financial history contained in your credit report. Monitor your credit report to ensure it is up to date and correct in order to safeguard your credit score.  


Each credit bureau will charge you a fee to see your credit score. If some of your credit scores change drastically from the others after getting them from all three agencies, you should carefully check your credit report to determine if there are any inaccuracies that you may dispute. A high credit score indicates a lesser likelihood of financial distress, and clients with a high credit score are much more likely to qualify for a loan.

Still not sure what is a credit score? Here is a simple explanation.

If your credit report was a report card, your credit score would be your total grade. In all other terms, it measures the likelihood that you will be sanctioned for credit based on the information in your credit report, as well as the attractiveness of your credit conditions.

So, What Exactly Constitutes A “Fair” Credit Score?

Normally, the higher your score, the better. A decent credit score shows moneylenders that you are more responsible, and hence more ‘technically qualified.’ This is data from report of Equifax, which assigns the following scores:

Very poor0 to 278
Poor279 to 366
Fair367 to 419
Good420 to 466
Excellent467 and Above

Credit reference agencies have varying maximum scores as well. Experian has a score of 999, Equifax has a score of 700, and Callcredit has a score of 710. They also come in many different scales. Your credit score may be 459 with Equifax, 999 with Experian, and 609 with Callcredit based on the same information.

And here is a more in-depth look at credit ratings, how they’re calculated, and what factors may affect your score.

How Can I Determine My Credit Score?

You may call the credit reporting bureaus to obtain your credit score for a charge. There are many websites where you may get a free Vantage Score. A Vantage Score and a FICO® Credit Score are not quite the same thing, as they are derived uniquely. Some banks and credit card firms offer credit ratings to qualified clients. You can make responsible choices about your financial future by knowing your credit report and credit score and verifying them for accuracy on a regular basis.

(Image Source: Freepik)

What Is The Distinction Between A Credit Score And A Credit Report, And How Are They Connected?

Your credit report is a thorough record of all your financial transactions. A credit score is a number generated by credit bureaus and lenders that outlines the details in a credit report.

“According to the FTC (Federal Trade Commission), one out of every five consumers discovers a mistake on their credit report. These mistakes have an impact on your credit score and ability to apply for loans, leases, credit cards, and other services.”

Your credit report indicates how you’ve historically handled unsecured and secured credit cards Canada. When credit companies look at your report, they can answer crucial questions about your financial habits, such as:

  • How much debt do you already have?
  • Do you pay down the bills in a timely manner?
  • Do you have a tendency of taking out loans than you can handle?

These and other considerations assist credit lenders in making decisions:

  • If to give you credit what so ever
  • On what conditions to give you credit (specifically, what interest rate and repayment plan they will offer you).

When you look at all of the information in your credit report, it’s difficult to predict how a lender would take it. Your score combines all of the information in your report into a single number. This allows you to assess how you’re performing in relation to what lenders are searching for.

But here’s a word to the savvy.

Your credit record isn’t the only information a creditor will consider when making a decision. The information you offer in your application, their previous interactions with you, and other criteria such as your income are all significant.

Different suppliers also have their credit ratings. So, while a high Experian, Equifax, or CallCredit score is not a guarantee of credit, it is a good sign. Similarly, just because one supplier turned you down does not guarantee that others will follow suit. If you want to have another layer of cushion, then having secured credit cards Canada can be of great help.

Key Differences between Credit Report and Credit Score

Credit ReportCredit Score
A thorough text-based report containing personal information, employment information, public records, accounts under collection, payment history, and other information like outstanding balances, Age of credit accounts, New credit accounts, assortment of credit kinds.A comprehensive score demonstrating your overall solvency based on the information in your credit report.
Experian, Equifax, and TransUnion credit bureau data are often used to create this report.Can only be computed using information from a credit report.
Creditworthiness is determined based on the specifics of your present financial commitments and credit history, including any prior negative marks.Creditworthiness is determined by five weighted factors: Payment history, amounts owing, duration of credit history, credit mix, and current activity are all factors to consider.
Can be obtained directly from credit bureaus or via  Credit reports are available through a credit agency, your banker, your credit card issuer, or a credit consultant.
It is used by bankers, creditors, debt collectors, insurance providers, utility providers, employers, and property owners. It is used by bankers, creditors, debt collectors, insurance providers, utility providers, and tenants. Employers cannot inspect your credit score created by FCRA.

Why Does This Make Any Difference?

Comprehending the functions and roles of your credit score and credit report might be crucial to your economic well-being.

Inspect your free credit report and FICO score at least once every year. Pay close attention to credit report habits that are strongly weighted against your credit score. Investigate everything that appears to be out of the ordinary. Plan ahead of time since it might make the difference between permission and denial.

Frequently Asked Questions

  1. Is a good credit score more essential than a good credit report?

They are distinct, yet they are related since the score is generated from the report. Creditors can use either to decide to choose whether or not extend credit to you. Your credit score is vital, but you still need your credit reports if you want to dig deeper and assess your credit history.

  1. Which credit report is the most reliable?

Since FICO scores are employed in more than 90% of loan decisions, the FICO® Basic, Advanced, and Premier services are the most accurate for credit score updates. All services include access to 28 different versions of your FICO score, including credit card, mortgage, and auto loan scores.

  1. How can I raise my credit score swiftly?

The most significant actions you can take to improve your credit are to pay your bills on time and to pay off your credit card balances. Every 30 days, issuers record your payment activity to the credit bureaus, so taking good measures might boost your score rapidly.


My Favorite Investment Writing of 2022



With 2022 coming to a close, it’s time for my annual tradition of gathering my favorite investment writing of the year. I started this tradition in 2017, and have continued it ever since (2018, 2019, 2020, 2021).

However, unlike previous years, 2022 was painful for investors of all types. Stocks fell, bonds fell, and crypto really fell in the worst market environment since 2008. And, though this year was difficult for all of us, the silver lining is all the great investment writing that came out of it. With that being said, I present my favorite investment writing of 2022:

The first piece on this list was technically written in February 2021 (and featured on last year’s list). However, given its accuracy and level of foresight, I thought it would be the perfect way to start this year’s list as a reminder of how far we’ve come. If there’s one line that I will never forget it’s:

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Eventually, everyone figured out that Galileo was right. Eventually, everyone will figure out that Cathie Wood isn’t. And it won’t take as long either.

Yes Drew. It didn’t take long at all.

Morgan remains my favorite writer in finance because he is one of the few people that can make me re-evaluate my most cherished beliefs. In this piece he challenges our reliance on data and logic by demonstrating why people don’t always behave as rationally as we think they will. Filled with beautiful stories and counter-intuitive insights, this is another Morgan Housel classic that you won’t want to miss.

While I don’t agree with everything that Ben Hunt writes (he can be too bearish for me at times haha), I recognize that he is one of the best thinkers in our industry. In this post, he provides a brief history of financial markets during the era of declining interest rates and how 2022 flipped everything on its head. If you want to have a better understanding of monetary policy and how people respond to interest rates, this is the piece to read.

Sometimes I read a Josh Brown piece and can’t perfectly describe what it’s about, only that you have to read it. This is one of those pieces. In it, Josh walks you through the last few years in markets and explains why everything seems to have taken a sudden 180. Though there are some things that you weren’t suppose to see, thankfully, this piece isn’t one of them.

I love it when a writer provides a simple rule of thumb that makes my financial life easier. In this piece Katie does just that. Using her rule, you’ll be able to quickly calculate out how much you need to save for retirement based on how much you want to spend (each month) in retirement. Not only is this rule practical, but Katie explains it in a fun and relatable way. For anyone who wants great financial tips from one of my favorite people in the industry, look no further than Money With Katie.

With all the bullshit that there’s been in the investment industry over the past few years, this piece from Benn Eiffert is a breath of fresh air. Though Benn is mostly known for being an expert on volatility, he demonstrates his overall investment knowledge wonderfully in this scathing takedown of an industry that has, unfortunately, conned so many. While there’s a lot of bullshit in the financial world, thankfully, you won’t find any in this piece.

While many writers will discuss risk within your portfolio, far fewer think about it with regards to your income and your career. In this piece, Chris Keith teaches a lesson that took me a little too long to learn—diversification shouldn’t stop with your investments. While owning a mixture of income-producing assets can work wonders, having a mixture of different income sources is equally, if not more, important. If you want to learn how to be a little more anti-fragile with your finances in the future, read this.

Jack Raines is the fastest growing financial blogger that I’ve ever seen and this article helps explain why. In it, Jack explains the six types of wealth and why they are all important to your life. Though only in his mid-twenties, Jack writes with the wisdom of someone decades older. Don’t just take my word for it though, read this piece and find out for yourself.

Another young blogger that has taken the financial world by storm, Kyla Scanlon is the go-to person for understanding what’s happening right now in the markets and the economy. In this piece she defines a term that was since co-opted by many others—the vibecession. While she is mostly known for her TikToks, Kyla’s sometimes quirky and always insightful writing is not something to be overlooked.

Ben wrote a lot of great posts on the housing market this year, but this was my favorite because it addressed the elephant in the room—luck. Given that purchasing a home is likely to be the biggest financial decision of your life, luck plays an important role in such transactions. Ben’s piece is useful in this regard because it highlights how this plays out in the real world. If you are in the market for a house (or will be soon), this is the piece to read.

I love when Michael Batnick does posts like this because there are so few writers that can take the 40,000 foot view and summarize it in such a succinct and insightful way. This piece is no exception. In a year where there are many lessons to be learned, Michael drops 20 of them with ease. My favorite is:

Diversification is the only answer to an unpredictable future. If everything is working, you’re not really diversified.

Amen, Michael. Amen.

Last, but not least, we have The Crypto Story from none other than Matt Levine. Matt is the best daily writer in finance, which means that he tends to write about things that happened in the last 24 to 72 hours. However, with this piece Matt created an evergreen epic that dives into the history of crypto and how its future might unfold. While this piece clocks in at around 40,000 words, Matt’s simple way of explaining such complex topics make it an easier read than you might expect. Don’t miss out.

I hope you enjoyed this year’s annual review. Happy investing and thank you for reading!

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Ontario Teachers’ Announces Appointment of Sustainable Investing Leader Anna Murray



TORONTO, Dec. 6, 2022 – Ontario Teachers’ Pension Plan Board (Ontario Teachers’) announced that Anna Murray has been appointed to the role of Senior Managing Director and Global Head of Sustainable Investing effective December 5.

Working within Total Fund Management, Investment Division, Ms. Murray will play a leadership role in supporting Ontario Teachers’ long-term plan to create a lasting, positive impact while creating value for members. By working closely with senior leaders and investment teams across the organization, she will execute on the fund’s ambitious climate strategy and net-zero targets, advance its approach to impact investing and oversee corporate governance activities including proxy voting and public company engagements. She will also oversee the continued integration and assessment of Environmental, Social and Governance (ESG) opportunities and risks in the investment process.

“Sustainable investing is a key part of Ontario Teachers’ strategy as it generates positive, real-world impacts while supporting long-term value creation for our members. We look forward to Ms. Murray and her team helping us meet our impact-related commitments, as well as continue to evolve our approach and build on our leadership in sustainable investing,” said Ziad Hindo, Chief Investment Officer.

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Ms. Murray has extensive experience leading and developing sustainability strategies. Most recently, she was the Global Head of ESG for Sun Life Capital (SLC) Management where she was responsible for integrating ESG risk management and value creation practices into investment decisions and management across the firm’s global investment platform. She also worked as Global Head of ESG with BentallGreenOak, SLC Management’s real estate investment manager and a globally recognized provider of real estate services.

Ms. Murray is Co-Chair of the Principles of Responsible Investment (PRI) Real Estate Advisory Committee and of the Environmental Committee at the Pension Real Estate Association (PREA). She also serves on the Board of Directors for the Responsible Investment Association and the Canada Green Building Council. She has been named one of the Top 100 Women in Canada by the Women’s Executive Network, Top 40 under 40 and one of Canada’s Clean50, which recognizes sustainability leaders who have made exceptional contributions to the clean economy. She holds an international MBA from the University of British Columbia and a law degree from York University with a focus on environmental justice and sustainability.

About Ontario Teachers’ 

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of $242.5 billion as at June 30, 2022. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 333,000 working members and pensioners.

With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 400 investment professionals bring deep expertise in industries ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit and follow us on Twitter @OtppInfo.

Media Contact:
Dan Madge
Phone: +1 (416) 419-1437

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Record investment in MB highways in store for 2023



MLA for Turtle Mountain, Doyle Piwniuk, says he’s looking forward the New Year as one full of accomplishments.

“I’m very optimistic, we have a very big year going forward provincially,” he explains.  “We’re looking at economic development, reconstructing of more highways, like Hwy 23 in the region, and we have more highways to fix.  Going forward in 2023 there will be a record investment in our highways.”

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“It’s also going to be a good year for the Turtle Mountains area too because of the opportunities at the International Peace Garden and the economic development in the different communities. I believe we are going to have a very bright 2023,” adds Piwniuk.

“On behalf of my family to your family, I want to wish you a very merry Christmas and a happy New Year,” he shares.  “And, any time you want to get ahold of me please contact or you can call our number at 204-552-0130.”

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