A.C.Waring & Associates Inc
10665 Jasper Ave #410 Edmonton AB T5J 3S9 (780) 424-9944
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844-357-5241

What’s the difference between a credit score and a credit rating?

Your credit score is a numerical value representing the potential risk of lending to you, while your credit rating is a lender’s assessment of your history with them. Your credit rating is assigned both a letter (indicating the type of credit used) and a number (indicating how promptly you paid off the debt). The letters used are as follows:

I (Instalment)
O (Open line of credit)
R (Revolving credit)

The numbers next to the letters range from 1-9 with 1 indicating that you always pay on time and 9 indicating a bad debt or an account that has gone to collection.

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