The credit system is rated on a numerical system with the lowest numbers being considered the worst. Any score over 720 is considered an excellent credit score, so yes 787 would be an exceptional credit score.
A credit score of 606 is considered a good credit score. 680 and above is considered an excellent credit score. A good credit store is important if you need to acquire financing for a car, home, or business.
Thanks to government regulations, you're entitled to your credit information. You can find information on getting it for free, and explanations about the nature of it, at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm