Credit Reports
How to Read Your Credit Report: A Section-by-Section Guide
Credit reports are packed with codes and abbreviations. This guide walks through each section so you know exactly what you're looking at, and what to check.
Your credit report is the raw material behind your credit score. Lenders, landlords, insurers and sometimes employers look at it to decide how risky you are. Yet most people have never read theirs from top to bottom. Here's how to do it, section by section.
Where to get your credit reports
You have three main credit reports, one each from Equifax, Experian and TransUnion. You can get all three free at AnnualCreditReport.com, and free reports are available weekly. Pull all three: they're often different, because not every lender reports to every bureau.
Personal information
The top section lists your name (and variations), current and past addresses, date of birth, Social Security number (partially hidden), and sometimes employers. This section doesn't affect your score, but it matters: an address or name variation you don't recognize can be a sign of identity theft or a "mixed file" with someone else's information.
Accounts (tradelines)
This is the heart of your report. Each account, also called a tradeline, shows:
- Creditor name and account type: revolving (credit cards) or installment (auto loans, mortgages, student loans).
- Date opened, and closed if applicable.
- Credit limit or original loan amount.
- Current balance, as of the date the lender last reported.
- Status: open, closed, paid, charged off, in collections, and so on.
- Payment history: a month-by-month grid of on-time or late payments.
Check that every account is yours, the balances and limits are right, and there are no late payments you don't remember.
Reading the payment history grid
Most reports show payment history as a row of months with codes. "OK" or a checkmark means paid on time. Numbers like 30, 60, 90 or 120 mean the payment was that many days late. You may also see codes for charge-off (CO), collection (C), or repossession. A single late mark you don't recognize is worth investigating.
Collections
Collection accounts are debts that were sent or sold to a collection agency. Look for the original creditor, the amount, and the date of first delinquency. Duplicate collections for the same debt are a common error.
Public records
Today, bankruptcies are the main public record that appears on credit reports. Civil judgments and tax liens were removed from credit reports years ago. Learn more in bankruptcy and your credit report.
Inquiries
Hard inquiries are lenders who checked your credit because you applied for credit. Soft inquiries, like your own checks or preapproval offers, are usually listed separately and don't affect your score. Make sure you recognize every hard inquiry.
Your credit report checklist
Look for these common errors
- Accounts you didn't open
- Late payments you made on time
- Wrong balances or credit limits
- The same debt listed twice with a balance
- Negative items older than seven years
- Accounts included in bankruptcy still showing a balance
Found something that looks wrong? You have the right to dispute it with the credit bureau for free. If you'd like a professional review, 30 Day Credit Pros will go through all three reports with you in a free credit assessment. Next, learn what counts as a good credit score.
Not sure which items on your reports are worth disputing? Our team will go over all three reports with you for free.
Get a Free Credit AssessmentFrequently asked questions
How often can I get a free credit report?
You can get free credit reports from Equifax, Experian and TransUnion weekly at AnnualCreditReport.com.
Why are my three credit reports different?
Not every lender reports to all three bureaus, and they don't all report on the same day, so the reports often differ.
Does checking my credit report lower my score?
No. Checking your own report is a soft inquiry and has no effect on your score.
Is my credit score on my credit report?
Not always. Credit reports and credit scores are separate. Free reports from AnnualCreditReport.com don't include a score.