How to Read Your Credit ReportA Step-by-Step Guide

1. Personal Information

This section identifies you. Carefully check all details.

What to Check:

• Your full name (including variations, misspellings)
• Current and previous addresses
• Social Security Number (often partially masked for security)
• Date of Birth
• Current and previous employers (may not always be present or up-to-date)

Common Errors to Look For:

• Misspellings of your name or address.
• Incorrect Social Security Number or Date of Birth.
• Addresses you've never lived at (could indicate identity mix-up or fraud).
• Information belonging to someone else with a similar name (mixed file).

Action: If you find errors here, dispute them with the credit bureau(s) showing the incorrect information. Use our Letter Generator for a general dispute.

2. Credit Accounts (Tradelines)

This is the core of your report, listing your credit cards, loans (mortgage, auto, student, personal), and other lines of credit.

What Each Account Listing Typically Shows:

• Creditor Name and Account Number (often partially masked)
• Account Type (e.g., Revolving, Installment, Mortgage)
• Date Opened
• Date of Last Activity / Last Reported Date
• Credit Limit or Original Loan Amount
• Current Balance
• Highest Balance Reported (for revolving accounts)
• Monthly Payment Amount (for installment loans)
• Payment Status (e.g., Current, 30 days late, Charged Off, In Collection)
• Payment History (often a grid showing payments for the last 24+ months)
• Account Status (e.g., Open, Closed, Transferred)
• Comments (e.g., "Account closed by consumer," "Transferred to collection")

Common Errors to Look For:

• Accounts you don't recognize (potential identity theft!).
• Duplicate accounts listed more than once.
• Incorrect account status (e.g., shows as open when you closed it).
• Late payments reported when you paid on time (check your records!).
• Incorrect credit limit or loan amount.
• Incorrect current balance (allow for reporting delays, but check significant discrepancies).
• Negative information older than the legal reporting limit (typically 7 years for most items, 10 for bankruptcies).
• Accounts included in bankruptcy reported incorrectly (e.g., still showing a balance).

Action: Dispute any inaccuracies with the bureau(s). For unrecognized accounts, also consider filing an identity theft report with the FTC. Use our Letter Generator for specific dispute types (late payment, general, identity theft).

3. Credit Inquiries

This section lists who has accessed your credit report.

Types of Inquiries:

• Hard Inquiries: Result from you applying for credit (loan, credit card). These *can* slightly lower your score, especially if there are many in a short period. They typically stay on your report for 2 years.
• Soft Inquiries: Result from checking your own credit, pre-approved offers, or existing creditors reviewing your account. These do NOT affect your credit score.

Common Errors to Look For:

• Hard inquiries from companies you never applied to (potential fraud or error).
• Duplicate inquiries from the same application.

Action: Dispute unauthorized hard inquiries with the bureau(s). Use the "Unauthorized Inquiry Removal" template in our Letter Generator. Soft inquiries cannot be disputed and don't impact your score.

4. Public Records

This section includes information from public court records.

What It May Include:

• Bankruptcies (Chapter 7, Chapter 13)
• Judgments (court rulings ordering you to pay a debt - less common now on reports)
• Tax Liens (unpaid tax debts - less common now on reports)

Common Errors to Look For:

• Records belonging to someone else.
• Incorrect dates, amounts, or status (e.g., showing as unpaid when it was satisfied or discharged in bankruptcy).
• Information older than the legal reporting limit (Bankruptcies up to 10 years, others typically 7 years from filing date).

Action: Dispute inaccurate public records with the bureau(s). You may need documentation from the court to prove the error. Use our Letter Generator for a general dispute.

5. Consumer Statements

If you previously disputed an item and disagreed with the investigation outcome, you have the right to add a brief (100-word) statement to your report explaining your side of the story. This section shows any statements you've added.

Action: Review any existing statements for accuracy. If you want to add one after an unsuccessful dispute, contact the credit bureau directly.