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 To Your Credit

How to Read a Credit Report

As explained in the "How to Get a Copy of Your Credit Report" section, there are three major credit agencies - Equifax, Experian and TransUnion. Each agency has a different format for its credit report. Although the formats are different, they contain basically the same information. The example reports below are from Equifax.

1. The first section included in a credit report is "Identifying Information." This information includes your name, current and previous addresses, Social Security number, date of birth, and other identifying information reported by creditors.

   Click on the Identifying Information sample and note the Identifying Information highlighted in yellow.

2. The next section is Public Record Information. This section contains information from local, state, and federal courts.

   Click on the Public Records sample and note that there are no Public Record items in the highlighted area on the sample report.

3. The next section shows your credit history including accounts creditors have turned over to a collection agency. This section also contains both open and closed accounts.

   Click on the Credit History sample and note that there are no collection accounts on file. However, several account examples are provided. Below, each numbered section is explained in detail.

   1. Section 1 contains the name of the creditor reporting the information. The lender can be a store, bank, hospital, auto finance company, credit card company, etc.

   2. Section 2 contains the account number reported by the creditor. When viewing your credit report online, some of the numbers may be hidden to maintain your privacy.

   3. Section 3 shows who is responsible for the account. Many types of accounts may be listed. You will generally see a "J" or "Joint" for accounts you own with another person, or an "I" or "Individual" for accounts you own on your own.

   4. Section 4 shows the month and year the creditor opened the account.

   5. Section 5 shows the date of the last payment, change or occurrence. This is also known as the date of last activity.

   6. Section 6 refers to the type of the account. This will generally be either an "R" or Revolving for accounts or an "I" or "Installment" for Installment accounts. (For definitions of these terms, click here.)

   7. Section 7 shows how the account was paid. Some credit reporting agencies will actually show "Paid As Agreed" or another term, indicating how the account has been paid. Other agencies will indicate the type of account and status together. For example, an R1 would indicate a revolving account that is paid as agreed, an R2 would indicate a revolving account that is at least 30 days past due, an I3 would indicate an Installment account that is at least 60 days past due, etc.

   8. Section 8 shows either the credit limit for revolving accounts or the highest amount owed for installment accounts.

   9. Section 9 shows the monthly payment amount for that account.

   10. Section 10 shows the amount owed as of the date reported.

   11. Section 11 show the amount past due, if any.

   12. Section 12 shows the date reported.

   13. Section 13 shows the prior paying history, indicating how many times the account has been 30, 60 or 90+ days past due.

   14. Section 14 shows can show different types of information such as the type of loan it is (auto loan, credit card, mortgage loan, etc.), if the account is closed, paid or charged off, etc.

4. The final section of the credit report shows inquiries. An "inquiry" is a listing of the name of a credit grantor, or authorized user who has accessed your credit file. Each inquiry is posted to the credit file so you know who has obtained a copy of it.

   Credit grantors may also post an inquiry before offering you a pre-approved credit card application. These are listed as "promotional" inquiries on your credit file because only your name and address were accessed, not your credit history information. These promotional inquiries are not sent to businesses for purposes of credit reporting. They are listed for your informational purposes only and do not impact your credit score.