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Anyone who has ever had debt—such as loans or credit cards—has a credit report. Learning how to read a credit report provides you with a good overview of your credit history. It also gives you a chance to make sure everything listed there is accurate and up to date.
Below, we’ll take a closer look at credit reports, including information about where to get a credit report, what to pay close attention to and how to file a dispute if you find inaccurate information in your report.
Table of contents:
Even though it’s typically referred to as one document, you actually have three credit reports, one from each of the credit bureaus that maintain a file on your credit history: TransUnion®, Experian® and Equifax®. While the appearance of these credit reports differs slightly, the information they contain tends to be similar.
Everyone is entitled to a free credit report from each bureau at least once a year at AnnualCreditReport.com, which is the easiest way to access your report. After filling in your personal information and verifying your identity, you’ll be able to download your report immediately.
Your credit report contains relevant information about your credit usage, including all of your accounts and payment history as well as any negative items you may have, like late payments, collections or foreclosures. We’ll break these items down into four general categories: personal information, accounts and credit history, credit inquiries and public records.
The personal information listed on your credit report is used to identify you. In general, you can expect to see the following information:
Contrary to popular belief, information about your race, ethnicity, gender, marital status and income do not appear in your credit report.
Any incorrect personal information could indicate identity theft or that other inaccuracies are on your credit report.
Personal information is used to identify you when you’re accessing your report or when lenders pull your credit, so accurate information is key.
Your accounts and credit history will be recorded in the longest section, which should include all open credit accounts as well as accounts closed within the last seven to 10 years.
Your use of credit and history of account payments are some of the most influential credit score factors, so you’ll want to review this section carefully. The accounts will usually be separated into several categories:
Missing or late payments will also be noted here, and the report will show whether each account is in good standing (including if it’s gone to collections). And since information is not reported every day to the credit bureaus, your balance may not be 100 percent current.
Make sure you recognize every account and that they accurately reflect your current balances (at the date of reporting), credit limits, payment status and payment history.
Payment history is an extremely important factor in determining your credit score, and missed payments can lower your credit score. That means you’ll want to keep an eye on late payments or high balances.
Inquiries indicate when your credit file has been accessed. Both soft and hard inquiries will be noted on your credit report, and the difference is important to understand.
Inquiries aren’t inherently bad, but you do want to generally be careful to space out when you apply for new credit cards or acquire new credit—otherwise, your score could take a hit.
Make sure you recognize all of the lenders and institutions who have made inquiries into your credit.
Too many hard inquiries all at once can drop your credit score, so you’ll want to be mindful of how often your credit is accessed.
Some public records may also appear on your credit report if they’re directly related to your finances. These can include delinquencies like bankruptcies or foreclosures, which will remain on your record for seven to 10 years, depending on the type.
If you see a bankruptcy listed that you didn't file, you’ll want to investigate. Also, if your bankruptcy is older than 10 years, it’s likely that it should no longer be listed on your credit report.
Bankruptcy is one of the most debilitating marks you can have on your credit report, so you’ll want to continue to monitor how it’s affecting your overall credit health.
While the essential information should be very similar in each of the three bureaus’ reports, the presentation may vary. For your convenience, we’ve provided information on guides for each below.
Experian’s guide breaks down their report into personal information, accounts, collections, public records and credit inquiries.
TransUnion’s guide organizes their reporting into personal information, public records, account information, accounts with adverse information, satisfactory accounts, collections, regular inquiries, promotional inquiries, account review inquiries and consumer statements.
Equifax’s guide categorizes their report details broadly into identifying information, credit account information, inquiry information, bankruptcies and collections accounts.
It’s advisable to review your credit report at least once a year, though many people stagger their free credit reports so they can see their reports three times a year. Additionally, you should aim to review your credit report if you’ve made any recent changes to your credit behavior or you’re planning to get new credit soon.
Your credit score is updated as often as daily or as seldom as every 45 days, as reporting bureaus update credit reports as information comes in from individual creditors, generally on 30- to 45-day cycles.
If you find errors in your credit report, you should report them immediately. Your credit report will include detailed information from the Fair Credit Reporting Act (FCRA), including how to file a dispute if you believe that inaccurate information appears on your report.
The Federal Trade Commission offers a path for you to get that information removed in just a few steps:
You may also choose to work with a credit repair company, as they have detailed knowledge of the dispute process and may help you by removing inaccurate information from your report.
If you believe the hard inquiry in question is inaccurate or could be the result of identity theft, dispute it as outlined above. If the inquiry is accurate, you’ll simply have to wait two years for it to fall from your report.
In summary, here’s what you can expect to find in your credit report:
| What's in your credit report? |
|---|
| Personal information | Lists information about your name, address, Social Security number and birthday, as well as aliases and former residences |
| Accounts and credit history | Shows details about all of your revolving, installment and mortgage accounts, including balances and payment history by month |
| Credit inquiries | Notes both soft and hard inquiries, which are used by lenders and other institutions to access your credit history |
| Public records | Catalogs public records related to debt, like discharged bankruptcies |
Once you know how to read a credit report, you’ll be equipped to remove inaccurate negative items from your report. You’ll also be able to see a full picture of your overall credit profile, which could help you take steps toward improving your score.
If you’ve reviewed your report and have questions about filing a dispute, contact our team of credit repair advisors to get started.
