Understanding Your Credit Report
Learn how to read and interpret your credit report, identify errors, and understand what impacts your score.
Your credit report is a detailed record of your credit history compiled by credit bureaus. It contains information about your credit accounts, payment history, and personal details that lenders use to evaluate your creditworthiness.
Understanding your credit report is crucial because it directly impacts your credit score and your ability to qualify for loans, credit cards, and other financial products.
Experian
Largest credit bureau by volume, serving over 1 billion people worldwide
Equifax
One of the oldest bureaus, founded in 1899, covers 820+ million consumers
TransUnion
Global leader serving over 500 million consumers in 30+ countries
1. Personal Information
- • Full name and any name variations
- • Current and previous addresses
- • Social Security number
- • Date of birth
- • Employment information
2. Credit Accounts
- • Account type (credit card, mortgage, auto loan, etc.)
- • Account status (open, closed, paid, delinquent)
- • Credit limit or loan amount
- • Account balance
- • Payment history
- • Date opened and date of last activity
3. Credit Inquiries
Soft Inquiries
Don't affect your credit score
- • Checking your own credit
- • Pre-approved offers
- • Employment background checks
Hard Inquiries
Can temporarily lower your score
- • Credit card applications
- • Loan applications
- • Mortgage applications
4. Public Records
- • Bankruptcies
- • Tax liens
- • Civil judgments
- • Foreclosures
Personal Information Errors
- • Misspelled name
- • Wrong address
- • Incorrect SSN
- • Mixed credit files
Account Information Errors
- • Accounts that aren't yours
- • Incorrect payment history
- • Wrong account status
- • Duplicate accounts
Gather Documentation
Collect evidence supporting your dispute, such as payment records or identity documents.
Contact the Credit Bureau
File a dispute online, by mail, or by phone with each bureau reporting the error.
Contact the Data Furnisher
Also dispute directly with the company that provided the incorrect information.
Follow Up
Bureaus have 30 days to investigate. Follow up if you don't receive a response.
- Review your credit reports from all three bureaus annually
- Dispute any errors immediately to prevent score damage
- Monitor for signs of identity theft or fraud
- Understand that checking your own credit doesn't hurt your score