HOW TO READ AND UNDERSTAND YOUR CREDIT REPORTS

Once you understand the format of your credit report, it will be easier for you to understand the information contained within it. While not all credit reports list their information in the same order, they generally contain the same basic sections:

- Indentification
- Credit History
- Collections
- Public or Courthouse Records
- Inquiries

SAMPLE CREDIT REPORT

INDENTIFICATION The Identification section contains information about you, such as your name, current and past addresses, birth date, Social Security number, telephone numbers, driver's license numbers, employer and spouse's name. This is not a section to take lightly—if your Social Security number is listed incorrectly, for example, credit accounts that are not yours could be associated with you on your credit report.
NAME: Jane Doe
CURRENT ADDRESS: 123 Main St. City, State 95421
PREVIOUS ADDRESS: 123 South Denver St. City, State, 86541

BIRTHDATE: 08/24/1976
SOCIAL SECURITY NUMBER: XXX-XX-XXXX

TELEPHONE NUMBER: 845-XXX-4587
DRIVER'S LICENSE NUMBER: B5812XX91
CREDIT HISTORY The Credit History section lists your present and past credit accounts. For each account, the credit report will normally include the following information:
  • Name of the company
  • Type of credit (revolving credit normally takes the form of credit cards while car loans and mortgages are examples of installment credit)
  • When you opened the credit account
  • Account number
  • Names of anyone who is also listed on the account
  • Total amount of the loan, your credit limit, or the highest balance had on the credit card
  • Remaining balance on the loan or card left to pay
  • Minimum monthly amount paid or amount of your fixed monthly payment
  • Whether the account is open, closed, inactive, paid, etc.
  • Your payment history
ACCOUNT INFORMATION: (Revolving credit - Installment credit)
COMPANY NAME: Gap
OPENED: 05/12/95 ACCOUNT NUMBER: 1254********
NAME ON ACCOUNT: Jane Doe
BALANCE: $250 PAYMENT: $15 monthly (due every month)
LIMIT: $1200 ACCOUNT STATUS: Active
30 DAYS LATE: 0 60 DAYS LATE: 0 90 DAYS LATE: 0
COLLECTIONS Any credit accounts that have been sent to a collection agency in the past seven years are listed here. The amount you owe, the name of the collection agency and sometimes the agency's contact information will be listed. You need to look these over carefully to make sure that everything listed is correct and current.
COLLECTION ACCOUNTS: (Name of company)
AMOUNT OWED: $XX

COLLECTION ACCOUNTS: (Name of company)
AMOUNT OWED: $XX
PUBLIC RECORDS The Public or Courthouse Records section will display anything on public record having to do with you meeting your financial obligations. Bankruptcies, judgments and collection accounts will be found here. In some states, overdue child support payments may also be listed in this section.
PUBLIC RECORDS:
Bankruptcies
Judgments
Collection Accounts
INQUIRIES In the Inquiries section, you'll find a list of businesses that have requested and received a copy of your credit report in the last 24 months. If a company looks unfamiliar, take note and follow up to see why they are accessing your credit information. Too many inquiries can look bad to creditors examining your credit, so it's a good idea to try to keep this list short.
INQUIRIES:
BANK NAME: Bank of XXXXX DATE OF INQUIRY: 03/14/06
COMPANY NAME: XXXXX DATE OF INQUIRY: 06/14/07
BANK NAME: Bank of XXXXX DATE OF INQUIRY: 03/14/06
 

Credit Report Codes

These are the Credit Report Codes otherwise known as reason codes that the three big credit bureaus use. Each code is a violation or sorts and points are deducted from your overall score. These codes appear on credit reports pulled by a bank or broker.

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The first step in trying to repair your credit reports or monitor your reports is to get an up-to-date copy of your reports. This will allow you to determine where you are with your credit health and help you realize where you want to be.