Being able to read your credit report is very important, but with all the seemingly arbitrary information that appears, the process can be tricky. Knowing what information should and shouldn’t be on your report can help you keep your credit score as accurate as possible.

Each of the three credit bureaus—TransUnion, Experian, and Equifax—has its own credit report. All three reports show similar information, but each bureau organizes it a little differently. There are basically four parts to a credit report: identifying information, credit history, public records, and inquiries.

Identifying information:

Identifying information includes your name, current and previous addresses, birth date, phone numbers, driver’s license numbers, and your employer's and your spouse’s names. Be sure to carefully review all of this personal information! One simple mistake and the credit history listed on your report could be wrong.

Credit history:

Credit history includes all of your financial accounts. Each account includes the name of the creditor and an account number, the date that the account was opened, the type of account, the amount borrowed or highest balance, the balance owed, minimum monthly payment, payment history, status of the account, and whether this account is in your name only or with another person.

Public records:

Public records are accounts that have gone to court. These include bankruptcies, judgments and tax liens, collection accounts, and overdue child support (in some states).

Inquiries:

Inquiries include a list of all the agencies that have inquired about your current credit standing as well as your credit history. There are two types of inquiries: hard and soft. A hard inquiry is when you apply for credit yourself and a soft inquiry is when a company pre-qualifies you for a promotional offer.

Codes, Abbreviations, and Dates that Appear on Your Credit Report

Codes indicate the payment history of the account:

0 = Approved, but account is too new to rate or not yet used
1 = Paid as agreed
2 = 30 or more days past due
3 = 60 or more days past due
4 = 90 or more days past due
5 = 120 or more days past due or is in a collections situation
7 = Making regular payments under a wage earner plan or similar agreement
8 = Repossession
9 = Charged off account

Abbreviations show who is responsible for the account:

J = Joint
I = Individual
U = Undesignated
A = Authorized User
T = Terminated
M = Maker
C = Co-maker or Co-signor
B = On behalf of another person
S = Shared

Abbreviations indicate what type of account it is:

O = Open (entire balance due each month)
R = Revolving (amount due can change each month)
I = Installment (fixed amount due each month)
Date opened – this is the month and year you opened the account with the credit grantor.
Date of last activity – this is the date of the last activity on the account. This may be the date of your most recent payment or charge.
Date reported – this is the last time information on this account was updated by your creditor.

Example:

Hopefully, you now have a better understanding of the information that appears on your credit report and how to decipher it. Remember that all credit reports are organized a little differently depending on the reporting agency, and it may take a little time to find what you are looking for. With fraud and identity theft activity on the rise in some cities, it's a good idea to should check your credit report at least once a year to make sure all of the information is accurate.

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