How to Read Your Credit Report

A credit report is a document that describes your credit history. Three bureaus (Equifax, Experian, TransUnion) maintain their own versions.

How to Get Your Report for Free

Once a year at AnnualCreditReport.com. This is the only official site for free reports.

Report Sections

1. Personal Information

• Name, address, date of birth, SSN
• Employment history
• Check for errors! Incorrect name or address is a common issue

2. Credit Accounts (Trade Lines)

Each account shows:

• Creditor name
• Account type (credit card, loan, mortgage)
• Date opened
• Credit limit or loan amount
• Current balance
• Payment status (On Time, 30 Days Late, etc.)

3. Inquiries

• Hard inquiries — when you apply for credit (affect score)
• Soft inquiries — preliminary checks (don't affect score)

Hard inquiries stay on your report for 2 years but only affect your score for the first year.

4. Public Records

• Bankruptcies (remain 7-10 years)
• Court judgments

5. Collections

Debts sent to collection agencies. Remain on your report for 7 years.

What to Do If You Find an Error?

1. File a dispute online at the bureau's website
2. Attach evidence
3. The bureau must respond within 30 days
4. If the error is confirmed — it will be removed

How Often Should You Check?

At minimum once a year. Ideally every 3-4 months, rotating between bureaus.