How to Read a Trans Union Credit Report

At first glance, a TransUnion credit report may feel overwhelming, pages swimming with confusing numbers. However, each credit report is laid out in the same format, with the sections appearing in the same sequence each time. By using a quick primer on the format and learning a bit of credit union shorthand one can easily understand all the information on a TransUnion credit report.

Instructions

TransUnion Report Codes

1

Locate the sheet marked "TransUnion Report Codes," included with the credit report.

2

Note that there are five different categories of codes:

Equal Credit Opportunity Act Inquiry and Account Designators-details account ownership, such as a joint account or an individual account.

Date Indicators-show the status of a collection account, such as whether it is open or closed.

Current Manner of Payment-describes if an account is being paid on time or late.

Type of Account-describes the type of account, such as revolving or installment.

Kind of Business Classifications-describes the type of business that extended the credit account.

3

Refer to this page when reading the credit report to understand what the abbreviation stands for.

Account Information and Summaries

4

Locate the identifying information at the top of the credit report. Check all personal information in the Name, Current Address, Current Employer, Social Security Number (SSN), Birthdate and Telephone sections.

5

Check the Special Messages area for warnings, fraud alerts, or other issues noted by TransUnion.

6

Read the Model Profile, if included in the report. Get the credit score and risk score factors from this profile.

7

Analyze the Credit Summary if present. See the dollar amounts for High Credit, the Credit Limit, Account Balance, Past Due amount, and Monthly Payment for all Revolving, Installment and Mortgage accounts. Read the summary totals and the estimated percentage of credit available with current accounts.

Credit Accounts & Inquiries

8

Check the Public Records portion for any civil judgments, tax liens, or bankruptcy listings; only accounts still in their retention period will be present.

9

Look for any accounts sent to a debt collector in the Collections section. Read the details about each collection account, including the date of the original debt, current status, balance, terms and remarks from the creditor.

10

Read the Inquiries area to see each time a company viewed the credit report.

11

Review the Consumer Statement for any remarks issued by the individual regarding their credit report.

12

Look in the Inquiry Analysis portion to see each time credit was applied for in the last three months.

13

Read the TransUnion company information in the Credit Report Serviced By section. Contact TransUnion with any questions or disputes using this information.