How to Read an Equifax Consumer Report

According to federal law, you are entitled to a free consumer credit report from each of the three credit reporting bureaus: Equifax, TransUnion, and Experian. The credit reports differ based on how each of the bureaus analyzes your credit information. You may order all reports from all three bureaus at once and do a side-by-side comparison of your credit report. A different strategy is to order a credit report from a different bureau every four months, allowing you to monitor your credit score for free three times per year. An Equifax consumer or credit report contains four main sections.

Instructions

1

View your identifying information and verify its accuracy. Your name, address, Social Security number, date of birth and employment information are contained in the first section. This information is updated when you supply this information to lenders.

2

Analyze the trade lines section carefully for inaccuracies. This section lists lenders' reports regarding your credit accounts. Information listed includes type of account (such as loans for auto, loan, mortgage), the date you opened the account, your credit limit and loan balance, and your credit history.

3

Review the inquiry section to see a list of companies that have viewed your credit report in the last two years.

4

Verify the accuracy of the public information section that lists any tax liens, bankruptcies or judgments against you that are recorded as public record. This section might also list account information from professional services that have been turned over to collection agencies.