How to Read Credit Bureaus

There are three major credit bureaus; Equifax, Trans Union, and Experian. While each of these credit bureaus provide reports that look slightly different, each report contains essentially the same information. Credit reports are updated regularly by the financial institutions an individual has a trade line or a credit account with.

Instructions

1

Look at the top section of the credit report. It should contain the name of the credit bureau as well as the phone number of the credit bureau if you have any questions about your credit report or you notice that the credit report contains incorrect information.

2

Examine the section labeled "Warning," as this section will tell you if your credit file has been flagged for some reason. A file could be flagged due to an address related to you being misused.

3

Determine your credit score by looking at the section labeled "Score". A higher number means you have a better credit score. The highest score you can obtain is 850. This section will also give reasons to back up your score.

4

Find your name on the credit report. Your name will be in the "Identification" section of the report. This section also contains the date the your credit file was opened, as well as your previous addresses.

5

Identify the inquiries section which could be labeled "Inquiries" or "INQS" or a similar abbreviation. This section shows you the companies that have requested your credit report, as well as the date the report was requested.

6

Find the employment section. The employment section will be labeled "Employment," or you may see information that starts with the labels "E-". The employment section indicates your current and previous employment if this information has been updated on the credit report. This section is not commonly used since it is not regularly updated.

7

Determine if you have any collection claims, legal suits, or bankruptcies on your credit report by examining the information in the "Public Records" section.

8

Familiarize yourself with all credit accounts you have opened by examining the "Trade Information" section. This section will tell you when the account was opened, the maximum available credit on this account, the amount available for you to use, and your history of credit repayment.