Reading Your Credit Report

Sample Credit Report
Credit Report Comparison

The sample credit report included above is similar to one you might receive from one of the three major credit reporting bureaus. All of the bureaus use a slightly different format but this example will introduce you to the basic format and information included in a credit report.

The first section is identifying information. This information includes your name, current and previous addresses, Social Security number, date of birth, and other identifying information reported by creditors.

The next section is Public Record Information. This section contains information from local, state and federal courts. This sample report includes a lien and bankruptcy.

Following is information about your credit history, including accounts creditors have turned over to a collection agency. This report shows a collection reported in July 1999 by ABC Hospital. The amount reported was $878 and the account was paid.

The account information segment includes information about both open and closed accounts. The column under box 1 lists the creditor reporting the information such as a store, bank, hospital, auto finance company, etc.

The column under box 2 is the account number reported by the creditor. In this example, it is the bank, store and auto account numbers.

The third column shows who is responsible for the account. Many different types of accounts are listed. You will generally see an “I” for individual and a “J” for joint accounts that are owned jointly with another person. In this example, the store account is joint and the other two are individual accounts.

Column four shows the month and year the creditor opened the account and column five shows the number of months the account payment history has been reported.

Column six shows the date of the last account activity, such as payment or change.

Column seven shows the highest amount charged, or the credit limit.

Column eight is the number of installments and column nine shows the amount owed as of the date reported. This report shows that no money is owed on the bank account.

Column 10 has the amount past due as of the date reported. This person has $200 past due on her auto loan.

Column 11 shows the status of the account and timeliness of payment. “O” is open, “R” revolving and “I” installment. Timeliness of payments is numbered zero through nine. In the Status, Type of Account column, a zero means the account is too new to rate, a one means the account is paid as agreed, a two means the account is 30 or more days past due, a three means it is 60 or more days past due, and so one. Column 11 shows the bank account to be an I1. This means it is an installment account and is paid as agreed.

Column 12 shows the date the account was last updated.

The Inquiries section shows who has requested your credit report.

The Credit Card Comparison worksheet shows examples of different credit report formats. The first is similar to the example reviewed above. Your credit reports from the three different credit reporting bureaus may be similar to any one of these or slightly different from all of them.

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