Q. How do I read my credit report?
A. Once you’ve ordered and received your credit report, the next step is to understand it and make sure it is correct. Your credit report is a history of your debts and how you have paid them, and you should review it carefully. Each consumer reporting company arranges its reports in a slightly different format, but all the reports have similar groups of information and share some basic categories. You will see:
Personal Information: including your name, address, Social Security number, date of birth, and current employment.
Credit Account Information: listing all the credit accounts you have opened in the last seven to 10 years-sometimes longer. It includes accounts that are currently active and closed accounts. You will see specific information, including:
– account number;
– creditor’s name;
– current balance;
– date the account was opened;
– timeliness of payments;
– number of late payments;
– credit limit or loan amount.
A consumer reporting company may separate this information into “accounts in good...
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