Key takeaways
- You can get free credit reports from Equifax, Experian and TransUnion every week at AnnualCreditReport.com.
- A report has five main parts: personal information, accounts, collections, public records and inquiries.
- Check each report for accounts you don’t recognize, wrong balances and late payments you didn’t make.
- Most negative information can stay for seven years; bankruptcies for up to ten.
Your credit report is the raw material behind your credit score. Lenders, landlords and some employers and insurers may look at it. It’s worth reading yours, especially if you’re dealing with debt, because mistakes happen and they can cost you.
How to get your reports for free
The three nationwide credit bureaus are Equifax, Experian and TransUnion. Each keeps its own report on you, and they don’t always match. According to the FTC, you can get a free report from each bureau once a week at AnnualCreditReport.com, the only official site for free reports. You can also call 1-877-322-8228.
Watch out for look-alike sites that ask for a credit card or sign you up for a paid service.
The five main sections
Each bureau lays out its report a little differently, but the CFPB describes the same main parts.
1. Personal information
Your name and past names, current and former addresses, date of birth, Social Security number and phone numbers. This section doesn’t affect your score, but errors here can be a sign of mixed files or identity theft.
Check: misspelled names, addresses you’ve never lived at, and names you’ve never used.
2. Credit accounts
The heart of the report. Each account, sometimes called a tradeline, shows:
- The type of account: a credit card (revolving), a loan (installment) or a mortgage.
- The date it was opened and, if it’s closed, when.
- The credit limit or loan amount, and the current balance.
- Your payment history, often month by month, with any late payments marked by how late they were (30, 60, 90 days or more).
- The account status, such as open, closed, paid, charged off or settled.
Check: accounts you didn’t open, balances that are wrong, late payments you made on time, and closed accounts still showing as open.
3. Collections
Debts that have been sent or sold to collection agencies. A collection account may show the collector’s name, the original creditor and the amount.
Check: debts you already paid, debts that aren’t yours and the same debt listed twice. If a collector is contacting you about one, you can ask the collector to prove the debt.
4. Public records
According to the CFPB, this section may include items like bankruptcies and certain court judgments. Many reports today show few public records, but bankruptcies still appear here.
5. Inquiries
A list of who has looked at your report:
- Hard inquiries happen when you apply for credit. According to the CFPB, they can affect your score, because scoring models look at how often and how recently you apply.
- Soft inquiries include checking your own report and prescreened offers. They don’t affect your score and are only shown to you.
Check: hard inquiries for credit you never applied for. That can be a sign of identity theft.
How long information stays
The CFPB says most negative information can be reported for seven years, and bankruptcies for up to ten years. Positive information on accounts in good standing can stay longer.
What’s not on your credit report
Your report doesn’t include your income, your bank balances or your credit score. Scores are calculated from the report, and you may be able to see one for free through your bank or card company.
If you find a mistake
You have the right to dispute errors, for free, with the credit bureau and the company that reported the information. Keep copies of what you send. The FTC explains how. If you see accounts you didn’t open, visit IdentityTheft.gov for a recovery plan.
Be careful with companies that charge to “clean up” your report. No one can legally remove accurate negative information.
Using your report to plan
Once you know what’s on your report, you can plan your next step. If you’re weighing options for paying down debt, see how debt relief affects your credit score. If late payments are piling up, what happens if you stop paying your credit cards explains what comes next and how to get ahead of it.
Sources: CFPB: what is a credit report · CFPB: what is a credit inquiry · CFPB: how long negative information stays on your report · FTC: free credit reports