Key Takeaways
- Your credit report includes your personal details, information about your credit accounts, inquiries, and any public records.
- You can check for errors by requesting copies of your credit report from each of the three major credit bureaus.
- Errors are commonly the result of data entry mistakes, identity theft, or fraud.
- Report errors immediately by filing a dispute in writing with the credit bureau.
Your credit report is like a financial report card that details how you’ve managed your debts in the past, and lenders use it to gauge how much of a risk you’ll be in the future. It lists your personal information, credit accounts, inquiries, and public records. This information is collected by the three main credit reporting agencies: Equifax, Experian, and TransUnion, which each assign you a three-digit credit score based on this data. If you notice errors of any kind, whether about your personal information or your accounts, make sure you file a dispute with the credit bureau(s).
Understanding Your Credit Report
Lenders use your credit report, credit score, and other information to determine your creditworthiness and the likelihood of default if they extend you any credit. Your credit report also may be used by other parties, including insurance companies, landlords, and prospective employers.
Understanding how your credit report works and what's in it equips you with the knowledge to make better decisions about your credit applications, debt, and finances.
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Personal Information
The first section of your credit report includes your identifiable information. These details don't directly impact your credit score, but they connect the report to you and confirm your identity, so the information should be accurate and up-to-date:
- Full name, including any nicknames and aliases used on any of your accounts
- Addresses (current and previous)
- Birth date
- Telephone number (current and previous)
- Names of any co-applicants or guarantors (if applicable)
- Employment information (current and previous)
- Personal statements, which you can add to your report to alert creditors as addendums, such as a credit freeze or reasons for late payments
Each credit bureau collects and reports data differently, so your credit report may not be exactly the same across the board.
Important
A credit freeze protects you from fraud and identity theft. You can place a freeze by contacting the credit bureau(s). You’ll need to lift the freeze if you need to apply for credit.
Credit Accounts
This section, which lists all of your credit accounts and any related details, is the foundation of your credit report. It shows creditors how you handle debt and repayment. Lenders, insurance companies, landlords, and potential employers look at this section to see how reliable you are if they decide to take you on as a borrower, client, renter, or employee.
Here's what you'll find under the credit accounts section:
| Account Information | Payment Information |
|---|---|
| Accounts (current/open and closed) | Payment dates |
| Types of accounts | Payment status (current or delinquent) |
| Account statuses | Past due amount(s) |
| Account opening dates (and closing date, if applicable) | Monthly payments (if applicable) |
| Credit limits | Late payments (amounts and dates) |
| Balances (as reported and updated by creditors) |
Data from this section of your credit report is used to compile your credit score. The two most commonly used credit scores are FICO and VantageScore 3.0. The tables outline each category and the weighting for each:
| Information from Credit Account Data Used in FICO Score | |
|---|---|
| Category | FICO |
| Payment History | 35% |
| Amounts Owed | 30% |
| Length of Credit History | 15% |
| Credit Mix | 10% |
| New Credit | 10% |
| Information from Credit Account Data Used in VantageScore 3.0 | |
|---|---|
| VantageScore 3.0 | |
| Payment History | 40% |
| Depth of Credit | 21% |
| Credit Utilization | 20% |
| Balances | 11% |
| Recent Credit | 5% |
| Available Credit | 3% |
Inquiries
This section contains any credit checks that lenders or other entities do against your report. There are two types of inquiries:
- Hard inquiries: Each time you apply for credit, a hard inquiry appears on your credit report. So, when you apply for a credit card, loan, or mortgage, you’ll see the name of the lender and the date of the inquiry on your credit report. These inquiries remain in your history for two years, but their significance drops after one year.
- Soft inquiries: A soft inquiry is a check used for anything other than a credit inquiry, such as a promotion, pre-approval, or to increase your credit limit. These inquiries remain on your credit report for one to two years.
The important distinction between these two is that hard inquiries impact your credit score while soft inquiries don't. Inquiries are part of the new credit category of your FICO score. They fall under the recent credit portion of the VantageScore 3.0.
Public Records
Public records tend to come at the end of your credit report if you have any. These are any negative items detailed in your financial history, such as:
- Bankruptcies
- Tax liens
- Judgments
- Foreclosures
- Garnishments
- Lawsuits
Public records can stay on your credit report from seven to 10 years, depending on the type of item. For instance, bankruptcies can remain on for up to 10 years, while tax liens can stay on for up to seven years.
Credit Scores: FICO vs. VantageScore 3.0
Your credit score is a number assigned to you based on the data in your credit report. It alerts lenders to your creditworthiness. A low credit score tells them that you're a credit risk, while a high score indicates you're a responsible borrower.
The majority of lenders use FICO scores, but you’ll find some that switched to VantageScore 3.0. Now that you know how they’re calculated, you should know how they range:
| FICO vs VantageScore 3.0 Ranges | |
|---|---|
| FICO | VantageScore 3.0 |
| Exceptional: 800+ | Superprime: 781 to 850 |
| Very Good: 740 to 799 | Prime: 661 to 780 |
| Good: 670 to 739 | Near Prime: 601 to 660 |
| Fair: 580 to 669 | Subprime; 300 to 600 |
| Poor: Under 580 | |
Warning
A bad credit score doesn’t mean you can’t get credit. It just means you may face more hurdles and have to do more work to get more approved. If you qualify, you’ll also get less favorable terms and higher rates than borrowers with higher scores.
Top Credit Report Errors and What Causes Them
Errors can appear on your credit report. In fact, more than one in four consumers found serious errors in their reports, according to a joint study by Consumer Reports and WorkMoney.
Some of the most common errors you may come across on your credit report include:
- Incorrect identifying information: Misspelled names, wrong addresses, wrong telephone numbers
- Misreported account information: Closed accounts listed as open, incorrect account ownership information, payments listed incorrectly as late, incorrect account information (opening dates, payment dates, etc.), and listing of duplicate debts
- Incorrect account data: Incorrect account balances, incorrect credit limits
You should also be on the lookout for data that may be the result of identity theft, such as names and addresses linked to your credit report that don't belong to you, and accounts that you didn't open.
Errors could be the result of data entry mistakes made by the credit bureau or creditor, as well as identity theft and fraud.
How to Check Your Credit Report and Dispute Errors
Check your credit report at least once a year to ensure accuracy and protect yourself from identity theft.
You can get a free copy of your credit report from each of the three credit reporting agencies each year. You also can review your credit report with them at no charge every week by going online at www.annualcreditreport.com. Checking your credit report doesn’t result in an inquiry, which means it won’t damage your score.
Incorrect or incomplete information in your credit report must be corrected by the credit bureau and the reporting creditor. If you notice an error, gather any supporting documents and contact both immediately. File a dispute with the credit bureau in writing (you can usually do this online or by mail) with:
- Your details
- The mistake(s) in your credit report
- An explanation of the inaccuracies and how you would like them to be fixed
- A copy of your report and the supporting paperwork
So, if you notice a credit card that you never opened or payments that you know you made on time that your lender reported as being late, get any documents you have to back up your claim, such as bank or credit card statements. Go online or write a letter to the credit bureau(s) to file your dispute requesting a correction on your report.
According to the Consumer Financial Protection Bureau (CFPB), it can take anywhere from 30 to 45 days to investigate a dispute. Agencies have five business days to inform you of the results of an investigation after its completion.
The Bottom Line
Your credit report provides lenders and other entities with a snapshot of your creditworthiness. Knowing how to read your credit report and understand how it's structured can help you verify its accuracy and spot any errors. If you see any mistakes, make sure you report them immediately to the credit bureau and the reporting lender.