Read and understand every section of your credit report. Covers how to pull your free reports, what each section means, how to identify errors, dispute inaccuracies, and monitor your credit over time.
Pull your reports from all three bureaus at annualcreditreport.com
AnnualCreditReport.com is the only federally authorized website for free credit reports. You can pull reports from Equifax, Experian, and TransUnion weekly for free. Do not use other websites that offer 'free' reports in exchange for signing up for paid monitoring services. The three reports may contain different information because not all creditors report to all three bureaus.
Download or print all three reports for side-by-side review
Save each report as a PDF for your records. Compare all three side by side because errors may appear on one report but not others. Each report is 5-15 pages depending on your credit history length. Reports from Equifax, Experian, and TransUnion have slightly different formats but contain the same types of information organized into the same major sections.
Personal Information Section
Verify your name, address, Social Security number, and employer
This section lists your full legal name (including any name variations creditors have reported), current and previous addresses, date of birth, Social Security number (partially masked), and current and previous employers. Errors here do not directly affect your score but can indicate mixed files (your information combined with someone else's) or identity theft. Flag any addresses or employers you do not recognize.
Account Information (Trade Lines)
Review each credit account listed for accuracy
Each account shows the creditor name, account number (partially masked), account type (revolving, installment, mortgage), date opened, credit limit or loan amount, current balance, payment status, and payment history. You may have 5-30 accounts depending on your history. Verify that every account listed is actually yours. Unknown accounts may indicate identity theft or a mixed file.
Check the payment history for each account
Payment history shows month-by-month status typically coded as: OK/current, 30 days late, 60 days late, 90 days late, 120+ days late, or in collections. A single 30-day late payment can drop your score by 60-110 points and stays on your report for 7 years. Verify that all late payments listed are accurate. If you were never late but a creditor reported you as late, dispute it immediately.
Verify credit limits and balances are reported correctly
Incorrect credit limits affect your utilization ratio (balance divided by limit), which is 30% of your score. If your card has a 10,000 USD limit but the report shows 5,000 USD, your utilization appears doubled. Check that each card's reported limit matches your actual limit. Also verify that closed accounts are marked as closed by the consumer (not closed by the creditor, which looks negative).
Note the status of each account
Account statuses include open/active, closed, paid in full, settled (paid less than owed, negative mark), charged off (creditor wrote off the debt, serious negative mark), and transferred/sold (debt sold to collections). Charged-off accounts and accounts in collections remain on your report for 7 years from the date of the first missed payment that led to the charge-off.
Negative Items and Collections
Identify all negative marks and their expected removal dates
Negative marks include late payments (7 years), collections (7 years from original delinquency), charge-offs (7 years), bankruptcies (7-10 years), foreclosures (7 years), and judgments (7 years or until state statute of limitations, whichever is longer). Calculate the removal date for each item. Negative marks lose most of their score impact after 2-3 years and are removed automatically at 7 years.
Check that collection accounts are not duplicated
A single debt may appear multiple times if it was sold between collection agencies. You should not have the original creditor's account and one or more collection accounts all reporting for the same debt. If duplicates exist, dispute the extras. You owe the debt once, and it should appear once (either with the original creditor as charged off or with the current collection agency, not both reporting balances).
Inquiries Section
Review hard inquiries and verify you authorized them
Hard inquiries occur when you apply for credit (credit card, loan, mortgage, apartment rental). Each hard inquiry can lower your score by 5-10 points for up to 12 months. Multiple mortgage or auto loan inquiries within a 14-45 day window count as a single inquiry for scoring purposes (rate shopping). If you see hard inquiries you did not authorize, someone may have applied for credit in your name.
Understand soft inquiries do not affect your score
Soft inquiries include checking your own credit, employer background checks, pre-approved credit offers, and insurance quotes. These appear on your report but only you can see them. They have zero impact on your credit score. Do not worry about soft inquiries. You can check your credit as often as you want without any negative effect.
Dispute Errors
File disputes online for any inaccurate information
Dispute errors directly with each bureau that has the incorrect information. Equifax: equifax.com/dispute, Experian: experian.com/disputes, TransUnion: transunion.com/dispute. The bureau must investigate and respond within 30 days. Include documentation supporting your dispute (payment receipts, account statements, correspondence). Approximately 25% of consumers have errors on at least one credit report, so checking carefully is worth the effort.
Send a dispute letter to the creditor reporting the error
In addition to filing with the bureau, send a dispute letter directly to the creditor's address listed on your report. Include your account number, a description of the error, and copies (not originals) of supporting documents. Send via certified mail with return receipt requested. The creditor must investigate and notify all three bureaus of corrections. This two-pronged approach (bureau plus creditor) is more effective than bureau-only disputes.
Follow up on disputes and verify corrections were made
After 30 days, pull your reports again to verify corrections. The bureau sends you a written result of the investigation. If the dispute is resolved in your favor, the error is removed or corrected. If denied, you can submit additional evidence, add a 100-word consumer statement to your report explaining the dispute, or file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov.
Frequently Asked Questions
How often should I check my credit report?
Check your full credit report from all three bureaus at least once per year through annualcreditreport.com. Before major financial events (applying for a mortgage, car loan, or apartment), check 3-6 months in advance so you have time to dispute errors. For ongoing monitoring, free services like Credit Karma (Equifax, TransUnion) and Experian's free monitoring provide weekly updates and alerts for new accounts or inquiries.
How long do negative items stay on my credit report?
Most negative items stay for 7 years from the date of the first missed payment: late payments, collections, charge-offs, and foreclosures. Chapter 7 bankruptcy stays for 10 years, Chapter 13 for 7 years. Hard inquiries stay for 2 years but only affect your score for 12 months. Items are automatically removed after the applicable period. If an item remains past its removal date, dispute it with the bureau.
What is a good credit score?
FICO scores range from 300 to 850. Excellent: 800-850. Very good: 740-799. Good: 670-739. Fair: 580-669. Poor: 300-579. A score of 740 or above qualifies you for the best interest rates on mortgages, auto loans, and credit cards. Most Americans have a score between 670 and 739. Your credit report does not include your score; use free tools from your bank, credit card issuer, or Credit Karma to check your score.
What should I do if I find signs of identity theft on my credit report?
If you see accounts or inquiries you did not authorize: 1) Place a fraud alert on all three bureaus (one call to any bureau extends it to all three). 2) File an identity theft report at identitytheft.gov. 3) Dispute fraudulent accounts with each bureau using the identity theft report. 4) Consider a credit freeze (free) which prevents anyone from opening new accounts in your name. 5) File a police report for documentation. Fraudulent accounts must be removed once you provide an identity theft report.