Now that you have obtained your credit report, the first thing you need to do is read through it and understand what it all means. Don't feel bad if you don't understand what the credit report is saying to you. Most credit reports are coded because it allows shorter time for the computer to transmit all the information between the reporting agency and its clients. All reports should have the codes print directly on the back of the report itself or on a separate attachment telling you what the codes stand for.

Credit Bureaus may not all have the same format on how the report should look, but they all have the same information included on the report. Equifax is the only credit-reporting agency that provides consumers with a credit report in a column format. This means that Equifax reports are easier to read and easier to understand. In this chapter you will be shown examples of what is on the report from Equifax, Trans Union and Experian/TRW.

EQUIFAX: They often separate out the accounts with the different collection agencies. The Company Name is the name of the business reporting the information. In many cases, just below the company name is a description of the type of account (such as student loans, credit card or line of credit), some payment history and or the account's status (such as charge off, collection account, payment deferred, account transferred or account closed by consumer.)