How to Read an Experian Credit Report
The Fair Credit Reporting Act (FCRA) requires each of the
Nationwide Consumer Reporting organizations (Equifax, TransUnion
and Experian) to provide you with one free credit report every
12 months per your request. This means that you are entitled to
three free credit reports per year, if you deem it necessary.
You can stagger the requests or order all of them at the same
time.
Each of the National Consumer Credit Reporting bureaus have a
unique credit report format, but in essence they provide you
with the same information. When you receive your free Experian
credit report use the following guidelines to read your
report:
Personal Header Information
This section lists your full name, report number and report
date. You will need to reference the report number, if you wish
to contact Experian regarding your credit report.
Potentially Negative Information
Any information that may lead creditors to view you as a credit
risk will be listed here. The following details will be listed:
the name of the creditor, their address, your account number,
account status, claim filed date, claim amount, claim resolved
date and who bears the responsibility of resolving any claims or
issues against the account.
In addition, this section will list any bankruptcies,
foreclosures, judgments or liens in your credit history.
Credit Items
Here you will find all the credit accounts that you have or have
had in the past. It will list the name of the creditor, their
address, your account number, the type of account, the status of
the account (e.g. paid or past due), the date on which the
account was opened, the credit limit, payment terms (e.g. 12
months/year), monthly payments, recent balance and recent
payment.
You will see a summary "credit history" for each of your
accounts. The summary will indicate, whether the account has
been to collections or was delinquent. In cases, where you are
disputing items against the account, you will see a note
indicating your dispute status.
Accounts in Good Standing
This is the good part. Every account you have listed here works
towards a good FICO Score. You will find the name of the account
creditor, their address, your account number, the type of
account, the status of the account, the date on which the
account was opened, the credit limit, payment terms (e.g. 12
months/year), monthly payments, recent balance and recent
payment. If you closed the account, you will see a note
indicating so.
Requests for your Credit History
Any inquiries against your credit file will be listed in this
section. This section is divided into two subcategories: (a)
Requests Viewed by Others (b) Request Viewed by You.
"Requests Viewed by Others" are inquiries against your credit
report from creditors with whom, you have applied for credit
lines or loans (e.g. mortgage loan or credit card application).
Some inquiries may have been originated from potential
employers. Each request will have details identifying the name
of the requesting company, their address, the date on which they
made the request and any comments regarding the request.
"Requests Viewed by You" are inquiries against your credit
report by yourself or persons who have permission to review your
credit file by law (e.g. creditors wanting to offer pre-approved
credit, employer about to extend an offer of employment or
consumer credit reporting bureau processing a request made by
you). Each request will detail the name of the requesting
company, their address, the date on which they made the request
and any comments regarding the request.
Personal Information
This section will detail your personal information. "Names" will
reflect all variations of your name (e.g. Sam J.Doe, Samuel J.
Doe, S.J.Doe). Additional information will inclue your date of
birth, social security number, current address, previous
address, phone number, current employer and any personal
statements that you have made to Experian regarding your credit
report.
Note: By law, Experian cannot disclose medical
information, therefore any accounts of the medical nature will
be listed as "Medical Payment Data".
You may also find the following credit report terms helpful: