How to Read Your Credit Report

A credit report records information about your credit accounts and how they have been managed. It is different from a credit score: the score is calculated from report data, and different scoring models can produce different numbers. Start with the report because it gives you something specific to check. The CFPB explains what a report contains and how scores use report information.

Get your reports

Use AnnualCreditReport.com to request reports from Equifax, Experian and TransUnion. The FTC says the three bureaus currently offer free weekly reports online. You can check a report without applying for a card. Keep the reports in a place you control; CreditMango does not need a copy.

Check one section at a time

1. Personal information: Do your names and addresses make sense? An unfamiliar entry is a reason to look more closely, but an old address alone does not prove fraud.
2. Accounts: For each account, compare the creditor, open or close date, balance, credit limit, payment history and status with your own records.
3. Collections and public records: Check whether an item belongs to you and whether its status and dates are accurate.
4. Inquiries: Review which companies accessed the report. If you do not recognize an inquiry, check the details before drawing a conclusion.

Those are common report sections identified by the CFPB. Reports may format them differently. A useful worksheet has four columns: item, what the report says, what my records say, and next action. Do not enter account numbers or personal identifiers into CreditMango.

Choose a next action

If information looks wrong, gather supporting records and follow the CFPB dispute process. If an account is accurate but its balance is difficult to manage, start with the balance lesson. If everything looks right, use the rebuilding path to choose a manageable next step. No single report entry predicts an approval or a future score.