How to Read a TransUnion Credit Report

Checking the financial and personal information reported on your TransUnion credit report at least once a year is an important part of personal financial management. You must know how to properly read your TransUnion credit report to ensure that all of the information is accurate.

Instructions

Difficulty: Moderate

1. Familiarize yourself with how current accounts are noted. All accounts that are current and have an on-time payment history are represented by the letters "OK" or "CUR" inside a green box.
2. Understand how the types of accounts are specified. Revolving accounts are indicated as "R," mortgages as "M," lines of credit "C" and installment loans are "I."
3. Comprehend how late payments are reported. Late payments are indicated by the numbers 30, 60, 90, 120 or 150 printed inside an orange box. The numbers are estimates of how many days you were late on the payment for that particular account.
4. Grasp how to read the monthly payment summary. This is line of numbers printed to the far right of the account information and reads: 11122334455. 1 means you have been paying on time. The other numbers indicate how many days late your payment was made. 2 is 30 to 59, 3 is 60 to 89, 4 is 90 to 119 and 5 is 120 days or more.
5. Learn how negative credit information is indicated. If you have entered into a payment plan other than the original credit agreement, it is indicated by the letters "PP" inside a black box. An "RF" inside the black box indicates repossessions and foreclosures and "CO" indicates collections and charge-off accounts.
6. Know the numeric indication of repossessions, collection accounts and charge-off accounts. Repossessions are denoted as "8," charge offs as "9" and collection accounts as "9B."

Tips & Warnings

• Visit the Transunion website for a comprehensive breakdown of all the information contained on your credit report.
• Print a copy of Transunion credit report code definitions and keep them with your credit report.
• Dispute all late payment information that you know to be incorrect. Be sure to have proof such as canceled checks or bank statements. If payments are reporting late because of errors on the part of the creditor or the credit-reporting agency, it will hurt your credit score.
• Request an investigation if you don't believe a credit account is yours. By law, the credit-reporting agency must investigate and correct all erroneous information.
• Keep a detailed phone log of the time, date and nature of the conversation for every person you speak to regarding disputed items. This documentation can help settle disputes over the TransUnion credit report.