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Step 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.
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Step 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."
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Step 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.
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Step 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.
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Step 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.
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Step 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."
