How to Read an Experian Credit Report

The information contained on your Experian credit report determines whether you will be granted or denied credit. If you are granted credit, the report helps determine your credit limits and the interest rate you will be paying for personal loans, automobile loans, and mortgages. It is important to know how to read your Experian credit report to understand why you may have been denied credit and to maintain a good credit rating.

Difficulty: Easy

Instructions

1. Understand the information at the top of your Experian credit report: your name, report number and the date the report was prepared.

2. Examine the "Potentially Negative Items" section carefully. The first area in this section contains public records such as bankruptcies, tax liens and civil judgments entered against you. The second area in this section is titled "Credit Items" and lists collection and charge-off accounts.

3. Identify the "Accounts in Good Standing" area. This area lists present accounts in which your payments are current and past accounts that have been closed in good standing.

4. Comprehend the "Requests for Credit History" segment. This section is divided into 2 areas: "Requests Viewed by Others" and "Requests Viewed Only by You."

5. Inspect the detailed personal information section. This contains all of your personal information and includes full name, current and previous 3 addresses, spouse's name (if applicable), Social Security number, employer and your latest telephone number.

6. Review the "Personal Statement" section. Personal statements made to your Experian credit report are added by you. These statements are generally made if you have been a victim of credit fraud or identity theft.

Tips & Warnings

• Review the dates on collection accounts. These accounts will remain on your credit report for 7 years from the date the account became delinquent. If that period has passed, request that the item be removed.
• Take note of your report number. You will need this number when contacting Experian to report inaccuracies and to remove negative items that are more than 7 years old.
• Contact the credit bureau, not the creditor, for disputed items. If you contact the creditor directly, the account often will be "re-aged." This means the 7-year date changes and the item will remain on your credit report.
• Dispute re-aging. The FTC has determined that re-aging of accounts by creditors is an unfair practice. It encourages consumers to petition credit-reporting agencies to have the date revert to the original.

Resources

• A sample Experian credit report.
• Read the Fair Credit Report Act.