How to Read an Equifax Credit Report

Each of the 3 major credit-reporting agencies, Equifax, Experian and Transunion has different ways of reporting your credit information. You must become familiar with how to read each type of credit report to ensure that your information is accurate. A credit report from Equifax is divided into 5 main sections.

Instructions

Difficulty: Easy

1. Familiarize yourself with the section containing your personal information. Personal information is printed on the top of an Equifax credit report and includes full name, current and previous addresses, your current employer and two previous employers. Employer information includes names and addresses for current and past employers, your job position and title.
2. Comprehend the public records section. Any public records such as tax liens, bankruptcies and civil judgments are reported in this section.
3. Identify the negative items section. Negative items are reported in this section. These include collections, charge-offs, defaulted loans, repossessions and foreclosures.
4. Understand the section containing trade lines. Trade lines include payment history, high credit limits and credit balances for your current accounts. Accounts that have been closed in good standing also are reported in this section.
5. Recognize the credit inquiries section. This is the final regular section of an Equifax credit report. Any credit inquiries over the past 24 months are reported to this section.
6. Be aware of statements. Any statements or special requests you have made regarding your Equifax credit report are printed at the end of the report. Some examples are a statement that you have been a victim of identity theft, or a request the company contact you before an inquiry into your credit is conducted.

Tips & Warnings

• An account that has been closed in good standing should be kept on your credit report. It is a positive reflection of your credit character, so there is no need to request removal of these items just because they are older accounts.
• Report suspected fraud and inaccurate information directly to the credit bureaus as soon as it is discovered.