How To Read An Experian Credit Report
The Fair Credit Reporting Act (FCRA) requires each of the Nationwide Consumer Reporting organizations (Equifax, TransUnion and Experian) to provide you with one free credit report every 12 months per your request. This means that you are entitled to three free credit reports per year, if you deem it necessary. You can stagger the requests or order all of them at the same time.
Each of the National Consumer Credit Reporting bureaus have a unique credit report format, but in essence they provide you with the same information. When you receive your free Experian credit report use the following guidelines to read your report:
Personal Header Information
This section lists your full name, report number and report date. You will need to reference the report number, if you wish to contact Experian regarding your credit report.
Potentially Negative Information
Any information that may lead creditors to view you as a credit risk will be listed here. The following details will be listed: the name of the creditor, their address, your account number, account status, claim filed date, claim amount, claim resolved date and who bears the responsibility of resolving any claims or issues against the account.
In addition, this section will list any bankruptcies, foreclosures, judgments or liens in your credit history.
Credit Items
Here you will find all the credit accounts that you have or have had in the past. It will list the name of the creditor, their address, your account number, the type of account, the status of the account (e.g. paid or past due), the date on which the account was opened, the credit limit, payment terms (e.g. 12 months/year), monthly payments, recent balance and recent payment.
You will see a summary "credit history" for each of your accounts. The summary will indicate, whether the account has been to collections or was delinquent. In cases, where you are disputing items against the account, you will see a note indicating your dispute status.
Accounts in Good Standing
This is the good part. Every account you have listed here works towards a good FICO Score. You will find the name of the account creditor, their address, your account number, the type of account, the status of the account, the date on which the account was opened, the credit limit, payment terms (e.g. 12 months/year), monthly payments, recent balance and recent payment. If you closed the account, you will see a note indicating so.
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