How to Read an Equifax Credit Report

By M.J. Kelly

Overview

Make a practice of ordering a copy of your credit report from Equifax every year to make certain the information it contains is correct. Your personal credit history is used by mortgage companies, insurance companies and credit card issuers. Landlords and car rental companies will also inspect your credit report, as will department stores and utility companies. To receive the best terms and interest rates when you apply to creditors, you need to have a good credit rating. Use the guidelines here to learn how to read your credit report.

Step 1

Look at your personal information. This section identifies your full name, social security number and current and previous addresses. Be sure they are correct. You don't want to be mistaken for someone who has a similar name, but a different middle initial. If you did not reside at an address noted on the report, you'll want to correct that information.
Step 2

Read the summary of all your accounts. Your current mortgage, installment loans and revolving credit will show here. For example, you will see how many credit cards you have and what the balance is on each one. The report will also indicate what your overall credit limit is and what percentage of that limit is being used.

Step 3

Notice if there are any consumer statements on your report. If you have placed a statement on your Equifax credit report, disputing an item on the report, it will be seen here. Make sure any personal statements are current and appropriate to a credit account dispute you may have.
Step 4

Scrutinize your account history. This area is a complete breakdown of your accounts (both current and past) that have been reported to Equifax by your creditors. The date the accounts were opened, how much you are obligated to pay each month and how well you have met your obligations is revealed. Closed accounts, with similar information, are indicated.
Step 5

See who has made inquiries about your credit. Inquiries came in two forms: hard and soft. A hard inquiry comes from a company with whom you have applied for credit. A soft inquiry is made by you in order read your credit report. Hard inquiries may negatively affect your credit score but soft inquiries do not.
Step 6

Check if any items have been forwarded to collection agencies. If you see an inaccuracy, or if you have paid a debt that appears outstanding, inform Equifax immediately (see Resources).
Step 7

Study any public records that appear on your credit report. Your credit report will reveal bankruptcy judgments, tax liens or other publicly recorded information. Check them for accuracy.

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