Guide
How to read a credit report
Review a credit report by checking personal information, accounts, balances, payment history, collections, inquiries, and errors rather than focusing only on a score.
At a glance
- Report vs score
- A credit report contains data; a credit score is a model output based on report data
- Error process
- Consumers can dispute inaccurate information with credit reporting companies
Overview
A credit report is a record of information reported by lenders and other data furnishers. It can include identifying details, open and closed accounts, payment status, balances, collections, and inquiries. A credit score is calculated from report information using a scoring model; the report itself is the underlying record to inspect for accuracy.
Review account by account
Check whether each account belongs to you, whether status and balances are reasonable, and whether late payments or collections are reported accurately. Pay attention to duplicate accounts and unfamiliar hard inquiries.
Dispute specific errors
Gather documents supporting the correction, identify the exact item you believe is wrong, and use the formal dispute process. Keep copies of submissions and responses rather than relying only on phone conversations.
Sources and review
MOOR's explanatory text is supported by the following source links.
- Credit reports and scores — Consumer Financial Protection Bureau
- Disputing errors on a credit report — Consumer Financial Protection Bureau