How to Read an Equifax credit report
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How to Read an Equifax credit report
The Fair credit Reporting Act (Fcra) requires each of the Nationwide buyer Reporting organizations (Equifax, TransUnion and Experian) to provide you with one free credit article 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.
How to Read an Equifax credit report
How to Read an Equifax credit report
Each of the National buyer credit Reporting bureaus have a unique credit article format, but in essence they provide you with the same information. When you receive your free Equifax credit report use the following guidelines to read your report:
How to Read an Equifax credit report
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Personal Information
How to Read an Equifax credit report
How to Read an Equifax credit report
This section will information your personal information: Name, social protection estimate (Ssn), date of birth, any former names, death consideration information, current address, former addresses, any other identification numbers that you may have, current boss and former employers.
You will also find information about any fraud alerts that you may have against your credit report.
Account information Summary
You'll find a list of all your accounts here. Supplementary information will include catalogue type, catalogue number, date catalogue was opened, catalogue balance, any past due amount, catalogue status and credit limit.
Inquiries
Any inquiries against your credit file will be listed in this section. This section is divided into two subcategories: (a) Inquiries that display to companies and may impact your credit score. (b) Inquiries that do not display to companies and do not impact your credit score.
"Inquiries that display to companies and may impact your credit score"
These are inquiries by possible creditors who are assessing whether to increase you a line of credit or not. Your credit score will be minimally affected and therefore these inquiries should not be of major concern, unless there are some red flags. The name of the enterprise that requested the information and the date they requested it will be listed.
"Inquiries that do not display to companies and do not impact your credit score"
Unlike the former inquiries - these do not "hurt" your credit score. They include inquiries for pre-approved credit lines, insurance, or catalogue reviews by existing creditors. The name of the enterprise that requested the information, the date they requested it and the type of inquiry will be listed.
Collections
Any accounts that have gone to collections will be listed here along with the name of the creditor, date reported, creditor type, your catalogue number, customary amount, dates of delinquency, excellent equilibrium and status information.
Public Records
Bankruptcies, liens or judgments information from federal, state or county court records will be listed here. Each social article will indicate the type of record, case number, estimate in default and any relevant information related with that particular case.
Sample Equifax credit report
How to Read an Equifax credit report
How to Read an Equifax credit report
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How to Read an Equifax credit report
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