How to Read a Credit Report

Last Updated: April 27, 2024

How to Read a Credit Report

What Is Credit Report?

A credit report or commonly known as a credit note is a document where all the information of an individual’s credit activities is recorded. This includes his or her credit history and credit situation. The common information found in a credit report is the different type of accounts used by the holder.

Since it is a report, it is also stated in it the ways or the compilation of how an individual manages or controls his or her credits.

The common information included in the credit report are:

  • Full name
  • Addresses
  • SSS number
  • Employment history

How to Read Your Credit Report?

Reading your credit report does not necessarily requires you to have skills in accounting or whatsoever. It is simple and anyone can read it. So to start, a credit report is divided into four sections: identifying information, credit history, public records, and credit inquiries.

  • Identifying information. The information here is used to identify the holder such name, address, sss number, employment, and more
  • Credit history. All credit transactions are placed here, including the name of the creditor and your account number
    Public records. If you have made any public records such as bankruptcies or lawsuits, then all of that in the public records.
  • Inquiries. The credit inquiry is where all the people or company who review your credit report are listed here.

The Anatomy of Your Credit Report

Here’s a breakdown of what’s inside your credit report.

  • Credit report number & index. Used if you like to dispute an error.
  • Potentially negative items. Missed payments, unpaid tax liens, unpaid fines, etc.
  • Credit account info & status. Account number, creditor name, address, and phone number.
  • Accounts in good standing. List of non-negative payment history.
  • Type of accounts. The account list and credit type.
  • Request for your credit history. People or company who pulled your credit report.
  • Personal information & address. Your name, address, SSS number, employment, etc.

The Credit Summary and Account History in Your Credit Report

Credit Summary

One of the main parts of the credit report is the credit executive summary. This is where all the different types of accounts you used are listed along with the balance that comes with it. Basically, it summarizes all of that information in the credit report.

These are the different account types that may appear in your credit report.

  • Real estate. The mortgages that you have.
  • Revolving. Your credit cards and other credit lines
  • Installment. Car loans, house loans, education loans, and anything that is not related real estate.
  • Collection. Your accounts that have been transferred to a collection.
  • Other. Your miscellaneous accounts.

Account History

The account history comprises all information regarding with your credit technical report accounts and all the information that details on how you’ve paid. This section is very detailed, but in your end, you should also check it to ensure that it is reported correctly.

Here is the information that is included in the account history section.

  • Creditor name
  • Account number associated with the account
  • Account type
  • Your responsibility of the account
  • Date opened
  • Date reported
  • Balance
  • Credit limit or loan amount
  • High balance or high credit
  • Past due amount
  • Remarks or comments
  • Payment status
  • Payment history

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