Credit report vs. credit score
Your credit score is a three-digit number summarizing your creditworthiness. Your credit report is the detailed document from which that score is calculated.
The report contains your credit history: accounts, balances, payment records, inquiries, and public records. Lenders, landlords, and sometimes employers review this report to assess risk. The score is a shortcut; the report is the full story.
Understanding the report matters because scores are derived from it. Errors on your report produce incorrect scores. Fixing report errors fixes score problems.
The three bureaus
Three credit bureaus maintain reports on U.S. consumers:
- Equifax (equifax.com)
- Experian (experian.com)
- TransUnion (transunion.com)
Each bureau collects data independently. Not all creditors report to all bureaus. This means your three reports may differ—sometimes significantly.
A late payment might appear on one bureau’s report but not another’s. An account might be missing from one report entirely. This is why checking all three reports matters.
Getting your free reports
AnnualCreditReport.com is the only official source for free credit reports as mandated by federal law. You’re entitled to one free report from each bureau weekly (this was expanded from annually during COVID and has remained in place).
Avoid lookalike sites with similar names—many are scams or charge fees for something that’s free. The official site is operated jointly by the three bureaus under Federal Trade Commission oversight.
Request all three reports. Review each separately since they may contain different information.
Report sections explained
Credit reports contain four main sections:
Personal Information: Name, addresses (current and previous), Social Security number, birth date, employment history. This section doesn’t affect your score but errors here can indicate identity theft or mixed files (your data confused with someone else’s).
Accounts (Trade Lines): The core of your report. Each credit account appears with:
- Creditor name and account number (partially masked)
- Account type (credit card, mortgage, auto loan, etc.)
- Date opened and date closed (if applicable)
- Credit limit or loan amount
- Current balance
- Payment history (typically 24-84 months of records)
- Account status (current, delinquent, closed, etc.)
Inquiries: Records of who accessed your report. “Hard inquiries” from credit applications affect your score slightly. “Soft inquiries” from background checks or pre-approvals don’t affect scores.
Public Records: Bankruptcies, civil judgments, and tax liens appear here. These severely damage credit scores and remain for 7-10 years.
Reading account entries
Each account entry tells a story. Here’s what to examine:
Payment history codes: Reports use codes like “OK” or numbers (1-9, with 1 meaning current and higher numbers indicating increasing delinquency). A pattern of “1” entries is good. A “30,” “60,” or “90” indicates payments that many days late.
Balance vs. limit: For credit cards, this shows utilization. A $3,000 balance on a $10,000 limit is 30% utilization. High utilization hurts scores.
Account status: “Open/Current” is ideal. “Closed by consumer” is neutral. “Closed by creditor” or “Charged off” indicates problems.
Date of last activity: When the account was last updated. Dormant accounts might not show recent activity.
Spotting errors
Common credit report errors include:
Accounts that aren’t yours: Identity theft or mixed files can add strangers’ accounts to your report. Any account you don’t recognize warrants investigation.
Incorrect balances: An old balance that doesn’t reflect recent payments suggests the creditor isn’t reporting updates.
Wrong payment status: A payment marked late that was actually on time. This happens more often than it should.
Duplicate accounts: The same debt appearing twice, often after it’s sold to a collection agency.
Incorrect personal information: Wrong addresses or employer information can indicate mixed files.
Accounts still showing after bankruptcy discharge: Should be marked accordingly, not shown as open delinquencies.
The Federal Trade Commission estimates that one in five consumers has an error on at least one credit report. Checking annually (at minimum) catches problems before they cause damage.
Disputing errors
If you find errors, you have the right to dispute them. The process:
1. Document the error. Gather supporting evidence—payment receipts, account statements, correspondence.
2. File a dispute. You can dispute online through each bureau’s website, by mail, or by phone. Online is fastest. Include your report confirmation number and clearly identify the disputed item.
3. Bureau investigates. The bureau must investigate within 30 days (45 if you provide additional information). They contact the creditor to verify the disputed information.
4. Resolution. If the creditor can’t verify the information, it must be removed. If they verify it’s accurate, it remains. You’ll receive written results.
5. Add a statement (optional). If the dispute is denied but you still disagree, you can add a 100-word statement to your report explaining your position.
Dispute with each bureau showing the error—fixing it at one doesn’t automatically fix it at others.
What stays and for how long
Different items have different lifespans on your report:
- Late payments: 7 years from the date of delinquency
- Collections: 7 years from the original delinquency date
- Chapter 7 bankruptcy: 10 years
- Chapter 13 bankruptcy: 7 years
- Hard inquiries: 2 years
- Positive accounts: 10 years after closing (helps your score)
Nothing stays forever. Even severe negative items eventually age off. Time heals credit wounds—if new problems don’t occur.
Monitoring your reports
Beyond annual checks, ongoing monitoring helps catch issues quickly:
Free services: Credit Karma, Credit Sesame, and similar services provide free monitoring using data from one or more bureaus. They alert you to new accounts, inquiries, and significant changes.
Bureau alerts: Each bureau offers alert services (some free, some paid) that notify you of activity on your report.
Fraud alerts and freezes: If you suspect identity theft, you can place fraud alerts (creditors must verify your identity before opening accounts) or credit freezes (blocks access to your report entirely). Both are free. The IdentityTheft.gov site provides guidance.
The report as a financial mirror
Your credit report reflects your financial behavior over time. It’s not a judgment of your worth as a person—just a record of how you’ve handled credit obligations.
Understanding this record empowers you to improve it. Knowing what’s there, catching errors, and seeing how behaviors translate to report entries all contribute to building and maintaining strong credit. The report is just data. What you do with that data determines your financial options.
Special situations
Identity theft: If you discover accounts you didn’t open, file a report at IdentityTheft.gov, place fraud alerts or freezes with all three bureaus, and dispute the fraudulent accounts. The FTC guides you through recovery steps.
Mixed files: Sometimes credit bureaus merge data from people with similar names or Social Security numbers. If accounts clearly belonging to someone else appear on your report, dispute them as “not mine” with documentation.
Medical collections: Medical debt collections have special rules. Under newer scoring models, paid medical collections have less impact. Some states have additional protections. CFPB guidance on medical debt provides details.
After bankruptcy: Discharged debts should show as “included in bankruptcy” rather than delinquent. Monitor reports to ensure proper updating as the bankruptcy ages and eventually falls off.
Building a monitoring habit
Rather than checking reports constantly, establish a routine:
- Quarterly: Check one bureau’s report (rotate through all three over the year)
- Annually: Pull all three and compare thoroughly
- Upon denial: Request your free report when denied credit to see what the lender saw
This cadence catches problems without creating obsessive monitoring. Your credit report is a tool for financial health, not a source of anxiety.