How To Read An Equifax Credit Report

 

Although all the consumer credit reporting bureaus provide the same information, the credit reports of each of these bureaus have a unique credit report format. It is thus essential to know the formats of all the reports and know how to read an Equifax credit report.[br]

 

How To Read An Equifax Credit Report: Personal Information Section

The Personal Information section details the following data:

 

Although all the consumer credit reporting bureaus provide the same information, the credit reports of each of these bureaus have a unique credit report format. It is thus essential to know the formats of all the reports and know how to read an Equifax credit report.[br]

 

How To Read An Equifax Credit Report: Personal Information Section

The Personal Information section details the following data:

• Name
• Social Security Number (SSN)
• Date of birth
• Any former names
• Death notice information
• Current and previous addresses
• Any other identification numbers that you may have
• Current and previous employers

 

You can also view information about any fraud alerts that you may have submitted in this section.

 

How To Read An Equifax Credit Report: Account Information Summary Section

You will find a list of all your financial accounts in this section. Additional information will include:

• Account type
• Account number
• Date on which the account was opened
• Account balance
• Any past due amount
• Account status
• Credit limit

 

How To Read An Equifax Credit Report: Inquiries Section

This section lists all inquiries that were requested against your credit file. In Equifax credit reports, this section is divided into two subcategories:

• Inquiries that can be viewed by lenders and other companies. These inquiries are called hard inquiries and may affect your credit score. These inquiries are made by potential creditors who are assessing whether to approve your request for a new line of credit. These inquiries list the name of the company that asked for the information and the date on which they requested it.
• Inquiries that are not displayed to companies. These inquiries, also called soft inquiries, do not affect your credit score and include requests made by pre-approved credit line providers and insurance companies. Here, the name of the company that made the request and the date and the type of inquiry will be listed.[br]

 

How To Read An Equifax Credit Report: Collections Section

This section lists accounts that have gone to collections. For all such accounts, the information that is listed includes:

• The name of the creditor
• Date reported
• Creditor type
• Your account number
• Original amount
• Dates of delinquency
• Outstanding balance
• Status information

 

How To Read An Equifax Credit Report: Public Records Section

In this section, the following data is listed:

• Bankruptcies
• Liens
• Judgments information from federal, state or county court records

 

Each public record will further indicate:

• The type of record
• Case number
• Amount in default
• Any relevant information associated with that particular case

 

The following terms may appear on the credit report:

CHARGEOFF: Unpaid balance on account was reported as a loss by creditor

COLLECT: Account is assigned to collections

FORECLOS: Property was foreclosed

BKLIQREQ: Debt was absolved due to Chapter 7, 11 or 13

DELINQ 60: Account is 60 days delinquent

CUR WAS 30-2: Account is current and payment was 30 days late twice