Reading your credit report

Your credit report is the raw data behind your credit score. The score is a summary; the report is the evidence. Reviewing yours annually is one of the lowest-effort, highest-impact money habits you can adopt — errors are common, and they can meaningfully hurt your score without you realizing it.

The sections

• Personal information: name, aliases, addresses, employers. Check for unfamiliar entries — could indicate mixed files or fraud.
• Credit accounts: every loan, card, and line, open or closed, with payment history. Main place to spot errors.
• Collections: debts sent to collections. Even paid collections often linger; dispute anything inaccurate or expired.
• Public records: bankruptcies, judgments (some states). Should be empty for most people.
• Inquiries: who pulled your report recently. 'Hard' inquiries (new credit applications) ding your score briefly; 'soft' inquiries (your own checks, pre-approvals) don't.

What to look for

1. Accounts you don't recognize. The most serious red flag — could indicate identity theft.
2. Late payments you didn't make. These carry huge weight in your score.
3. Wrong balances or credit limits. Incorrect utilization can cost you 20+ points.
4. Old closed accounts still listed. That's normal — they help your history length.
5. Negative items past their expiration date (late payments after 7 years, bankruptcies after 10). Dispute to remove.