Understanding Your Credit Report

How to Get Your Free Credit Report

You're entitled to free credit reports from all three major bureaus once per year. The only official source is:

AnnualCreditReport.com

Through 2026, you can get free weekly reports from each bureau. Take advantage of this to monitor your credit regularly.

The Three Credit Bureaus

There are three major credit bureaus that collect your credit information:

• Experian
• TransUnion
• Equifax

Each may have slightly different information, so check all three. An error on one report may not appear on the others.

What's on Your Credit Report

1. Personal Information

• Name (and variations)
• Current and past addresses
• Social Security number
• Date of birth
• Employer information

Check for: Misspellings, wrong addresses, or unfamiliar employers (could indicate identity theft).

2. Credit Accounts (Trade Lines)

Each account shows:

• Creditor name
• Account type (credit card, mortgage, auto loan, etc.)
• Date opened
• Credit limit or loan amount
• Current balance
• Payment history
• Account status (open, closed, paid, charged-off)

Check for: Accounts you don't recognize, incorrect balances, or wrong payment history.

3. Inquiries

Lists who has checked your credit:

• Hard inquiries: From credit applications (affect your score)
• Soft inquiries: From pre-approvals, background checks, or you checking your own report (don't affect score)

Check for: Hard inquiries you don't recognize (could indicate fraud).

4. Public Records

• Bankruptcies
• Tax liens (removed in 2018 but may still appear on older reports)
• Civil judgments (removed in 2018)

5. Collections

Debts that have been sent to collection agencies. These significantly hurt your score.

How to Spot Errors

Studies show 1 in 5 credit reports contain errors. Look for:

• Accounts you didn't open: Sign of identity theft
• Wrong account status: Account shows as open when closed
• Incorrect balances: Reported balance doesn't match your records
• Late payments you didn't make: Payments marked late when they were on time
• Duplicate accounts: Same debt listed twice
• Outdated negative info: Items older than 7 years (10 for bankruptcy)
• Wrong personal info: Misspelled name, wrong address

How to Dispute Errors

Step 1: Document the Error

Gather evidence that proves the error:

• Bank or credit card statements
• Canceled checks
• Court documents
• Letters from creditors

Step 2: File a Dispute

Contact each bureau that has the error:

• Online: Each bureau has an online dispute center
• By mail: Send a dispute letter via certified mail with return receipt

Step 3: Wait for Investigation

The bureau must investigate within 30 days (45 if you provide additional information). They'll contact the creditor to verify the information.

Step 4: Review Results

The bureau must send you results in writing. If the error is confirmed, they must correct it and send you an updated report. If they don't correct it and you still believe it's wrong, you can add a statement to your report.

Frequently Asked Questions

How do I get my free credit report?

Visit AnnualCreditReport.com to get free reports from all three bureaus (Experian, TransUnion, Equifax) once per year. You can also get free weekly reports through 2026. This is the only official source for free credit reports.

How do I dispute errors on my credit report?

File a dispute online at each credit bureau's website, or send a written dispute letter via certified mail. Include copies of supporting documents. The bureau must investigate within 30 days and correct or remove inaccurate information.

How long do negative items stay on my credit report?

Most negative items stay for 7 years from the date of first delinquency. Bankruptcies can stay for 7-10 years. Positive information can stay indefinitely.