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How To Read And Understand Your Credit Report

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Payment History
How To Read And Understand Your Credit Report

The account history section of your credit report contains the bulk of the information. This section includes each of your credit accounts and details about how you’ve paid. Your account history will be very detailed, but it’s important that you read through to make sure the information is being reported correctly.

Each account will contain the several pieces of information.
  • Company name of the institution reporting the information.
  • Account number associated with the account. The account number may be scrambled or shortened for privacy purposes.
  • Type of account, i.e. revolving account, education loan, auto loan.
  • Terms of repayment. Installment loans include the number of payments. Revolving accounts may leave this section blank or as “revolving”.
  • Date opened. The month and year the account was established.
  • High credit is the highest amount ever charged on the credit card. For installment loans, high credit is the original loan amount.
  • Credit limit or loan amount.
  • Balance. The amount owed on the account at the time data was reported.
  • Past due. Amount past due at the time the data was reported.
  • Account status. Indicates the status of the account, i.e. current, past due, charge-off. Even if your account is current, it might contain information about previous delinquencies.
  • Payment history. Indicates your monthly payment status since the time your account was established.
  • Date reported. The last time the data was updated by the creditor.

Collection accounts may appear as part of the account history or in a separate section. Where it appears depends on the company providing your credit report.

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