How To Read Your Experian Credit Report

This Is How To Read Your Experian Credit Report

A credit report is a record of your credit history and credit score. It summarizes how you’ve used credit in the past, and includes information on current accounts, loans, and debt obligations. Your credit score is a three-digit number that lenders use to help them decide whether to lend you money and at what interest rate. The higher your score, the less risk you represent to a lender. Having a good understanding of your credit report and score is essential for taking control of your finances. Here’s how to read your credit report.

Personal Information –

The most important information in your credit report is your personal information, such as name, gender, other names, driver’s license number, birth date, and employment history.

Your Experian Credit Score –

A quick glance at your Experian Credit Score tells you whether things are going well or not. A credit score between 0 and 1,000 is considered excellent. The red boxes beneath “Your Credit Summary” show you where negative factors may be getting in the way of a better rating. Lenders have access to additional information beyond what’s included here, including loan modifications and payment arrangements.

Consumer Credit Enquiries –

If you’re looking for some information about previous applications you made for credit, this might be the place to go. Any applications you’ve made in the last five years for credit will be listed here, as well as the name of the company with which you applied. These questions are only from your end.

Current Consumer Credit Providers –

This part covers up-to-date open accounts, such as those with credit card companies and debt collection agencies that do not currently provide repayment history.

Consumer Defaults –

The Experian Credit Report includes a variety of information, including the following, here you may find out more about the defaults mentioned above in your Experian Credit Report, such as how much you owe / owed when the account defaulted and its status. For example, P = Paid or S = Settled.

Consumer Credit Accounts –

You’ll see information about the payments you’ve made in the last two years that have been verified by your credit agencies, Experian. It’s worth noting that not all of your credit providers will provide us with your repayment history. Green ticks indicate that you made payments on time for that month and a number indicates how many missed payments there were for that month. Only seven green ticks are shown if you’re more than seven months late, while only seven red ticks appear if you’re less than seven months behind schedule.

Consumer Serious Credit Infringements –

The information here will show details of any circumstances where any of your credit providers believes:

  • You’ve committed or attempted fraud in your application for credit in some way, or
  • You have failed to honor your debt obligations fraudulently, or
  • Your actions seem to suggest that you don’t want to adhere to your credit agreements, and they’ve tried repeatedly but unsuccessfully to contact you about it over six months ago.
Commercial Credit History –

This part displays information about credit applications you’ve submitted for your business, as well as your past and current commercial credit connections.

Public Information –

This section of your credit report contains data that is readily accessible to the public, such as whether you’ve been declared bankrupt or have had a successful legal action taken against you.

Personal Statements –

In some cases, you may ask Experian to add a brief factually correct statement to your credit report stating for example, that your personal identity information has been compromised. This will then be visible to any business that is authorized to view your credit report. If you’re concerned about someone stealing your identity, it’s worth considering requesting a temporary credit reporting ban.

File Access Record –

You may edit your Experian Credit Report once a month for free. The inquiries on this section of your Experian Credit Report have no impact on your credit score. This area is intended to only show you who has accessed your credit report and notifies you that someone else has done so. It’s possible that an organization wanting to check our records match theirs is simply looking at the report in part.

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If you are struggling with bad credit, Credit Repair Ausvengers can help. Our team of credit repair experts will work to remove negative listings and defaults from your credit file, giving you a chance to obtain the credit you need. We understand that bad credit can be frustrating and overwhelming, but we are here to help. Contact us today for a free credit file assessment and let us show you how we can improve your credit score.