Each account will be identified as to its type (R=revolving, I=installment) and then payment frequency coded as below:

0 Too new to rate
1 Pays account as agreed
2 Not more than two payments past due
3 Not more than three payments past due
4 Not more than four payments past due
5 At least 120 days or more than for payments past due
7 Making regular payments under W.E.P (wage earner plan)
8 Repossession
9 Bad Debt; placed for collection; skip

There will also be information regarding credit limits.  For installment loans it will be the amount of the original loan.  For revolving credit like credit cards, it will be the credit limit of the card.  An inaccurately low credit limit will increase the calculation of your credit usage and give you a lower score.

The current balance will be posted.

The status of each account will be posted as to it being open or closed.  If it is closed it will say who closed it, the creditor or you.

There will also be information regarding credit limits.  For installment loans it will be the amount of the original loan.  For revolving credit like credit cards, it will be the credit limit of the card.  An inaccurately low credit limit will increase the calculation of your credit usage and give you a lower score.

The current balance for each account will be posted.

The status of each account will be posted as to it being open or closed.  If it is closed it will say who closed it, the creditor or you.

Inquiries:
This will list chronologically, all the organizations who have “pulled” your report.  Not just anyone can have access to your credit report.  Under the Fair Credit Reporting act the inquirer must have “Permissible Purpose” to buy your report.  Permissible purpose is something you initiate by:

Applying for something like insurance, credit or employment where you have given your permission on the application.

By virtue of having an open account you give permission to the creditor to pull your report.

Have passed on your right to pull your own report via a power of attorney.

If you see that there is an organization listed that you have not given your expressed permission to, you can have the inquiry listing pulled, but more important, that organization is subject to a $1000.00 fine in federal and some state courts.

Hard inquiries are inquiries made by your creditors or potential creditors.   Those made in the last two years carry the most weight as it indicates if you are seeking new credit or having an issue with an existing creditor.  Consequently, if there are any non-authorized inquiries you want them gone.

Soft inquiries are those made by yourself or credit providers who are building a marketing list to offer you a card.  These inquiries are not visable to creditors and have no effect on your credit score.

Credit Score
You may see a credit score on the report nut it is most likely a score calculated by the CRA and rarely used by creditors.  FICO is the one score that is almost universally used, although maybe differently, by all creditors.

So now you have your report and a feel for what you’re dealing with.  What do you do next?  Check out  Disputing Credit Report Items.