How to Read a TransUnion Credit Report

Credit reports are a way to review the financial history of an individual, particularly by companies from whom they are attempting to borrow. As a consumer, you should remain informed on what your credit reports say. To help you, the Fair Credit Reporting Act requires the three National Consumer Reporting organizations, Equifax, Experian and TransUnion, to provide you with one free credit report every twelve months.

These three credit reports vary slightly, and understanding how to read them is important. For example, TransUnion credit reports use several icons in your account summaries, making it easy to read and understand the status of your various accounts. Following is a summary of the primary portions within a TransUnion credit report:

Personal Information

This includes your name, phone number, current address, Social Security Number (protected against identity theft) and your current employer along with your position and date of hire. TransUnion also states how long you have been recorded in their database.

Account Information

This is simply a convenient legend for the icons used through the following account summaries. Account status symbols include: not applicable, unknown, current or 30/60/90/120 days late.

Adverse Accounts

These are accounts in which information may lead potential creditors to view you as a risk. Account information includes name, address and phone number of creditor, your account number, current balance and highest balance, account limit, account status, account type and the date you opened the account. The report lists how much money is past due and how many times the account a payment has been made 30/60/90 days late. Bankruptcies, liens, foreclosures and judgments will be listed in this section.

Satisfactory Accounts

This section lists all accounts that work towards a positive FICO score, increasing your likelihood of credit approval. They will contain the creditor’s name, address and phone number, your account number, your current balance and highest balance on the account as well as your limit, account status, the date the account was opened and who bears responsibility for the account. TransUnion will also specify the type of account and how many times a payment has been made 30/60/90 days late.

Regular Accounts

This portion lists companies that have made inquiries against your credit file and received your report within the last two years. This may include any companies with which you have applied for credit, mortgage loans or any potential employers. The name and address of the requesting company will be reported along with the date and reason for inquiry.

Inquiry Analysis

This lists the names and addresses of companies who have requested, although not necessarily received your credit report, along with the date of request.