Most people have never looked at their credit report. They know their credit score is a number, but they don't know what's behind it or where it comes from.
Your credit report is the full picture. Your score is just a summary of it. And if something is wrong on your report, your score pays the price.
Your credit report is a detailed record of your borrowing history. It shows every account you've opened, every payment you've made or missed, and every time someone checked your credit.
Three companies keep these records: Equifax, Experian and TransUnion. Each one has its own version of your report. They're usually similar but not always identical. That matters because lenders can pull from any one of them.
You're entitled to a free copy of your report from each bureau every year. The only official site is AnnualCreditReport.com. Don't Google "free credit report" and click the first result. Many of those sites charge a fee or sign you up for a subscription.
Go directly to AnnualCreditReport.com. Pull all three reports. It's free and it won't affect your score.
When you open your report, you're looking for four things.
Accounts you don't recognize. An account in your name that you never opened is a red flag for identity theft. Write it down.
Late payments that aren't accurate. If a payment is marked late but you paid on time, that's an error. It's more common than people expect.
Balances that are wrong. If a debt shows a higher balance than what you actually owe, that can hurt your utilization and drag down your score.
Accounts that should be closed but show as open. Or debts that are old enough to be removed. Most negative items fall off your report after seven years.
You have the right to dispute anything on your report that's inaccurate. Here's how.
Write down the specific item that's wrong. Gather any documents that support your case. A bank statement showing you paid on time. A letter confirming an account was closed.
Go to the bureau's website and file a dispute online. Equifax, Experian and TransUnion all have dispute portals. Describe the error clearly and attach your documents.
The bureau has 30 days to investigate. If the creditor can't verify the information, it has to be removed. You'll get a written response either way.
If the error shows up on all three reports, file a dispute with each bureau separately.
If you see an account you never opened, act quickly.
Place a fraud alert with one bureau. They're required to notify the other two. A fraud alert tells lenders to take extra steps before opening new accounts in your name.
You can also freeze your credit for free at all three bureaus. A freeze blocks anyone from opening new credit in your name until you lift it. It's the strongest protection available and it's free.
File a report at IdentityTheft.gov. It walks you through the steps and creates a recovery plan.
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