Guide — TVACU Financial Wellness

Understanding Your Credit Report

A section-by-section walkthrough, error checklist, and dispute letter template — everything you need to know what's on your report and how to fix it.

TVACU
Financial Wellness
tvacu.com

Fill in your information above, then click to save or print.

← Back to Guides • Related: How to Read Your Credit Report • How to Improve Your Score • Quick Checklist (1 page) →

Step 1: Get Your Free Reports

You're entitled to one free report per year from each bureau (Equifax, Experian, TransUnion). The only federally mandated free source is AnnualCreditReport.com. Pull all three — each bureau may have different information.

Go to AnnualCreditReport.com and request all three bureau reports
Download or print each report before reviewing
Repeat every 12 months (or stagger: one bureau every 4 months)

Identity Check First If you haven't pulled your credit report in over a year, you may find accounts you didn't open — a sign of identity theft. Resolving fraud quickly is much easier than disputing old fraud.

Step 2: Read Each Section

Section 1 — Personal Information

Name, addresses (current and past), SSN (partial), date of birth, employer history.

What to check:

Addresses you've never lived at → possible fraud or mixed file
SSN that doesn't match yours exactly → mixed file (your report merged with someone else's)
Names you don't recognize → dispute if not a known variation

⚠ Any unfamiliar address or name should be investigated before proceeding.

Section 2 — Accounts (Trade Lines)

Every open and closed credit account: credit cards, auto loans, mortgages, student loans, personal loans. Each account shows:

Date opened — affects credit age factor
Credit limit / loan amount
Current balance
Payment history — month-by-month: OK = on time; 30/60/90 = days late; CO = charged off
Account status — Open, Closed, Charged Off, In Collections

⚠ Flag: Accounts you didn't open, incorrect late payments, wrong balances, duplicate accounts, accounts showing open that you closed, negative items older than 7 years.

Section 3 — Public Records

Bankruptcies only (since 2018, civil judgments and tax liens no longer appear). Chapter 13: 7 years. Chapter 7: 10 years.

⚠ Any bankruptcy you didn't file is serious fraud — dispute immediately.

Section 4 — Inquiries

Hard inquiries: triggered when you apply for credit. Affect your score slightly for up to 12 months; fall off after 2 years. Soft inquiries (background checks, your own pulls): do not affect your score.

⚠ Any hard inquiry from a lender you didn't apply to may indicate fraud.

Step 3: The Five FICO Score Factors

35%

Payment History

Most important factor On-time payments build your score. One 30-day late payment can drop a good score 60–110 points. Set up autopay to eliminate the risk.

30%

Utilization

Balances vs. limits on revolving accounts Keep below 30% — ideally below 10% for highest scores. Pay before statement date to show lower utilization on your report.

15%

Account Age

Age of oldest, newest, and average account Don't close old accounts. Opening many new accounts lowers average age.

10%

Credit Mix

Variety of credit types Having both revolving (credit cards) and installment (loan) accounts helps. Don't open accounts just for mix.

10%

New Credit

Recent applications / hard inquiries Multiple applications in a short period signals risk. Rate-shopping for mortgages/auto loans within 30 days counts as one inquiry.

Step 4: Error Checklist

Review each account on your report and check for these issues:

Accounts that are not mine (different person, fraud, or mixed file)
Late payments I know I made on time
Incorrect balance on an account
Account showing as open that I closed
Same debt listed more than once (duplicate accounts)
Negative items older than 7 years (most must be removed at 7 years)
Bankruptcy I didn't file
Hard inquiries from lenders I didn't apply to

Step 5: How to Dispute an Error

Dispute directly with each bureau that has the error using their online portal, or by certified mail to preserve documentation. Also dispute with the original furnisher (the lender or collector who reported the item). Bureaus must investigate within 30 days.

Equifax: equifax.com → Credit Reports → Dispute
Experian: experian.com/disputes
TransUnion: transunion.com/credit-disputes

Sample Dispute Letter — Fill In & Print

Re: Dispute of Inaccurate Information — Account Number

To Whom It May Concern:

I am writing to dispute the following information in my credit file. I have identified an inaccuracy that I request be investigated and corrected.

Item disputed:

I am requesting that the inaccurate information be corrected or removed from my credit file. I have enclosed copies of documents supporting my position.

Please send me written notification of the results of your investigation at the address listed above.

Sincerely,

Enclosures:

Keep Records of Everything Save copies of all dispute letters and responses. If disputing by mail, use certified mail. If the bureau removes an item and it's later re-added, you have documentation to escalate to the CFPB (Consumer Financial Protection Bureau) or an attorney.

Errors Found — Notes: