Credit reports are essential financial documents that detail your debt history over the past 7-10 years. Lenders, landlords, and insurers use them to assess your creditworthiness. Information is reported by banks and lenders to the three national credit bureaus monthly, but discrepancies between reports are common.

Your credit reports include detailed information about your debt accounts, including open dates, balances, and account status. Accounts are categorized as satisfactory or adverse based on payment history. Understanding terms like primary holder, authorized user, secured, and unsecured debt is crucial for interpretation.

Payment calendars in credit reports show monthly payment status. Green boxes indicate on-time payments, while numbers show days late. Blank spaces mean no information was reported, while other notes signify account closure due to overdue payments. Some reports include keys for interpreting notes.

Bankruptcies are recorded in a separate section of credit reports for 7-10 years, depending on the type filed. Unpaid debts sent to collections appear in the relevant section, providing vital information for settling debts and verifying accuracy. Inquiries show who accessed your reports and impact credit scores differently.

Your rights as a consumer are outlined at the end of your credit reports, including instructions on disputing errors. Understanding your reports, seeking professional help if needed, and ensuring accuracy are crucial for financial health. A healthy credit report opens doors to opportunities, while negative information can hinder approval for credit and jobs.

AnnualCreditReport.com is the recommended source for free credit reports from all three bureaus. You can pull each report once a week, but reviewing them annually is sufficient for most people. If unable to access online, a phone request may be an option before resorting to mail.

Read more at Yahoo Finance: What is a credit report, and how do you read one?