How to Read Your Credit Report
Once you receive your credit report, you will want to know how to read it in order to get a clear picture of what it represents. The many different numbers, terms and abbreviations look like Greek, but can be easily interpreted. Each credit reporting agency includes instructions on how to read the report. For example, Experian has simple explanations such as never pays late, pays 30 days late, etc. Charged off means that the creditor has given up on trying to collect the debt. Others may use a a payment code that ranges from 1-9. If you have plenty of R1s or I1s, this indicates that you have a good payment history.
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