You should know how to read your credit report in order to make sure your personal information and balances owed to creditors are correct. It can take some time for a creditor to report a reduction in your balance, so there is not much to be concerned about unless there is a large disparity in the amount.
Credit Report Information
When you first view your report, do not be overwhelmed by the volume of information that you see. It is simple to interpret, and once you become familiar with the way that a creditor lists your information it will be easier to scan through the report.
Go through the report line by line, and verify the items for accuracy. You will also see inquiries that were made by creditors when you applied for credit. These usually do not cause any difficulty in obtaining credit, unless there are a lot of inquiries made in a short period of time.
If you find an error on your credit report, contact the reporting agency and the creditor in writing and list the inaccurate information in detail. Send a copy of any supporting documents.