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How to Read a Credit Report

If you’ve applied for any type of credit, such as a credit card, car loan, or student loan (including one from Climb), the decision you received was directly influenced by what’s in your credit report. Many of our previous posts have touched on the importance of your report and how to see yours, so you know why you should be aware of what’s on that report and how to get it for free at annualcreditreport.com. But now that you’re looking at it, how do you read it? In this post, we’ll go section-by-section of how to read a credit report — personal information, credit history, public record, and inquiries — and how to decipher what’s contained within each section.

But before we begin...

First off, you should know that there are actually three different credit bureaus: TransUnion, Experian, and Equifax. Each of these generates their own report, and a lender will report entirely to one bureau but only partially report to the others. Thus, they may have different information contained within them. Just because TransUnion says you’ve paid all your bills on time necessarily doesn’t mean Experian agrees. If a company wants to pull your credit report, they’ll do so from at least one of the three, but how many and which ones depend on the individual company (a big bank, for instance, might use all three). So you’ll want to be sure TransUnion, Experian, and Equifax all have accurate information on you.

How to Choose a Student Loan

Personal information

 The first section of your credit report is dedicated to who you are. Here, you’ll see the various pieces of information that have been used to identify you, both currently and in the past. So, if have two phone numbers associated with you, both might be on the report. And if you often go by your middle name, this will show up under “Also Known As.” Identifying features which may be located here are:

  1. Name (legal, aliases, and alternative spellings)
  2. Address (current and former)
  3. Phone number (current and former)
  4. Year or date of birth
  5. Employer names
  6. Spouse name
  7. Driver’s license number
  8. Social security number

Note: You may see some slight variations in this section, such as name misspellings or a second, mistyped social security number; sometimes letters and numbers get transposed when reported and they’re simply left on the report to maintain consistency. These are often nothing to worry about, but if you have a concern, you can absolutely contact the credit bureau to find out more and check if it’s something that should be corrected.

Credit history

After your personal information, there’s your credit information. This is what you’ll really want to pay attention to, and if you see a mistake, you definitely want to get it corrected. Here you can see information on all of the individual accounts (or “trade lines”) in your name and whether they’re in good standing or in poor standing. Relevant information will be listed for each account, and this may include:

  1. Creditor name
  2. Account number
  3. Date account was opened
  4. Responsibility (whether the account is just in your name or if you have a co-borrower)
  5. Account type (loan/installment, real estate, rental, revolving credit, line of credit, or collection)
  6. Balance (how much is still owed)
  7. Date updated (date the account was last reported)
  8. The total amount of the loan or the credit limit
  9. Monthly payment amount (how much is due each month)
  10. Recent payment amount (how much was paid on your last reported payment)
  11. High balance (the highest balance reached on a credit card)
  12. The status of the account (open, paid, refinanced, etc.)
  13. Past due (do you have late/missed payments)
  14. Payment status (whether the account is current or late)
  15. Payment history (payment status for each month)

Once again, since there are three separate credit bureaus with different reports, the formatting of this section and even the information contained within will often be different. Reading through this section carefully, though, helps ensure that there are no mistakes on your credit, trades you have forgotten about, or — most importantly — identity theft that would adversely affect your credit!

Public record

Then, there’s the public record portion. This section includes everything in your public record that’s related to financial issues. So that time you got a bit too carried away celebrating your team’s World Series win and ended up spending the night in jail? That won’t show up. However, a bankruptcy filing, tax lien, wage garnishment, or judgement will. Information shown under your public record are:

  1. Date filed
  2. Reference number
  3. Court
  4. Plaintiff
  5. Amount
Loan vs. Payment Plan

Inquiries

The final section of your report is inquiries. This is every time your report has been pulled by a company per your request for credit. Say you take out a private student loan; the loan company will make an inquiry on your credit and pull a report. Next year, you apply for a credit card, and that company also pulls your credit. Under the Inquiries section on the report pulled by the credit card company, the student loan company will show up along with anyone else who has pulled your credit in the last two years. When you look at this section, be sure to note who has pulled your credit and if they had a reason to:

  1. Name
  2. Contact information (address and phone number)
  3. Date of inquiry
  4. Type of business
  5. Date the inquiry will be removed

So, now that you know where to get your report and how to make sense of it, you’ll be better equipped to monitor its accuracy and fix any mistakes that may appear. This will help make sure your credit score is as strong as it can be!

How to Read a Credit Report

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What to Expect: Realistic Outcomes

Climb’s Comprehensive Access Solution can offer a strategic balance of increased enrollments and upfront cashflows compared to traditional lenders. While no financing solution guarantees 100% collection, our data-driven approach maximizes both upfront cash and long-term repayment rates.

Typical Partner Results:

  • 15-30% of students qualify for Climb Loans with upfront tuition delivered to the school shortly after course start
  • 45-60% of students qualify for 0% APR* payment plans
  • Enrollment increases of 20%+ reported by partner schools**

**Results vary by school and student demographics. This represents performance reported by individual school partners and should not be considered a guarantee of your specific outcomes.

The bottom line: CAS is designed to maximize your net tuition recovery while eliminating the administrative headaches of student financing.

Maximizing Your Results

Pro Tip: Schools that require student deposits and set up automatic payments during enrollment see significantly better repayment performance across all financing options. These simple steps can meaningfully improve your outcomes.

FAQs

We use a comprehensive, AI-driven assessment that goes beyond traditional FICO scores to better serve career training students:

  • Climb Credit Score: Over 150 data points specifically designed for vocational students
  • Debt-to-Income Ratio: Reliable predictor of payment performance
  • FICO Score: Used primarily for interest rate assignment

Key advantages of our approach:

  • Soft credit pull until loan funding (no credit impact during application)
  • The majority of students receive instant decisions
  • Students can apply with co-borrowers directly in the application
  • More accurate placement into appropriate financing products

We use a comprehensive, AI-driven assessment that goes beyond traditional FICO scores to better serve career training students:

  • Climb Credit Score: Over 150 data points specifically designed for vocational students
  • Debt-to-Income Ratio: Reliable predictor of payment performance
  • FICO Score: Used primarily for interest rate assignment

Key advantages of our approach:

  • Soft credit pull until loan funding (no credit impact during application)
  • The majority of students receive instant decisions
  • Students can apply with co-borrowers directly in the application
  • More accurate placement into appropriate financing products

Students are placed into funding brackets (Elite, Standard, Enhanced) based on our AI assessment. Higher-credit students generate higher upfront payments to your school, while students with limited credit are seamlessly directed to our 0% Payment Plan.

These brackets are established using data from over $1 billion in career training loan originations and may be adjusted periodically based on updated repayment trends.

Important note: Regardless of which bracket a student falls into, they are considered fully paid by your school once funded. The student’s repayment obligation exists exclusively between Climb and the student.

Elite Access not available for Computer Science programs. Upfront percentages vary by industry and loan terms.

Once Climb disburses upfront funding for a student loan, that student is considered fully paid by your school. You will not receive any additional payments for that student—the single upfront payment is complete and final.

From that point forward, the student’s repayment obligation exists exclusively between Climb and the student. Your school has zero liability if the student defaults, and you keep the full upfront payment regardless of the student’s future payment performance.

They’re automatically offered our 0% Interest Payment Plan, ensuring no student is turned away while maintaining steady monthly cash flow for your school.

Higher-credit students generate larger upfront payments (75-100% of tuition), while students with limited credit use our 0% APR* Payment Plan for consistent monthly revenue. Both options are risk-free for your school

Absolutely. Climb complements existing payment options like scholarships, employer-sponsored programs, and internal financing.

Absolutely. Climb complements existing payment options like scholarships, employer-sponsored programs, and internal financing.

Typically, within 5-10 business days after your partnership agreement is signed.

Comprehensive onboarding webinar, continuous partner support via AI-assisted chat and live email—and real-time borrower assistance with our live-chat-available student success team.

No. Climb fully manages the administrative responsibilities—your team simply monitors your school’s performance via our intuitive School Portal.

Your school is fully protected either way. For Climb Loans, you keep the entire upfront payment with zero liability. For Payment Plans, you only receive what students actually pay, with no risk to your school.