If you are quite serious about financial management and can well realize the importance of  it in your life, you definitely thoroughly read and check personal and financial information that exist on your TransUnion or other credit reporting agencies reports. How would you find that the given information is wrong or right if you can’t read your credit report properly? That’s why it is quite important to learn reading your Trans Union and other credit reports properly. The following steps would make it quite easier for you to read and understand TransUnion reports properly.

1. You must be familiar how various current accounts have been noted. Different terms like “Cur” or “OK” are marked on all those accounts which are current or paid on time.
2. You must note what technique they adopt to specify different kinds of accounts. Usually, “R” is used for revolving accounts, “M” for mortgages, “I” for installment loans and “C” for credit lines.
3. Try to know how different late payments have been given on the report. There are numbers which indicate how late you are for these payments. These numbers (like 30, 60, 90……) are represented in an orange box and they tell about number of days you are late for some particular accounts.
4. You should be well acquainted with how monthly payment review is read. These numbers are provided at the right side of the account info and given in a line like 11122334455. #1 suggests that you are habitual to make payments on time and other numbers show late you were for some particular payment.
5. Negative or wrong information can be damaging for your credit report that’s why it is quite important to know how this type of information is presented on your credit report. Letters like “PP” are given in a black box if you entered to some payment plan besides agreement of original credit. Similarly,   “RF” is used to indicate repossessions and CO for charge-off and collection accounts.
6. You must know about the numeric representation of accounts related to charge-off, collection and repossessions. Number “8” is used to indicate repossessions, “9” for charge off and 9B for collection accounts.
7. You must visit Trans Union website to get a better understanding of information that exists on credit report. Similarly, it can be quite helpful for you if you keep the copy of code definitions with your credit report.

If you find some late payment info incorrect on your credit report, you must dispute it no matter it’s a minor one or bigger. Keep a record of bank statements or canceled checks as a proof. You must keep this fact in mind that negative and wrong information on your credit report can badly hurt your credit and you can only point them out if you know well how to read the different segments of a credit report.