DECIPHERING CREDIT REPORT FORMS

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Yes…DECIPHERING!

Appendix II was devoted to explaining the various types of bad credit items that can appear on your credit report. This appendix is devoted to the way the information is displayed on the credit report. Each credit reporting agency has its own way of reporting your credit information to you. With the exception of TRW, the format of the credit reports is fairly cryptic and until recently that also applied to TRW. They changed their format due to public pressure for an easier to read a credit report. And hopefully, the other two agencies will soon follow that trend. But until then, this section will go a long way toward making your credit reports easy to read.

The CBI/EQUIFAX Credit Report

The CBI/EQUIFAX credit report has several fields that contain various pieces of information pertaining to each item of credit in your report. The following sections detail each of these fields in a simple to understand English explanation.

Company Name – The company name is the business that is reporting credit information about you in regards to an account you have with them.

Account Number – This is the account number of the account that you have with the business.

Whose Account – This field indicates who is responsible for the account and the type of participation you have with each account. They are nine possible designations. They are:

  • J = Joint Account
  • I = Individual Account
  • U = Undesignated
  • A = Authorized User
  • T = Terminated
  • M Maker
  • C = CO-Maker/CO-Signer
  • B = On Behalf of another person
  • S = Shared

Term Explanations

  • Date Opened – This field is the month and year that you opened your account with the credit grantor.
  • Months Reviewed – This field is the number of months the creditor has reported credit history to Equifax on that specific account.
  • Date Of Last Activity – This field is the date of last activity on the account. It cm also be the date of last payment or the date of last change to the account.
  • High Credit – This field indicates either the highest amount charged to the account or the credit limit of the account.
  • Terms – This field represents the terms of the account. This is either the number of installments expressed in months or the monthly payment amount.
  • Items As Of Date Reported/Balance – This field gives the amount owed on the account at the time it was reported to CBI/Equifax by the creditor.
  • Items As OF Date Reported/Pmt Due – This field gives the amount of money that is past due on this account at the time it was reported by the creditor.
  • Items As Of Date Reported/Status – This field represents the status of the account. It is represented as a letter/number combination. All the possible codes we explained below.

Letter codes

  • 0 = Open (entire balance due each month)
  • R = Revolving (payment amount variable)
  • I = Installment (fixed number of payments)

Number codes

  • 0 = Account approved but not yet used
  • 1 = Paid as agreed
  • 2 = 30 days past due
  • 3 = 60 days put due
  • 4 = 90 days past due
  • 5 = 120 days past due
  • 7 = Making regular pmts. under wage earner plan or similar arrangement
  • 8 = Repossession
  • 9 = Seriously delinquent bad debt (paid or unpaid)

Term Explanations

Date Reported – This field gives the date the information in the account was last updated.

Other Account – Information Items that do no( fit into the neat columnar format above are given in their own sections, all of which are explained below.

Collection Accounts – These are accounts that your creditors turned over to a collection agency for collection. This section gives the following information for each account:

  • When the collection was reported.
  • The date the account was assigned to a collection agency
  • The dollar amount involved in the collection
  • The date of the last activity on the account type of account.

Courthouse Records – This section contains public record items which were obtained from local, state, and federal courts which reflect your history of meeting your financial obligations.

Additional Information – This section generally contains information about your former addresses and places of employment reported by your creditors.

Inquiry Section – This section is a list of business that have received your credit report in the last 24 months.

The TransUnion Credit Report – The TransUnion credit report has several fields that contain various pieces of information pertinent to each item of credit in your report. The following sections detail each of these fields in a simple to understand English explanation.

Subscriber Name – This field contains the name of the credit grantor.

Account Number – This field contains the account number as reported by the credit grantor.

ECOA – This field contains the Equal Credit Opportunity Act account designators. These are codes designating ownership of the account. The codes are:

  • A = Authorized user of shared account
  • C = Joint contractual liability
  • I = Individual account for sole use of applicant
  • M = CO-signer primarily liable for account
  • N = Non-applicant spouse inquiry
  • P = Participant in shared account which cannot be distinguished as C or A
  • S = CO-signer, no spousal relationship * T = Relationship with account terminated
  • U = Undesignated

Subscriber Code – This field contains the credit granters subscriber code number.

Date Opened – This field contains the date the account was opened

High Credit/Credit Limit – This field contains the high credit on the account or the highest amount ever owed on the account.

Date Verified/Date Closed – This is the date the credit information was reported to TransUnion. These dates all have codes associated with them. The codes are:

  • A = Automated
  • C – Closed
  • D = Declined
  • F = Repossessed/Written Off/ Collection
  • H – Hired
  • I – Indirect
  • M = Manually Frozen
  • N = No record
  • P = Paid out
  • R = Reported but not verified
  • S = Slow answering
  • T = Terminated or temporarily frozen
  • U = Never/Not used account
  • V = Verified
  • X = No reply

Balance Owing – This field shows the account balance as of the date reported above

Amount Past Due – This field shows the amount past due on this account as of the date reported above.

Type of Account and MOP – This field is made up of two codes; the type of account and the manner of payment on the account. These codes me described below:

  • 0 = Open account (30, 60 or 90 days)
  • R = Revolving or Option account
  • I = Installment account
  • M Mortgage
  • C Check credit (line of credit)
  • MOP (Manner of Payment)
  • 00 = Not rated, too new to rate or approved, but not used
  • 01 = Pays (or paid) within 30 days of billing; pays account as agreed
  • 02 = Pays (or paid) in mom than 30 days, but not more than 60 days; or not more than one payment past due.
  • 03 = Pays (or paid) in more than 60 days, but not more than 90 days; or two payments past due.
  • 04 = Pays (or paid) in more than 90 days, but not mom than 120 days; or three or more payments past due.
  • 05 = Pays (or paid) in 120 days or more.
  • 07 = Making regular payments under wage earner plan or similar arrangement.
  • 08 Repossession.
  • 8A Voluntary repossession.
  • 8D Legal repossession.
  • 8P Payment to a repossession account.
  • 8R Repossession redeemed.
  • 09 Bad debt; charged-off account.
  • 9B Collection account.
  • 9P Payment to a charged-off account
  • UR Unrated. UC Unclassified.
  • RJ = Rejected.

Collateral – This field describes the collateral for an installment loan.

Terms – This field describes the terms of sale. This can include the number of payments, payment frequency. and dollar amount due each payment.

Remarks/Type Loan – This field contains the type of installment loan; automobile, boat, personal, etc.

Maximum Delinquency (Date/Amount/MOP) – This field contains the date the maximum state of delinquency occurred, the dollar amount involved, and the rating at the time of delinquency.

Payment Pattern – This field contains information on your payment pattern for the specified account for up to the preceding 24 months.

Historical Status – This field contains historical information on the account; the number of months it has been reported to TransUnion, the number of times it was late, etc.

Other Account – Information Items that do not fit into the neat columnar format above are given in their own sections, all of which are explained below.

Inquiry – This section indicates the firms that have inquired on your credit file for the past two years.

Promotions – This section describes all firms that were provided information on you in connection with promotional activities they were doing.

Collection – This section describes any accounts that are or have been in a collection. The following information is supplied; the subscriber code for the agency, the amount of the collection, the ECOA designator, the status of the account, the date reported to TransUniOn, the date it was paid (if applicable), and (he creditor involved in the unpaid balance (if applicable). The collection status codes are,

  • BK = Bankrupt
  • BL = Discharged in bankruptcy
  • CC = Consumer counseling
  • CD = Dispute after resolution
  • DM Dismissed
  • DP = Disputed
  • MP = Making payments
  • PD = Paid
  • SK = Skip
  • UK Unknown
  • UP = Unpaid
  • WE = Wage earner bankruptcy

Public Record – This section lists public record information about you. It will include the location of the court where the public record was recorded, the court type, the date the public record was reported to TransUnion, the ECOA designator, any liabilities or assets and the type of public record. Also listed will be the date paid (if applicable), the docket number, and the plaintiff and attorney involved in the case.

The Experian Credit Report – Due to numerous customer complaints about the complexity of the credit reporting format, Experian has completely revised their credit reporting format. They now send out a report written in plain English clearly describing all the information for each of the entries. There are no cryptic codes or numbers to look up. Because it is now so clear, no further description of TRW credit reports is necessary.

 

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