Interpreting Sections of a Credit Report
1st Page Header of the Credit Report
File # to be used when calling us for questions concerning a specific report, or ordering information such as: client, client address, date ordered and requestor
Applicant Information
This is the information entered into the credit report system, via the web or by our customer service rep. Always check for errors in the information entered in this section, if no credit information is returned.
View Credit Interpretation PDF
View Credit Report Codes
Credit Bureau Report
Scores – Please see the supplied document on credit scoring.
Credit Summary: A quick interpretation of the total credit trade lines on the report
Financial Summary: A calculated summary of payments, balances, and past due information, sorted by type of account; (i.e.):
- Mortgage: Mortgage payment
- Installment: Same monthly balances such as car loans
- OPEN: Paid in full monthly balances such as AMEX, utilities
- Revolving: Percentage paid balances, such as credit cards
- Edu: Education / School loans. The Proposed Rent section is populated if you use our Tenant Score Card product
Variations
Personal Information Comparison: Previous address listed at the credit bureau level, also date of birth and SSN.
AKA – Also Known As: Represents variations in the name such as John, Johnnie, Jonathan Address Comparison: Previous addresses for your applicant listed at the bureau level
Employment Comparison: Previous employment list at the bureau level (rarely up to date)
Credit Report
Creditor: This s the account holder/company name reporting
Opening Date/ Months Reviewed: When this account was opened
Reported Date: The date this account was last updated to the bureau
High Credit: Reflects the amount available to the consumer or the most the account has been extended
Balance: Balance currently owing
Past Due Amt: The amount currently outstanding
Historical: The amount of time the account has gone 30,60 or 90 days late
Type Terms: Denotes: Mortgage, Installment, Revolving Open. Also the loan term in months, and payment amount
Present Status: The status of the account
As Agreed- The account is paid on time Delinq30, Delinq60
Delinq90: Denotes account as 30, 60, 90 days late
Bankruptcy: Denotes the account was included in a bankruptcy
Collection: The account is in collections / over 120 days late
ECOA Codes: ECOA KEY: B = BORROWER; C = CO-BORROWER; S = SHARED; J = JOINT; U = UNDESIGNATED; A = AUTHORIZED USER
Late Date: If the account has been late, (if available) specific late dates are noted as to when the infraction occurred
Remarks: The type of account/ original creditor
Public Records
Judgments, Liens, Bankruptcies. The status is the most important part of this section. Check to see if it is satisfied (paid) if not satisfied, it is still owed
Prior Inquiries
Any time credit is pulled, an “inquiry” is placed on the credit report. This will tell you who looked at this credit report, and when they did.
Repository Remarks
This will show on consumer statements that are placed on the credit report. (i.e.) Victim of Fraud
Submission Results
The credit bureau that this report came from
Repository Referral
Is the contact information for the credit bureau (s)
Here’s a breakdown of how long some of the negative information collected by the credit bureaus will likely stay on credit reports:
- Bankruptcy: Ten years from the date of filing for Chapter 7 filings, seven years for Chapter 13 filings and seven years for each record marked as “Included in BK”
- Charge-Offs (when a creditor or lender writes off the balance of a delinquent debt, no longer expecting it to be repaid): Seven years
- Closed Accounts: Seven years if the account was paid late, no expiration date if the account was always paid on time
- Collection Accounts: Seven years from the last late payment on the original account
- Inquiries: Two years
- Late Payments: Seven years from the date of the late payment
- Judgments: Seven years from the filing date if paid; longer if unpaid
Credit Report Codes and Definitions
ECOA Inquiry and Account Designators
A = Authorized user of the shared account. Does not have responsibility for the account.
B = On behalf of another person. The subject has financial responsibility for an account which is used exclusively by another person
C = Co-maker contractual liability
I = Individual account for sole use of customer
J = Joint contractual liability
M = Account for which subject is liable, but co-signer has liability if the maker defaults
P = Participant in shared account which cannot be distinguished as C or A
S = Account for which subject is co-signer and becomes liable if maker defaults
T = Relationship with account terminated
U = Undesignated, or unknown
X = Deceased
Z = Creditor reports as included in a bankruptcy
Type of Account
C = Check credit (line of credit)
I = Installment
M = Mortgage
O = Open account
R = Revolving
Z = Reported as included in Bankruptcy
Date Reported Codes
A = Information reported automatically on accounts receivable tapes by credit grantor
M = Information reported in paper form by credit grantor and manually entered by the bureau
V = The credit reporting
Status of Account
Current Manner of Payment (using payments past due or age from due date)
Type of Account
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