credit report codes
credit report codes
I am looking for a website to explain all the codes and abbreviations on a credit report. Thanks!?
I am looking for information about the more complicated credit report format that banks and lenders use, not the ones that consumers get from all the free credit report websites.
Thanks so much!
I am looking for information about the more complicated credit report format that banks and lenders use, not the ones that consumers get from all the free credit report websites. The Experian, TransUnion, and Equifax sites only give info on the consumer format, not the more complicated version. Thanks!
When looking at a lender’s credit report, keep in mind that they are interested in these specific things:
1. High balance/limit and the current balance. Usually the high bal is listed on top of the current. They want to see a current balance that is LESS than 50% of the HIGH.
2. Payments: the actual/minimum payment due and any past due balances. Normally the past due payment amount comes after the current balance (going from left to right) and before the monthly payment. Obviously they do NOT want to see anything past due.
3. They also review all the little 0’s in the right-hand column. 0’s are good. x’s not so much (means the history wasn’t verfied) and 1’s mean 30 days late, 2’s mean 60 days and 3’s are 90 days late on some reports. On other reports the list “30/60/90″ and then report the number of times your were late on your payments 30 days, 60 days, 90 and 120.
4. Lenders also look to see how many open accounts there are and if the sum total of the outstanding balances is less than 50% of the sum total of the high/max credit limits.
5. There are looking for any judgements (which usually show towards the beginning of the report).
If all esle fails, you have 2 options: go to the web site of the credit reporting firm that was used and see if they have a “legend” OR call your lender/broker and ask them to sit down with you and explain what you’re looking at.
Most reports, now a days, have the names of all the institutions you’ve borrowed money from andtheir phone numbers listed towards the end. If something doesn’t look right to you, see if the ph # is listed and call them and talk about what it is you need to do to get the issue corrected.
I hope this helps! Good luck!
