What are the codes on a credit report?
What are the codes on a credit report?
Credit Report Rating Codes
| Installment Account (fixed number of payments | Revolving or Option Account (Open-ended) | Meaning |
|---|---|---|
| I9 | R9 | Bad debt; placed for collection |
| IA | RA | Account is inactive |
| IB | RB | Lost or stolen card |
| IC | RC | Contact member for status |
What is an account status code?
Information on commercial accounts should be obtained by contacting the respective commercial credit reporting agency. The account status codes best describe whether the account is current or past due.
What does Status Code U mean on credit report?
Unclassified
U stands for ‘Unclassified’. It is often the status recorded when an account is newly opened and the lender does not have any other activity to report on the account. U markers are neutral, so are not regarded positively or negatively by lenders.
What is code 4 on credit report?
4 = 120 days past due date. 5 = 150 days past due date. 6 = 180 days or more past due date.
What does ECOA Code 7 mean?
7. Maker: Party is responsible for the account; a cosigner guaranteed the account.
What does ECOA Code C mean?
Co-borrower’s account
C: Co-borrower’s account – An account solely for the co-borrower. J: Joint account – An account for which both spouses are contractually liable. M: Maker – An account where the borrower is primarily responsible, having a cosigner [or Co-maker] with no spousal relationship to assume liability if the borrower defaults.
What does UC stand for on credit report?
DM – the debt has gone into a debt management plan. VT – Voluntary Termination, terminated by agreement. UC – Unclassified, the provider hasn’t provided a status. ST – Account settled / Closed. SF – Satisfied after a defaulting.
What does AU mean on your credit score?
unclassified
The letter U stands for ‘unclassified’ and is something a credit agency will register to show that there was no update to an open credit account. You usually see the status code U at the start of a credit agreement when no payment is due for some time.
What does BK 7 Petit mean?
BK 7-PETIT. Bankruptcy Chapter 7 (liquidation) Petition.
What is a code 6 on a credit report?
Equifax, Experian, and TransUnion, share but not all reporting codes….IN THIS ARTICLE:
| Common Credit Report Codes | |
|---|---|
| 6 | Experian: 180 days past due |
| 7 | Equifax: Wage garnishment Experian: Chapter 13 bankruptcy TransUnion: Wage garnishment |
| 8 | Equifax & TransUnion: Repossession |
| 8A | Voluntary repossession |
How does e Oscar work?
E-OSCAR is a centralized system that manages credit report disputes consumers submit to major credit bureaus and data furnishers. All four credit reporting agencies (CRAs) submit credit disputes to e-OSCAR for processing. The employee enters this code along with basic information about the consumer and creditor.
What does ECOA code P mean?
I: Individual account – An account solely for this borrower. P: Participating account – A joint account for which contractual liability cannot be determined. T: Terminated – A joint or co-signed account where the borrower is no longer associated with the account. X: Deceased – The borrower has been reported deceased.
Where can I find the codes on my credit report?
Each bureau offers a guide explaining the codes you’ll see on that particular bureau’s report. Here’s where you can access those guides. You can order one free copy annually of your credit report from Equifax, Experian and TransUnion by requesting it online with each bureau.
How do I find the status code on a commercial account?
Account Status Codes Information on commercial accounts should be obtained by contacting the respective commercial credit reporting agency. The account status codes best describe whether the account is current or past due. For codes not described here, contact the credit bureau/credit reporting agency from which the report was generated.
What does the status of accounts mean on a credit report?
The “Status of Accounts” section is viewed by lenders so they can assess your creditworthiness. It also enables them to determine how high (or low) a lending risk you are and how high (or low) your loan interest rate will be. Below we’ve listed some common credit report account statuses and what they mean.
What do the codes mean on a TransUnion credit report?
On Your TransUnion Credit Report Finally, the TransUnion credit bureau also has its own codes to summarize your credit history and payment behavior. The main code you want to see is OK – as this notation means that you are current on an account. Besides an “OK” listing, there are four neutral codes on a TransUnion credit file.
