how to read a credit report

How to read your credit report

When evaluating your credit report for errors, be sure to look for missing information

  1. Wrong personal information and facts (misspellings, wrong place of residences).
  2. Inaccurate accounts that do not belong to you.
  3. Missing accounts that should be listed on your report.
  4. Inaccurate public records (personal bankruptcies, foreclosures).
  5. Accounts that aren’t precise ( they say they are literally open when they’re in fact closed).
  6. Accounts listed as open, and suggesting the lending institution closed the account .
  7. One account showing as multiple accounts.
  8. Balance errors and reporting wrong account errors.
  9. Delinquencies and  or negative marks.

When reviewing your credit report, check that it contains only items about you. Be sure to look for information that is inaccurate or incomplete. Errors made to your identification details (incorrect name, phone number, address).

Accounts coming from an additional individual with very similar names  (this blending of 2 consumers’ details in a solitary file is called a blended data).

Credit Report Quick Reference Guide:  How To Read A Credit Report:

 

Account Designators

 

Code

Description

 

A

Authorized user shared account

 

C

Joint account

 

I

Individual account

 

M

Maker or Primary on an account

 

P

Participant in a shared account

 

S

Subject is co. signer liable if maker defaults

 

T

Account terminated

 

U

Undesignated

 

X

Deceased

 
 
 

Type of account:

O

Open account (30, 60, or 90 days late)

R

Revolving  account

I

Installment account

M

Mortgage account

C

Check credit (line of credit)

 

Business  Classification (KOB)

 

  

A

Automotive

N

Credit cards, travel

B

Banks/savings and loans

O

Oil and gas companies

C

Clothing

P

Personal services

D

Department/retail

Q

Credit union, finance companies

E

Educational organizations

R

Real estate 

F

Finance, personal

S

Sporting goods

G

Groceries

T

Farm and garden supplies

H

Home furnishings

U

Utilities

I

Insurance

V

Government

J

Jewelry, cameras and computers

W

Wholesale

K

Contractors

X

Advertising

L

Lumber, building material/hardware

Y

Collection

M

Medical and related health

Z

Miscellaneous

    
 

Date Indicators

 

Current manner of payment (MOB)

C

Closed

04

90-120 Days past due

F

Repossessed, write off, collection

05

120 Days past due

P

Paid OUT

07

Under payment arrangement

  

08

Repossession

 

Current manner of payment (MOB)

09

Charge off Account

01

Paid as agreed

8A

Voluntary repossession

02

30-60 Days past due

9B

Collection account

03

60-90 Days past due

9P

Paying or paid account  09 or 9B

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