INTERPRETING A CREDIT REPORT
Personal Information: Your name, your address and previous addresses, your social security number, your date of birth, and place(s) of employment(s).
Accounts Summary:
Mortgage Accounts - first mortgages, home equity loans, and other loans secured by real estate owned by you.
Revolving Accounts - charge accounts that have a credit limit and require a minimum payment each month which includes credit cards.
Installment Accounts - Installment accounts are credit accounts in which the amount of the payment and the number of payments are pre-determined or fixed, such as a car loan.
Satisfactory Accounts - are positive accounts that are reporting.
Inquiries - when you go to apply for a loan and authorize a lender to ask for a copy of your credit report. This is a list of lenders who have accessed your credit report. They usually stay on your credit for 2 years.
Negative Items - when lenders report delinquency information on you when you've missed a payment or were late paying for the month. This includes information from collection agencies or public records information from state and county courts. May include bankruptcies, foreclosures, tax liens, garnishments, repossessions, charge-offs, legal suits, and judgments.
Manner of Payment
R1 = Pays as agreed
R2 = 30-59 days past due date
R3 = 60-89 days past due date
R4 = 90-119 days past due date
R5 = 120 days or more past due date
R7 = Paying or Paid under wage earner plan
R8 = Repossession
R9 = Charged off or collection account
Type of Account
O = Open account
R = Revolving
I = Installment
M = Mortgage
C = Check Credit
Account Designators
A = Authorized user of shared account
C = Joint
I = Individual
M = Subject liable, but has a co-signer
P = Participant in shared account
S = Is the Co-signer for account
T = Relationship with account terminated
U = Undesignated
X = Deceased
FICO SCORING FACTOR
35% Your Payment History
30% Your Outstanding Debt
15% Your Length of Credit History
10% Your Recent Inquiries
10% Your Credit Use
This is an estimated figure only of the FICO Scoring System used.
How Long Bad Debts Stay On Your Credit Report:
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Bankruptcy = 10 years
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Collections, Charge-Offs, Repossessions, Negative School Loans, Liens, Foreclosures and Judgments = 7 years or until statute of limitation runs out.
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Inquiries = 2 years
