Understanding your credit report may seem quite bit of a task. For someone with little financial experience, the information may appear very strange, but hopefully with the following credit report terminology, it should help make the process much easier.
Types of Accounts
- I = Individual account
- J = Joint account
- O = Open account
- R = Revolving (ex: credit card)
- I = Installment (ex: mortgage, auto loan - any type of fixed payment loan)
- 1 = Paid as agreed
- 2 or 30 = 30 days past due
- 3 or 60 = 60 days past due
- 4 or 90 = 90 days past due
- 5 or 120 = 120 days past due or collection account
- 7 = Payments being made under wage earner plan or similar
- 8 or RF = Repossession or foreclosure
- CO or 9 = Charge off to bad debt or collection account
- PP = Payment plan
- Paid or Paid As Agreed = Account has been satisfied and paid in full
- Paid Settled = Paid in full, but at a reduced amount your creditor agreed upon
- Paid Charge-Off = Paid in full after the account was delinquent
- Paid Collection Account = Paid in full after the account was delinquent
- Bankruptcy = Either filed for or received a discharge
- Settled = Lawsuit was resolved before trial
- Tax Lien = IRS, State or City tax agency filed a lien against you
- Child Support = Court ordered because of failure to pay
- Judgment = Court issued after losing a lawsuit
- Judgment paid or satisfied = Judgment was satisfied
Resources: CCFCofAmerica.com
No comments:
Post a Comment