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Intro: |
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| Revolving credit: May be used repeatedly, up to a set limit, after complete or partial repayment is made, like with credit cards Installment credit: Must be paid off, without the right to charge it back up without applying for refinancing, like with mortgages or auto loans Wage Earner Plan: Also known as Chapter 13, you agree to pay roughly 25 percent of your income to a court appointed trustee, who handles your money and pays off your debts Repossession: When a creditor takes possession of property due to a default of payment Collection: The creditor hands over an overdue account to an outside agency Charge off: When an account has been written off by a creditor as uncollectable Default: To fail to meet a financial obligation Lien: A hold on property until a debt is paid |
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| Your FICO (Fair, Isaac and Company) score, or overall credit rating, does not appear on a credit report. This score is another way for creditors to judge your overall credit rating, and although you can't directly access this score, you can ask a creditor to get it for you and explain what it means. Consider meeting with a credit counseling service or financial advisor to get a complete picture of what all the facts and figures on a report mean. You can also make an appointment with some credit reporting agencies to get an explanation of your report. |
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Mortgages, bank loans, auto loans, credit cards, department store cards, and public records will show up on a credit report. Although each credit reporting agency may list information in a different format, standard data includes: Applicant's information: Includes your name, age, social security number, and current and previous addresses. Creditor and account number: Lists the name of each bank or credit card issuer and your corresponding account numbers. E.C.O.A.: Stands for Equal Credit Opportunity Act, and is marked with an "I" for an individual account, a "J" for a joint account, or a "U" for undesignated (if the creditor didn't provide this information). Date Reported: The exact date the listed information was extracted from the creditor's file. Date opened or closed: Date the account was opened or closed. High credit: The full amount of a loan or the limit on a credit card. Balance: The current amount you owe on each credit card and loan. Past due: Any amounts past due as of date reported. C.S.: Reflects the current status of each account. "R" indicates revolving credit. "I" means installment credit. This letter is followed by a number, which indicates the status of payments: "1" means you are paying as agreed; "2" means your current payment is 30 to 59 days late; "3" is 60 to 89 days late; "5" is 120 days or more past due; "7" is paying or paid under a Wage Earner Plan; "8" is repossession; and "9" is collection or charge off. Historical status: How often you were 30, 60, or 90 days late on a payment. If you were never late, a "0" will appear. Public records: Can include bankruptcy filings, student loan defaults, property liens, and civil judgements against you. Data includes the court name, reference number, plaintiff, court code, and amount owed. Inquiries: Displays who has viewed your report during the past two years. Note: Savings and checking accounts don't show up on a credit report, although bounced checks sent to collection agencies will.
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Understand your report
