Consumer Credit Information
Credit Report Contents and Glossary
|
Account Condition
|
Indicates the present state of the
account, but does not indicate the
payment history of the account that led
to the current state. (i.e. open, paid,
charge off, repossession, settled,
foreclosed, etc). |
|
Account number
|
The
unique number assigned by a creditor to
identify your account with them. |
|
Accounts in Good Standing
|
This section lists credit items that
have a positive status and should
reflect favorably on your
creditworthiness. It includes the
creditor's name and address, your
account number, the status, type and
terms of the account, and additional
information as reported to us by your
creditors. Some creditors may not
report to us, so all of your accounts
may not be listed. |
|
Adjustment
|
This is
the percentage of the debt that is to
be repaid to the credit grantors in a
Chapter 13 bankruptcy. |
|
AKA
|
Also
Known As |
|
Association Code
|
Describes the consumer's relationship
to an account |
|
Authorized User
|
Person permitted by a credit cardholder
to charge goods and services on the
cardholder's account. If you wish to
have your name permanently removed as
an authorized user on an account, you
will need to notify the credit grantor.
|
|
Balloon Payments
|
A loan
with a balloon payment requires that a
single, lump-sum payment be made at the
end of the loan. |
|
Bankruptcy Code
|
Federal
laws governing the conditions and
procedures under which persons claiming
inability to repay their debts can seek
relief. |
|
Capacity
|
Factor
in determining creditworthiness.
Capacity is assessed by weighing a
borrower's earning ability and the
likelihood of continuing income against
the amount of debt the borrower carries
at the time the application for credit
is made. |
|
Report Number
|
A
10-digit number that uniquely
identifies each personal Experian
credit report. This number should
always be referenced when you contact
us. |
|
Chapter 7 Bankruptcy
|
Chapter of the Bankruptcy Code that
provides for court administered
liquidation of the assets of a
financially troubled individual or
business. |
|
Chapter 11 Bankruptcy
|
Chapter of the Bankruptcy Code that is
usually used for the reorganization of
a financially troubled business. Used
as an alternative to liquidation under
Chapter 7. The U.S. Supreme Court has
held that an individual may also use
Chapter 11. |
|
Chapter 12 Bankruptcy
|
Chapter of the Bankruptcy Code adopted
to address the financial crisis of the
nation's farming community. Cases under
this chapter are administered like
Chapter 11 cases, but with special
protections to meet the special
conditions of family farm operations.
|
|
Chapter 13 Bankruptcy
|
Chapter of the Bankruptcy Code in which
debtors repay debts according to a plan
accepted by the debtor, the creditors
and the court. Plan payments usually
come from the debtor's future income
and are paid to creditors through the
court system and the bankruptcy
trustee. |
|
Charge-Off
|
Action of transferring accounts deemed
uncollectible to a category such as bad
debt or loss. Such accounts will
usually continue to be worked by
collectors, but are no longer
considered part of a company's
receivable or profit picture.
|
|
Civil Action
|
Any court action against a consumer to
regain money for someone else. Usually,
it will be a wage assignment, child
support judgment, small claims judgment
or a civil judgment.
|
|
Claim amount
|
The amount awarded |
|
Closed Date
|
The date the account was closed.
|
|
Co-maker
|
A
creditworthy co-maker is sometimes
required in situations where an
applicant's qualifications are
marginal. A co-maker is legally
responsible to repay the charges in the
joint account agreement.
|
|
Consumer Credit Counseling Service
|
A
non-profit organization that assists
consumers in dealing with their credit
problems. Consumer Credit Counseling
Service has offices throughout the
United States that can be located by
calling 1-800-388-CCCS (2227).
|
|
Co
signer
|
Person who pledges in writing as part
of a credit contract to repay the debt
if the borrower fails to do so.
|
|
Credit Limit/Line of Credit
|
In
open-end credit, the maximum amount a
borrower can draw upon or the maximum
which an account can show as
outstanding. |
|
Credit Bureau, Local
|
A local
credit bureau that contracted with
Experian to service consumers in a
particular ZIP code area. |
|
Credit items
|
Information reported by current or past
creditors. |
|
Credit Report
|
Confidential report on a consumer's
payment habits as reported by their
creditors to a consumer credit agency.
The agency provides the information to
credit grantors who have a permissible
purpose under the law to review a
consumer's report. |
|
Credit Scoring
|
Tool
used by credit grantors to provide an
objective means of determining risks in
granting credit. Credit scoring
increases efficiency and timely
response in the credit granting
process. Credit scoring criteria is set
by the credit grantor. |
|
Creditworthiness
|
The
ability of a consumer to receive
favorable consideration and approval
for the use of credit from an
establishment to whom they applied. |
|
Date filed
|
The date
that a public record was awarded. |
|
Date of Status
|
On the
credit report, date the creditor last
reported information about this
account. |
|
Date Opened
|
On the
credit report, indicates the date an
account was opened. |
|
Date resolved
|
The
completion date of satisfaction date or
a public record item. |
|
Delinquent
|
Accounts
classified into categories according to
the time past due. Common
classifications are 30, 60, 90 and 120
days past due. Special classifications
also include charge-off, repossession,
transferred, etc. |
|
Direct Marketing
|
Names
and addresses of consumers are obtained
from a credit bureau based on a number
of criteria requested by a store or
company. Then the consumer receives a
mailing, generally offering a product
or service. Catalogs are the largest
users of direct marketing. |
|
Discharge
|
Granted
by the court to release a debtor from
most of his debts that were included in
a bankruptcy. Any debts not included in
the bankruptcy, alimony, child support,
liability for willful and malicious
conduct and certain student loans
cannot be discharged. |
|
Dismissed
|
When a
consumer files a bankruptcy, the judge
may decide to not allow the consumer to
continue with the bankruptcy. If the
judge rules against the petition, the
bankruptcy is known as dismissed.
|
|
Disclosure
|
Giving
the consumer the nature and substance
of what is in his or her credit report
as outlined by the FCRA. |
|
ECOA
|
Standard
abbreviation for Equal Credit
Opportunity Act. This is a law passed
by Congress that ensures that all
consumers will be given an equal chance
to receive credit. The ECOA says it is
illegal for creditors to discriminate
against applicants on the basis of
their sex, marital status, race,
national origin, age or because they
get public assistance income. |
|
End-user
|
If a
company made an inquiry to a consumer's
credit report for someone else, this is
the name of the person who originally
requested the report. |
|
Equal Credit Opportunity Act
|
Federal
law which prohibits creditors from
discriminating against credit
applicants on the basis of sex, marital
status, race, color, religion, age,
and/or receipt of public assistance. |
|
Equifax
|
One of
the three major credit reporting
agencies, headquartered in Atlanta, Ga.
The other two are Experian and Trans
Union. |
|
Experian
|
One of
the three major credit reporting
agencies, headquartered in Costa Mesa,
Ca. The other two are Equifax and
TransUnion. |
|
Fair Credit and Charge Card
Disclosure Act
|
Amendments to Truth In Lending Act that
require the disclosure of the costs
involved in credit card plans that are
offered by mail, telephone or
applications distributed to the general
public. |
|
Fair Credit Billing Act
|
Federal
legislation that provides a specific
error resolution procedure to protect
credit card customers from making
payments on inaccurate billings. |
|
Fair Credit Reporting Act
|
Federal
legislation governing the actions of
credit reporting agencies. |
|
Fair Debt Collection Practices Act
|
Federal
legislation prohibiting abusive and
unfair debt collection practices. |
|
Finance Charge
|
Amount
of interest. Finance charges are
usually included in the monthly payment
total. |
|
Fixed Rate
|
An
annual percentage rate that does not
change. |
|
Generation Identifier
|
Generation identifiers are Jr., Sr.,
II, III, IV,etc. |
|
Geographical code
|
This
information is received from the Census
Bureau and represents the state,
Metropolitan Statistical Area, county,
tract and block group of the reported
address. This code is similar to a ZIP
code. |
|
Guarantor
|
Person
responsible for paying a bill. |
|
High balance
|
The
highest amount that you have owed on an
account to date. |
|
Installment Credit
|
Credit
accounts in which the debt is divided
into amounts to be paid successively at
specified intervals. |
|
Investigation
|
The
process a consumer credit reporting
agency goes through in order to verify
credit report information disputed by a
consumer. The credit grantor who
supplied the information is contacted
and asked to review the information and
report back; they will tell us that the
information is accurate as it appears,
or they will give us corrected
information to update the report. |
|
Investigative Consumer Reports
|
These
are consumer reports that are usually
done for background checks, security
clearances and other sensitive jobs. An
investigative consumer report might
contain information obtained from a
credit report, but it is more
comprehensive than a credit report. It
contains subjective material on an
individual's character, habits and mode
of living, which is obtained through
interviews of associates. Credit
Bureaus do not provide investigative
consumer reports. |
|
Involuntary Bankruptcy
|
A
petition filed by certain credit
grantors to have a debtor judged
bankrupt. If the bankruptcy is granted,
it is known as an involuntary
bankruptcy. |
|
Item-specific Statement
|
Offers
an explanation about a particular trade
or public record item on your report,
and it appears with that item on the
credit report. Only one item specific
statement may be added to an item. |
|
Judgment Granted
|
The
determination of a court upon matters
submitted to it; a final determination
of the rights of the parties involved
in the lawsuit. |
|
Last Reported
|
On the
credit report, the date the creditor
last reported information about the
account. |
|
Liability amount
|
Amount
for which you are legally obligated to
a creditor. |
|
Lien
|
Legal
document used to create a security
interest in another's property. A lien
is often given as a security for the
payment of a debt. A lien can be placed
against a consumer for failure to pay
the city, county, state or federal
government money that is owed. It means
that the consumer's property is being
used as collateral during repayment of
the money that is owed. |
|
Line of Credit
|
In
open-end credit, the maximum amount a
borrower can draw upon or the maximum
which an account can show as
outstanding. |
|
Location number
|
The book
and page number on which the item is
filed in the court records. |
|
Mortgage Identification Number (MIN)
|
Indicates that a loan is registered
with Mortgage Electronic Registration
Systems Inc., which tracks the
ownership of mortgage rights. This
number will follow the homeowner
throughout the mortgage. |
|
Most Recent Date
|
The date
of the recent account condition or
payment status. This date is also the
balance date. |
|
Notice of Results
|
If your
investigation results in information
being updated or deleted, you may
request that we send the corrected
information in your credit history to
eligible credit grantors and employers
who reviewed your information within a
specific period of time. If your
investigation does not result in a
change to your credit history, the
results will not be sent. |
|
Obsolescence
|
A term
used to describe how long negative
information should stay in a credit
file before it's not relevant to the
credit granting decision. The FCRA has
determined the obsolescence period to
be 10 years in the case of bankruptcy
and 7 years in all other instances.
Unpaid tax liens may remain
indefinitely, although Credit Bureaus
remove them after 15 years. |
|
Opt
In
|
The
ability of a consumer who has opted out
to have their name re-added to
prescreened credit and insurance offer
lists, direct marketing lists and
individual Reference service lists.
Consumers may opt in to receive
prescreened credit and insurance offer
lists by calling 1 888 5OPTOUT (1 888
567 8688). |
|
Opt
Out
|
The
ability of the consumer to notify
credit reporting agencies, direct
marketers and list compilers to remove
their name from all future lists.
Consumers may opt out of prescreened
credit and insurance offer lists by
calling 1 888 5OPTOUT (1 888 567 8688). |
|
Original amount
|
The
original amount owed to a creditor. |
|
Payment Status
|
Reflects
the previous history of the account,
including any delinquencies or
derogatory conditions occurring during
the previous seven years (i.e., Current
account, delinquent 30, current was 60,
redeemed repossession, charge-off - now
paying, etc.) |
|
Permissible Purposes
|
There
are legally defined permissible
purposes for a credit report to be
issued to a third party. Permissible
purposes include credit transactions,
employment purposes, insurance
underwriting, government financial
responsibility laws, court orders,
subpoenas, written instructions of the
consumer or legitimate business needs. |
|
Personal Information
|
Includes
information associated with your
records that has been reported to us by
you, your creditors and other sources.
It may include name variations, your
driver's license number, Social
Security number variations, your date
or year of birth, your spouse's name,
your employers, your telephone numbers,
and information about your residence.
As part of our fraud prevention
program, a notice with additional
information may appear in this section. |
|
Personal Statement
|
A
general explanation about the
information on your report that will
appear at the beginning of your report.
|
|
Petition
|
If a
consumer files a bankruptcy, but a
judge has not yet ruled that it can
proceed, it is known as bankruptcy
petitioned. |
|
Plaintiff
|
One who
initially brings legal action against
another (defendant) seeking a court
decision. |
|
Point Scoring
|
Refers
to the assignment of values to a number
of characteristics identified as
indicators of a person's
creditworthiness (e.g., past history)
and is based on the same evaluation
process used by a credit grantor in the
analysis of an applicant's
creditworthiness. |
|
Potentially Negative Items
|
This
section of the credit report lists any
potentially negative credit items or
public records that may have an effect
on your creditworthiness as viewed by
creditors. It includes the creditor's
name and address, your account number,
the status, type and terms of the
account, and additional information as
reported to us by your creditors. It
also includes bankruptcy, lien or
judgment information obtained directly
from the courts. |
|
Public Record Data
|
Included as part of the
credit report, this information is
limited to tax liens, lawsuits and
judgments that relate to the consumer's
debt obligations. |
|
Recent balance
|
The most
recent balance owed on an account as
reported by the creditor. |
|
Recent payment
|
The most
recent amount paid on an account as
reported by the creditor. |
|
Released
|
This
means that a lien has been satisfied in
full. |
|
Report Number
|
A
10-digit number that uniquely
identifies each personal credit report.
This number should always be referenced
when you contact us. |
|
Reported Since
|
On the
credit report, the date the creditor
started reporting the account. |
|
Repossession
|
A
creditor's taking possession of
property pledged as collateral on a
loan contract on which a borrower has
fallen significantly behind in
payments. |
|
Request an Investigation
|
If you believe that
information on your report is
inaccurate, we will ask the sources of
the information to check their records
at no cost to you. Incorrect
information will be corrected;
information that cannot be verified
will be deleted. Credit Bureaus cannot
remove accurate information. An
investigation may take up to 30 days.
When it is complete, we'll send you the
results. |
|
Request for Your Credit History
|
When a
credit grantor, direct marketer or
potential employer makes a request for
information from a consumer's credit
report, an inquiry is shown on the
report. Grantors only see credit
inquiries generated by other grantors
as a result of an application of some
kind, while consumers see all listed
inquiries including prescreened and
direct marketing offers, as well as
employment inquiries. According to the
Fair Credit Reporting Act, credit
grantors with a permissible purpose may
inquire about your credit information
prior to your consent. This section
also includes the date of the inquiry
and how long the inquiry will remain on
your report. |
|
Responsibility
|
Indicates who is responsible for an
account; can be single, joint,
co-signer, etc. |
|
Revolving Account
|
Credit
automatically available up to a
predetermined maximum limit so long as
a customer makes regular payments.
|
|
Risk Scoring Models
|
A
numerical determination of a consumer's
creditworthiness. Tool used by credit
grantors to predict future payment
behavior of a consumer. |
|
Satisfied
|
If the
consumer has paid all of the money the
court says he owes, it is known as
satisfied. |
|
Secured Credit
|
Loan for
which some form of acceptable
collateral, such as a house or
automobile, has been pledged.
|
|
Security
|
Real or
personal property that a borrower
pledges for the term of a loan. Should
the borrower fail to repay, the
creditor may take ownership of the
property by following legally mandated
procedures. |
|
Security Alert
|
Statement that is added once a credit
bureau is notified that a consumer may
be a victim of fraud. It remains on
file for 90 days and requests that a
creditor request proof of
identification before granting credit
in that person's name. Once a security
alert has been added, your report is no
longer available for online viewing. |
|
Security Alert Message or Victim
Statement
|
Alerts
anyone reviewing your information that
certain precautions should be taken
because you believe that you are a
victim of fraud. It will appear at the
beginning of your report. Once you add
the security alert message or victim
statement, your report will no longer
be available for online viewing. |
|
Service Credit
|
Agreements with service providers. You
receive goods, such as electricity, and
services, such as apartment rental and
health club memberships, with the
agreement that you will pay for them
each month. Your contract may require
payments for a specific number of
months, even if you stop the service. |
|
Source
|
The
business or organization that supplied
certain information that appears on the
credit report. |
|
Status
|
On the
credit report, this indicates the
current status or state of the account. |
|
Terms
|
This
refers to the terms of your agreement
with a creditor, such as 60 months, 48
months, etc. |
|
Third-Party Collectors
|
Collectors who are under contract to
collect debts for a credit department
or credit company; collection agency. |
|
Tradeline
|
Entry by
a credit grantor to a consumer's file
maintained by a credit-reporting
agency. A trade line describes the
consumer's account status and activity.
Trade line information includes names
of companies where the applicant has
accounts, date accounts were opened,
credit limits, type of accounts,
balances owed and payment profiles. |
|
Transaction fees
|
Fees
charged for certain use of your credit
line - for example, to get a cash
advance from an ATM. |
|
TransUnion
|
One of
three major credit-reporting agencies.
The other two are Experian and Equifax. |
|
Truth in Lending Act
|
Title I
of the Consumer Protection Act.
Requires that most categories of
lenders disclose the annual interest
rate, the total dollar cost and other
terms of loans and credit sales.
|
|
Type
|
This
refers to the type of credit agreement
made with a creditor; for example, a
revolving account or installment loan. |
|
Type of credit (usually revolving
or installment)
|
On
the credit report, explains the history
of the account that led to the current
status. |
|
Unsecured Credit
|
Credit
for which no collateral has been
pledged. Loans made under this
arrangement are sometimes called
signature loans; in other words, a loan
is granted based only on the customer's
words, through signing an agreement
that the loan amount will be paid. |
|
Vacated
|
Indicates a judgment that was rendered
void or set aside. |
|
Variable Rate
|
An
annual percentage rate that may change
over time as the prime lending rate
varies or according to your contract
with the lender. |
|
Verification
|
Verifying whether data in a credit
report is correct or not. Initiated by
consumers when they question some
information in their file. Credit
bureaus will accept authentic
documentation from the consumer that
will help in the verification. |
|
Victim Statement
|
A
statement that can be added to a
consumer's credit report to alert
credit grantors that a consumer's
identification has been used
fraudulently to obtain credit. The
statement requests the credit grantor
to verbally contact the consumer by
telephone before issuing credit. It
remains on file for 7 years unless the
consumer requests to have it removed. |
|
Voluntary Bankruptcy
|
If a
consumer files the bankruptcy on his
own, it is known as voluntary
bankruptcy. |
|
Wage assignment
|
A signed
agreement by a buyer or borrower,
permitting a creditor to collect a
certain portion of the debtor's wages
from an employer in the event of
default. |
|
Withdrawn
|
This
means a decision was made to not pursue
a bankruptcy, a lien, etc. |
|
Writ of Replevin
|
Legal document issued
by a court authorizing repossession of
security. |
Consumer Credit Information Index
Visit our
Credit Counseling Partner Below |
|
