Credit Report Codes
A Credit Report can be a bit difficult to understand.
Here is a breakdown of the terminology and common codes used in credit reports.
Credit Reports Terms
Risk Models – One or more credit scores may appear here, along with reason codes. There are several different algorithms used to determine FICO scores. Some of the most common are: FairIsaac 2.0 (used by Experian), Beacon 5.0 (used by Equifax), FICO RiskScoreClassic 04 (used by TransUnion).
Safescan Alerts – A fraud prevention tool that compares consumer-provided information against a separate nationwide database. (Example: multiple Social security numbers used, Deceased, etc…)
OFAC Alert – Provides a record of the check against the Office of Foreign Assets Control database for USA PATRIOT Act compliance.
Authorized User Alert – The alert parameters are set up on a case by case basis but typically, the alert is generated when 1. a consumer has 5 or more authorized user accounts on their credit report or 2. if the consumer’s Credit Report contains authorized user accounts comprising 25% or more of satisfactory open revolving accounts.
Credit Report Rating Codes
Too new to rate
Pays account as agreed
Not more than two payments past due
Not more than three payments past due
Not more than four payments past due
More than 120 days or four payments past due
Making regular payments under WEP.
Bad debt; placed for collection
Account is inactive
Lost or stolen card
Contact member for status
Refinanced or renewed
In financial counseling
Foreclosure process started
In WEP of other party
Included in Chapter 13
Credit Report ECOA Codes
|A||Authorized User – This individual is an authorized user of this account; another individual has contractual responsibility|
|C||Joint Account Contractual Responsibility – This individual is contractually obligated to repay all debts arising on this account. There are other people associated with this account who may or may not have contractual responsibility.|
|I||Individual – This individual has contractual responsibility for this account and is primarily responsible for its payment|
|M||Maker (signer) – This individual is responsible for this account, which is guaranteed by a Co-maker (cosigner)|
|P||Shared Account – This individual participates in this account. The association cannot be distinguished between ECOA I or J|
|S||coSigner – This individual has guaranteed this account and assumes responsibility should signer default|
|T||Terminated – Account is terminated|
|U||Undesignated – This is reported by the Bureau only|
|X||Deceased – the subject is on record as being dead.|
Credit Report Public Record Codes
Abstract Judgment (foreclosure, etc.).
Paid collection ($50 and up)
Financial statement filed
Satisfied judgment (foreclosure, etc.).
Unpaid collection ($50 and up)
Martial items (divorce, etc.)
Wage earner plan
Need More Help to Understand Your Credit Report?
If you have any questions about reading and understanding your credit report or would like to find out how Credit Firm can help you improve your credit score, please contact us.
Credit Firm has helped clients remove thousands of Derogatory accounts from their credit reports including:
- Late Payments
- Tax Liens
- And many more…