Credit Report Explainer
Account Number: Your account number may be abbreviated or scrambled when it appears on your credit report. This is for security purposes.
Charge-off: An account maybe labeled this way if it has gone unpaid for an extended period of time, usually 180 days. At this point, the creditor may write off the account as "bad debt" for tax purposes. However, the debt still exists and is collectable with fees and interest.
Credit Limit: The maximum amount of credit extended to you on a particular account, as determined by the lender.
Credit Summary: Sometimes referred to as "trade lines," this section lists the total number of open and closed accounts in your name, as well as those accounts' balances and whether there are delinquencies.
Creditor: The business or person who has loaned you money.
Geographic Locator Codes: Similar to a ZIP code, this piece of data from the U.S. Census Bureau identifies your state, Metropolitan Statistical Area, county, tract and block group as defined by your reported address.
High Balance: This is the highest amount of money you have ever owed on a particular account.
Inquiries: This section includes a listing of everyone who has asked to review your credit report. It can include landlords, potential lenders, employers, and insurers. Only inquiries resulting from your application for a credit card, mortgage, car loan, etc. are factored into your credit score.
Installment Loan: This is a credit account that you pay a set amount every month for a period of time. For example, car and student loans are installment loans.
Last Reported: This is the last time your creditor updated the information about your account.
Mortgage: When you buy a house or condo, the loan document is recorded in official records, called a mortgage. A lien is placed on the property until the loan is paid off.
Paid As Agreed: This statement means that your account is in good standing because you've made all payments on time.
Payment Grid: This calendar shows creditors and lenders how many late payments you've made over the course of a loan. The information may be incomplete if the credit bureau did not receive information from your creditor.
Payment Rating: On a scale of one to nine, this data illustrates how often you pay your bills on time. A score of "1" means that you always pay on time, while "9" means you rarely do. If the number is preceded by an "I," this means the rating is for an installment account. If there's an "R," the rating is for a revolving account.
Payment Scale: This piece of information illustrates the number of times you've paid your bills 30, 60 or 90 days after the due date.
Personal Information: This section may include your full name and Social Security Number (SSN), as well as your past and current employers, telephone numbers and addresses. If you notice out-of-date or incorrect information, be sure to have it corrected.
Personal Statement: You have the option to include a short statement on your credit report for the purposes of explaining a situation that affects your credit history. For example, the statement could explain a dispute with a creditor or notify others that you were a victim of identity theft. The statement can be viewed by anyone with access to your report and will remain there for two years.
Potentially Negative Items: This section includes things that potential creditors may find unsatisfactory. They include bankruptcies, liens and judgment information obtained from court records.
Promotional Inquiry: This is a request to view your credit report on behalf of someone who wants to send you an unsolicited offer for credit. These inquiries are not included in the calculation of your credit score and only appear on your copy of your credit report.
Public Records: This section is populated with information from federal, district, state and county court records. It can include information about bankruptcies, tax liens, and monetary judgments. In some states, overdue child support records will also be listed here. These items stay on your credit report for seven to 10 years or more.
Report Number (Experian Only): This is a unique number assigned by Experian that references your credit report. If you need to contact Experian about your report, it may be helpful to share this number.
Responsibility: This piece of data indicates whether the credit account is in one person's name (individual), or joint or co-signed with another person. If the account is joint or co-signed, it will appear on both people's credit reports and any late payments or defaults will negatively affect both people's credit scores.
Revolving Account: This is a credit account in which you have a pre-determined limit and are authorized to borrow up to that limit at any time. Credit cards and Home Equity Lines of Credit (HELOC) are an example of this type of account.
Terms: This describes your agreement with your credit as to how often you'll make payments on an account and for how long.
