Understanding your credit report



Not all credit reports look the same however, with this information you should be able to read any credit report.

Trade line: Mortgage payment, auto payment, credit card, loan payment, etc...

On each trade line you will see:

Account number

The date it was Opened - The date it was Last Active - name on the account - number of months reviewed - Past due - High Credit - High Balance

The date it was closed - Last date the account was reported - the type of debt

Derogatory is the life payment history of the account:

Derogatory No 30 60 90
You would see 0 0 0 times late.

Derogatory yes 30 60 90
You would see how many times it was late per days.

Payment shows the number of months of payments and the payment amount. Credit account limit - Balance owed on the account

Ratings: the last date it was rated. The last 24 months history:

1 - 30 days late
2 - 60 days late
3 - 90 days late
4 - 120 days late
9 - Collection
c - Current
n - No payment due
x - No payment made (not derogatory)

Identification: Your Information (Name, DOB, SSN, etc...)

Credit Score Information: Here you will find your credit score.

This will come from Equifax, Experian and TransUnion.

Having three credit scores is best, this means you have plenty of active accounts going.(Most Lenders would then use the middle credit score as your score.)

Having two credit scores is OK; however you may want to open up more credit accounts (trade lines).(Most Lenders would then use the lowest credit score as your score)

Having one or even no credit score means you need to build your credit.

Mortgage Accounts: you will find any mortgage accounts you may have or had, blank if you never had a mortgage.

Active Accounts: active accounts (you should keep at least 3 accounts active)

Closed Accounts: Will show you all your closed accounts up to the last ten years.

Collection Accounts: all your accounts that are in or have been in collection up to ten years.

Profit and Loss Accounts: accounts that the lender gave up on or collected on.

Public Records: you will find here, if any Tax Liens, Judgments, Foreclosures and Bankruptcy.

Employment Information:

Residence Information:

Inquiry Information: Too many inquiries will lower your credit score, it is best to pull your own credit score, when you are looking to get a loan funded.

Creditor Information: Creditor that extended you credit.

Know As: Any Aliases



Pulling your own report

To improve your credit report check out , Build your credit