Posts Tagged ‘annual credit report’

6 Things to Keep in Mind while Studying a TransUnion Annual Credit Report

When it comes to personal financial management, an important part of the process is to check the personal and financial information as they appear in a . You will not be able to review your credit situation thoroughly unless you know how to read the different components of your credit file properly. Following are six things that you must keep in mind while you are studying the report maintained by TransUnion.

Current Accounts

In order to be able to get a clear picture of your specific credit situation, you must first familiarize yourself with the specific symbols that are used to represent the status of current accounts. For example, TransUnion does not use a green box for the current accounts with an on-time payment history; they use the symbols “CUR” or “OK” instead.

Different Types of Accounts

TransUnion annual credit report uses different symbols to represent different types of accounts, such as “I” for installment loans, “C” for lines of credit, “M” for mortgages, and “R” for revolving accounts.

Late Payments

The late payments are described in a very different way. You will see orange boxes with some numbers printed on them, such as 150, 120, 90, 60, and 30. The orange box shows that there have been instances of late payments on those specific accounts; the numbers represent an estimate of how many days you were late on paying a particular monthly installment.

Monthly Payment Summary

Monthly payment summaries in these reports are often represented by a line of numbers, such as 11122334455. Here, 1 indicates that you have been paying your monthly installments in a timely manner while the numbers from 2 to 5 indicate the number of days you were late on payment. For example, 5 indicates 120 days or more, 4 indicates 90 to 119 days, 3 indicates 60 to 89 days, and 2 indicates 30 to 59 days. The summary is printed at the far right side of the account information in the TransUnion annual credit report.

Negative Credit Information

You also need to be well aware of the symbols that are used to indicate negative credit information. Collection and charged-off accounts are represented by “CO” while foreclosures and repossessions are represented by “RF”. These symbols are printed in a black box. You may also come across a symbol “PP” inside a black box that indicates you are liable for a payment plan other than the original loan contract.

Numeric Indications

On some parts of the report, you may also have to deal with numeric indications for charge-off accounts, collection accounts, and repossessions. For example, “9B” represents collection accounts, 9 represents charged-off accounts, and 8 denotes repossessions.

In case, you still have a problem in understanding some of the symbols, you can always give a call to TransUnion toll-free number and get things clarified. It will be wise to keep a copy of the code definitions while you are studying a TransUnion annual credit report.

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