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Credit Report Terminology

Trying to read and understand your credit report may seem a bit impossible, but with the following credit report terminology, it should make the process easier.

Types of Accounts

I = Individual account

J = Joint account

O = Open account

R = Revolving (ex: credit card)

I = Installment (ex: mortgage, auto loan - any type of fixed payment loan)

Payment Codes

1 = Paid as agreed

2 or 30 = 30 days past due

3 or 60 = 60 days past due

4 or 90 = 90 days past due

5 or 120 = 120 days past due or collection account

7 = Payments being made under wage earner plan or similar

8 or RF = Repossession or foreclosure

CO or 9 = Charge off to bad debt or collection account

PP = Payment plan

Credit Report Payment Terms

Paid or Paid As Agreed = Account has been satisfied and paid in full

Paid Settled = Paid in full, but at a reduced amount your creditor agreed upon

Paid Charge-Off = Paid in full after the account was delinquent

Paid Collection Account = Paid in full after the account was delinquent

Credit Report Miscellaneous Terms

Bankruptcy = Either filed for or received a discharge

Settled = Lawsuit was resolved before trial

Tax Lien = IRS, State or City tax agency filed a lien against you

Child Support = Court ordered because of failure to pay

Judgment = Court issued after losing a lawsuit

Judgment paid or satisfied = Judgment was satisfied

Credit Report Tip

Credit report monitoring services usually provide a copy of your free credit report. But, they do not provide you with your credit score. Please note that your credit score is a key component in a creditors decision making process when they decide to either grant or deny you credit.

Financial Directory

CCFCofAmerica.com is in the process of completing a free financial services directory.

Once completed, you will have access to all of the following financial service providers:
-Credit Counseling
-Debt Consolidation
-Debt Settlement
-Credit Report Service
-Credit Repair Service
-Loan Officers
-Mortgage Companies
-Insurance Services
-Financial Planners
-Foreclosure Advisers
-Auto Loan Companies
-Bankruptcy Attorneys
-Plus more!