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

Installment Account (fixed number of payments	Revolving or Option Account (Open-ended)	Open Account (30, 60, or 90-day account.)	Meaning
I0	R0	O0	Too new to rate
I1	R1	O1	Pays account as agreed
I2	R2	O2	Not more than two payments past due
I3	R3	O3	Not more than three payments past due
I4	R4	O4	Not more than four payments past due
I5	R5	O5	More than 120 days or four payments past due
I7	R7	O7	Making regular payments under WEP.
I8	R8	O8	Repossession
I9	R9	O9	Bad debt; placed for collection
IA	RA	OA	Account is inactive
IB	RB	OB	Lost or stolen card
IC	RC	OC	Contact member for status
ID	RD	OD	Refinanced or renewed
IE	RE	OE	Consumer deceased
IF	RF	OF	In financial counseling
IG	RG	OG	Foreclosure process started
IH	RH	OH	In WEP of other party
IJ	RJ	OJ	Adjustment pending
IM	RM	OM	Included in Chapter 13

 

Credit Report ECOA Codes

ECOA Codes	Description
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

Code	Description	Code	Description
AB JD	Abstract Judgment (foreclosure, etc.).	PD CL	Paid collection ($50 and up)
BKRPT	Bankruptcy	SECLN	Secured loan
FINCL	Financial counselors	SP MT	Separate maintenance
FN ST	Financial statement filed	ST JD	Satisfied judgment (foreclosure, etc.).
FORCL	Foreclosure	SUDI	Suit dismissed
GARN	Garnishment	SUIT	Lawsuit
LIEN	Tax Lien	UP CL	Unpaid collection ($50 and up)
MAR	Martial items (divorce, etc.)	WEP	Wage earner plan
N/RES	Non-responsibility