HOW TO READ A CREDIT REPORT - PART 1

By
Mortgage and Lending with WorldsFair Lending
http://actvra.in/NxS

HOW TO READ A CREDIT REPORT - PART 1

How do you actually read a credit report, and what does everything mean?

There are several types of reports. Each one affects your credit in different ways.

If you pull your own credit directly from one of the 3 credit bureaus, Equifax, Experian, and Trans Union, it is a soft pull which does not negatively impact your credit. However, a pull from a company you are applying for credit from does impact your score by about 3 points per bureau per pull.

Here is an example of a Credit Report that may be pulled by a Mortgage co. for example

LOOKS CONFUSING RIGHT?

Section 1. This section displays the information about the Creditor pulling your credit, i.e. the mortgage company

ABC MTG. CO
23 ANYWHERE ST.

QUIGGLYOAKS, FL 13213
(555)555-5555 (555)555-5555
Client Tracking

PUBLICRequested by

JON Q.Report ID

5555555555555XXXXClient Code

XXXXXXXXBX Date requested

12/07/2006 12:53:59Charges

14.38

Section 2. This section displays your information. Date of birth name Social security number

Identification (as requested)Applicant's last name public First name Jon Q .Middle

Suffix

DOB

07/03/1964Social Security

XXX-XX-XXXXCo-applicant's last name

PublicFirst name

KELLIEMiddle

Suffix

DOB

Social Security

XXX-XX-XXXX

Section 3. This section displays your most current residence.

Residence Information (as requested)Present

123 Anywhere Street

Mcdonough

FL

9999Telephone

555-555-5555

Section 4. This section displays any variations on your name social security number and DOB. If there areany variations it is caused by creditors pulling your credit with innacuarate information.

File Variations

Equifax BQ1 555-55-5555

PUBLIC, JONNY

07/1964 12/07/06 12:54

Equifax BQ2 555-55-5555

PUBLIC, JONNI QW

07/1964 12/07/06 12:54

Experian BX1 555-55-5555

PUBLIC, JON Q.

1964 12/07/06 12:54

Trans Union BU1 555-55-5555

PUBLIC, JON Q. R

07/1964 12/07/06 12:54

Trans Union CU1 555-55-5555

PUBLIC, JON E. B GOOD

01/1966 12/07/06 12:54

Equifax CQ1 555-55-5555

PUBLIC, JON

01/1966 12/07/06 12:54

Experian CX1 555-55-5555

PUBLIC, JON

1966 12/07/06 12:54

Section 5. This section displays information regarding your credit score. As you can see there is a score for each bureau. 680 or above is considered good credit. 620 to 680 is considered average. Anything below that is sub Par. BU1 stands for Trans Union and is referenced on each account which you will see below. BQ1 is Equifax and BX1 is Experian. The numbers 1 or 2 deliniates the borrower or Co-borrower.

Credit Score Information

625
RepositoryTransUnionBrand

Classic 04Type

FICO 555-55-5555

PUBLIC, JON Q. R BU1

010 - Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
018 - Number of accounts with delinquency
030 - Time since most recent account opening is too short
012 - Length of time revolving accounts have been established

FACTA: Inquiries impacted the credit score.

620Repository EquifaxBrand

BEACON 5Type

FICO 555-55-5555

PUBLIC, JON Q BQ1

14 - Length of time accounts have been established
10 - Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
15 - Lack of recent bank revolving information
06 - Too many consumer finance company accounts

FACTA: Inquiries impacted this score.

611Repository ExperianBrand

Fair IsaacType

FICO 555-55-5555

PUBLIC, JON Q. BX1

40 - Derogatory public record or collection field
10 - Proportion of balance to high credit on bank revolving or all revolving accounts
14 - Length of time accounts have been established
18 - Number of accounts delinquent

FACTA: TOO MANY INQUIRIES LAST 12 MONTHS

595Repository EquifaxBrand

BEACON 5Type

FICO 555-55-5555

PUBLIC, JON Q. W BQ2

38 - Serious delinquency, and derogatory public record or collection filed
13 - Time since delinquency is too recent or unknown
18 - Number of accounts with delinquency
14 - Length of time accounts have been established

FACTA: Inquiries impacted this score.

616Repository TransUnionBrand

Classic 04Type

FICO 555-55-5555

PUBLIC, KELLIE CU1

038 - Serious delinquency, and public record or collection filed
013 - Time since delinquency is too recent or unknown
018 - Number of accounts with delinquency
008 - Too many inquiries last 12 months

FACTA: Inquiries impacted the credit score.

598Repository EquifaxBrand

BEACON 5Type

FICO 555-55-5555

PUBLIC, KELLIE CQ1

38 - Serious delinquency, and derogatory public record or collection filed
13 - Time since delinquency is too recent or unknown
18 - Number of accounts with delinquency
14 - Length of time accounts have been established

FACTA: Inquiries impacted this score.

594Repository ExperianBrand

Fair IsaacType

FICO 555-55-5555

PUBLIC, KELLIE CX1

39 - Serious delinquency
13 - Length of time (or unknown time) since account delinquent
10 - Proportion of balance to high credit on bank revolving or all revolving accounts
18 - Number of accounts delinquent

FACTA: TOO MANY INQUIRIES LAST 12 MONTHS

Section 7. This section displays any Public Record Information such as a judgement , lien, Tax lien etc.

Public Records

Judgment

This is a creditor judgement
A judgement that was obtained by a creditor winning and filing a Lawsuit.BX1

JudgmentDocket # 8888888Amount
$2873
Status SatisfiedCourt name Bronx Civil CourtFiled 08/01/2002Status date 08/05Comments

Plaintiff: 080102S AND P CAPITAL INVESTMENT
**Consumer Statement** Y Item Disputed By Consumer


Judgment

This is a State Tax lien. BX1

JudgmentDocket # 8889889Amount
$724
Status SatisfiedCourt name Bronx Cnty ClerkFiled 05/04/2000Status date 06/01Comments

Plaintiff: 070500NYS TAX COMMISSION

Tax LienCU1 CQ1

Tax LienDocket # 0900909Amount
$1008
Status PaidCourt type County ClerkFiled 11/15/2005Status date 04/06Comments

Plaintiff: NYS TAX COMMISSION

Section 8. This Section displays all inquiry information. An inquiry is listed on your report when you apply for credit and a creditor pulls your credit. This type of pull negatively affects your Credit score by 3 points per bureau per pull.

Inquiry Information

11/20/2006 CB NPR FL (BQ1 CQ1)
10/05/2006 CB NPR FL (BQ1)
11/21/2006 SUNTRUST (BQ1)
11/15/2006 CAPONEBANK (BQ1)
10/21/2006 HSBC NV (BQ1)
10/17/2006 WORLD SAVINGS (BQ2)
09/11/2006 LEXUS MAN (BQ2 CQ1)
11/20/2006 CREDIT SERVICES INC (BX1 CX1)
11/15/2006 CAPITAL ONE BANK (BX1)
10/17/2006 WORLD SAVINGS BANK (BX1)
10/05/2006 CREDIT SERVICES INC (BX1)
09/11/2006 TOYOTA MOTOR CREDIT CO (BX1 CX1)
09/11/2006 ADP/LEXUS OF MANHATTAN (BX1 CX1)
12/07/2006 FDC (BU1 CU1)

11/20/2006 CR BUR NPR M (BU1 CU1)
11/15/2006 CAP ONE BANK (BU1)
10/17/2006 WORLD SVGS B (BU1)
10/05/2006 CR BUR NPR M (BU1)
09/11/2006 CHASE (BU1 CU1)
11/24/2006 CAP ONE BANK (CU1)
10/04/2006 CR BUR NPR M (CU1)
09/29/2006 HORIZONRECOV (CU1)
10/04/2006 CB NPR FL (CQ1)
11/24/2006 CAPONEBANK (CQ1)
09/19/2006 T-MOBILE (CQ1)
11/24/2006 CAPITAL ONE BANK (CX1)
10/04/2006 CREDIT SERVICES INC (CX1)

Credit HistoryPaymentBalance

This section deals with your creditors how your accounts are reporting and their current activity. The first 3 accounts are good accounts as you can see under the portions that say 30 60 90+ it says 0. This means 0 times late. A late payment can negatively impact your credit by up to 100 points!
This first account was opened in 12/05. Last Active in 10/06. Last active means either last payment, non payment or transfer to another lender (sold account)
High balance indicates the highest balance that particular line of credit ever carried. Reviewed indicates the number of payments made on that aprticular account.

AMERICAS SERVICING CO
7777777

Opened 12/05Reported 10/06High balance 237,320 Reviewed 6 mos 30 060 090+ 0Pastdue -0- Payment 480X $1817Balance 236,302

Last active 10/06BX1 CX1 BU1 CU1
BQ1 BQ2 CQ1 [Joint]High limit ---Install (I1) Mortgage (CNV)

Conventional

CHASE AUTO
7777777

Opened 09/06Reported 11/06High balance 11,821Reviewed 3 mos30 060 090+ 0Pastdue-0 Payment 060X $245Balance 11,545

Last active 10/06BX1 CX1 BU1 CU1
BQ2 CQ1 [Joint]High limit ---Install (I1) Auto

THD/CBSD
7777777

Opened 04/06Reported 11/06High balance 2,106Reviewed 8 mos30 060 090+ 0Pastdue -0- Payment $32Balance 1,942

Last active 11/06BX1 CX1 BU1 CU1
BQ1 BQ2 CQ1 2,300Revolv (R1) Charge

This particular account has a 30 day late as indicated under the 30. This late pay was as of 10/06. It was last active in 11/06 which means that payment was on time.

GEMB/WALMART
7765677

Opened 01/06Reported 11/06High balance 597Reviewed 12 mos 30 1 10/06 60 0 90+0Pastdue -0- Payment $21Balance 434

Last active 11/06*CX1 *CU1 *CQ1 [Ind]High limit 800Revolv (R1) Charge

This account has had many late pays....can you tell how many and when by now? if so you are catching on!

SEARS/CBSD
99876556

Opened 09/96Reported 06/06High balanceReviewed 32 mos30 4 02/05 11/0460 6 03/05 12/04 08/04 07/04 90+3 04/05 06/04Pastdue -0- Payment

Rev x 11Balance 384

Last active 06/06*CQ1 [Ind]High limit 1,590Revolv (R1) Charge

This account is reporting as paid and closed. The R1 rating means that it is a positive account R1 is the most favorable rating an account can have.

APPLIED CARD BANK
99999

Opened 02/98Reported 08/99High balance 231Reviewed 18 mos 30 060 090+ 0Pastdue -0- Payment Paid Balance -0-

Last active 08/99CX1 CU1 [Ind]High limit 800Revolv (R1) Credit card

Account closed 08/99; Closed

This is a collection account. Although it is showing paid it is a negative account. The R9 rating indicates a charge off. However this account is clearly paid. That means the account is inaccurately reporting....(this can actually be used to your advantage)

 

CROSSING POINTE
213135

Opened 09/01Reported 02/03High balance 107Reviewed ---301 02/02602 09/02 03/0290+6 12/02 11/02 10/02 06/02 05/02 04/02Pastdue -0- Payment Collection 02/03
Paid

Balance-0-

Last active 06/02*CX1 [Ind]High limit 0Revolv (R9) Charge

This section is a cumulative summary of all accounts.
TOTALS High credit High balance Pastdue PaymentBalance

18,890 1,461,324.76 2,197 252,974

This section displays all of your creditor information.

Creditor Information

ADP/LEXUS OF MANHATTAN (718)439-3780
829 11TH AVE, NEW YORK, NY 10019
AMERICAS SERVICING CO (301)846-8737
7495 NEW HORIZAN WAY, FREDERICK, MD 21703-
APPLIED CARD BANK
800 DELAWARE AVE, WILMINGTON, DE 19801
CAPITAL ONE BANK
4851 COX ROAD, RICHMOND, VA 23229
CAPITOL DISCOUNT CORP (516)679-2500
2650 MERRICK RD, BELLMORE, NY 11710
CAPONEBANK
10800 NUCKOLS ROAD, GLEN ALLEN, VA 23060-
CHASE (800)955-9900
201 N WALNUT STREET MAILSTOP DE1-1027, WILMINGTON, DE 19801-
CHASE AUTO (800)433-4358
2000 MARCUS AVENUE, NEW HYDE PARK, NY 11042-
CHASE MORG (800)848-9380
101 E TOWN STREET, COLUMBUS, OH 43215-5187
CHRYSLER FINANCIAL
5225 CROOKS RD STE 140, TROY, MI 48098
CIT (405)945-1400
PO BOX 24610, OKLAHOMA CITY, OK 73124
CREDIT SERVICES INC (727)849-8566
6329 RIVER RD, NEW PORT RICHEY, FL 34652
CROSSING POINTE
220 HICKORY ST, WARREN, PA 16368
DSNB MACYS (800)458-6229
9111 DUKE BLVD, MASON, OH 45040
GEMB/JCP (800)542-0800
PO BOX 981402, EL PASO, TX 79998-
GEMB/SAMS CLUB (800)964-1917
PO BOX 981400, EL PASO, TX 79998-
GEMB/WALMART (800)957-0832
P.O. BOX 981400 C77W, EL PASO, TX 79998-
HSBC NV (800)379-7999
PO BOX 19360, PORTLAND, OR 97280-
HSBC NV (800)477-6000
PO BOX 19360, PORTLAND, OR 97280
HSBC NV
2980 MEADE AVENUE BUILDING A, LAS VEGAS, NV 89102-

LEXUS MAN (718)439-3780
829 11TH AVENUE, NEW YORK, NY 10019-
MANDEES (201)339-9800
CN 1003, TOTOWA, NJ 07511-
MCYDSNB (800)458-6229
9111 DUKE BLVD, MASON, OH 45040
NEW CENTURY MORTGAGE C (999)999-9999
18400 VON KARMAN, IRVINE, CA 92614-
NORTH FORK BK TRUST (516)298-8366
245 LOVE LN, MATTITUCK, NY 11952
OCWENLOANS (800)746-2936
1661 WORTHINGTON RD SUITE 100, WEST PALM BEACH, FL 33409-
PAUL MICHAEL MARKETING (718)740-1401
18609 UNION TPKE, FLUSHING, NY 11366
POPULAR CLUB (973)365-5968
128 DAYTON AV, PASSAIC, NJ 07055-9001
RJM ACQ LLC (800)541-0824
575 UNDERHILL BLVD STE 2, SYOSSET, NY 11791
SEARS/CBSD
133200 SMITH RD, CLEVELAND, OH 44130-
SUNTRUST (404)230-5555
RISK MANAGEMENT/040 P.O.BOX 4418, ATLANTA, GA 30302-
T-MOBILE (800)937-8997
PO BOX 53090, BELLEVUE, WA 98015-3090
THD/CBSD (800)677-0232
CCS GRAY OPS CENTER 541 SID MARTIN RD, GRAY, TN 37615-
TOYOTA MOTOR CREDIT CO (800)279-9032
90 CRYSTAL RUN RD STE 31, MIDDLETOWN, NY 10941
WAMU/PRVDN (925)416-5000
PO BOX 660509, DALLAS, TX 75266-0509
WASH MUTUAL/PROVIDIAN (925)416-5000
PO BOX 660509, DALLAS, TX 75266-0509
WFNNB/CHADWICKS OF BOS
REPORTING PO BOX 182746, COLUMBUS, OH 43218-2746
WORLD SAVINGS
1901 HARRISON STREET, OAKLAND, CA 94612-
WORLD SAVINGS BANK (800)642-0257
1901 HARRISON ST, OAKLAND, CA 94612

TruAlert - Applicant

OFAC Compliance

Applicant input name checked. No similar records found in OFAC's SDN list.

File Variations

File Variations checked. No similar records found in OFAC's SDN list.

AKA Records

AKA records checked. No similar records found in OFAC's SDN list.

TruAlert - Co-applicant

OFAC Compliance

Co-applicant input name checked. No similar records found in OFAC's SDN list.

File Variations

No additional File Variation names found.

AKA Records

No additional AKA names found.

AKA

FORMER NAME: PUBLIC, JON Q. R
FORMER NAME: PUBLIC, JONNY
BQ2

CX1

This section indicates possible fraud because the address of the co- borrower is substantially different than what is in the bureaus records...(the borrower may have recently moved)

Fraud Search

FACTA: Address mismatch Alert - The address submitted in the inquiry is substantially different from the address on file.
BQ2

The rest is pretty self explanatory.

Database Residence InformationFirstLast

55555555 123

BRONX

NY

10466 10/06 --- BQ1 CQ1

666666 DR

MCDONOUGH

GA

30253 08/06 12/06 BQ1 BX1 BU1 CU1 CQ1 CX1

PO BOX 667

BRONX

NY

10469 10/06 --- BQ2

77656 STR

BRONX

NY

10466 08/99 10/06 BQ2 BX1 CX1

56 GTY DR

BRONX

NY

10469 09/06 --- BQ2

POLIG WAY 66 N

BRONX

NY

104679213 05/95 12/01 BX1

8890OP DR

BRONX

NY

10469 --- 11/06 BU1

BRONX

NY

10466 --- 10/06 BU1 CU1

BRONX

NY

10469 --- 10/06 CU1

BRONX

NY

10466 03/03 --- CQ1

BRONX

NY

104690766 10/06 10/06 CX1

Database Employment InformationFirstLast

MURRAYS STUDIO

--- --- BQ2

LEXIS OF MANHATTEN

09/02 09/02 BX1 BU1

TOYOTA OF GREENWICH

02/00 02/00 BX1

MAHATTAN LEXUS

E --- --- BU1

HTA OF NEW YORK

--- --- CU1

HTA OF MANHATTAN

E --- --- CU1

ALICE SPENCER

--- --- CQ1

HTA NY YORK

03/05 03/05 CX1

JUDY LANDER

09/02 09/02 CX1

information Sources

This report includes information retrieved from the following repository(ies):

TransUnion Consumer Relations
PO Box 1000
Chester, PA 19022
(800) 888-4213
www.transunion.com


Equifax Consumer Relations
PO Box 740241
Atlanta, GA 30374
(800) 685-1111
www.equifax.com


Experian Consumer Relations
PO Box 2002
Allen, TX 75013
(888) 397-3742
www.experian.com

This Residential Merged Credit Report is furnished in response to a consumer or business application. The information contained herein meets the standards set forth by FNMA, FHLMC, FHA/VA and the Rural Housing Service.The information contained herein meets all guidelines set forth by the Fair Credit Reporting Act; it is to be held in strict confidence and may be revealed only to those whose official duties require the information in relation to which this report was ordered, except that which is required by law. The information has been obtained from sources deemed reliable, the accuracy of which does not guarantee.

* denotes source(s) of adverse information

End of Report



This is a basic explanation of how to read a Credit report pulled by a mortgage company.

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Show All Comments
Rainer
38,497
Ulises Romo
Realty One Group - Phoenix, AZ
Wow thats a lot of information for me understand.
Oct 19, 2007 01:15 AM #1
Rainer
1,216
Jason Friedman
WorldsFair Lending - Delray Beach, FL

Sorry, I have created like, 15 different educational media over the past 10 years and I have so much information that if I am writing only one thing I tend to cram as much into it as possible. If you have any questions feel free to ask. sorry again......

Oct 19, 2007 01:19 AM #2
Anonymous
Anonymous
Kenny
What does "FDC" mean on An unauthorized "Hard" pull on your Credit Report?
Dec 13, 2007 11:38 AM #3
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Rainer
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Jason Friedman

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