Reading a Trak-1 Technology/Equifax Credit an... · Reading a Trak-1 Technology/Equifax Credit Report…

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    17-Jun-2018

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  • Reading a Trak-1 Technology/Equifax Credit Report

    AccountType/Status

    InstallmentAccount(FixedNumberof

    Payments)

    RevolvingorOptionAccount(Open

    Ended)

    OpenAccount(30,60,or90DayAccount)

    Meaning

    I0 R0 O0 Accountistoonewtorate.I1 R1 O1 Accountispaysasagreed.I2 R2 O2 Accountisnomorethantwopaymentspastdue.I3 R3 O3 Accountisnomorethanthreepaymentspastdue.I4 R4 O4 Accountisnomorethanfourpaymentspastdue.I5 R5 O5 Accountismorethan120days/fourpaymentspastdue.I7 R7 O7 AccountholderismakingregularpaymentsunderWEP.I8 R8 O8 Accounthasbeenrepossessed.I9 R9 O9 Accountisbaddebtandhasbeenplacedforcollection.IA RA OA Accountisinactive.IB RB OB Accountcontainsalostorstolencard.IC RC OC Pleasecontactmemberforstatus.ID RD OD Accounthasbeenrefinancedorrenewed.IE RE OE Accountholderisdeceased.IF RF OF Accountholderisinfinancialcounseling.IG RG OG Accounthasbeenplacedinforeclosure.IH RH OH AccountisinWEPofotherparty.IJ RJ OJ Accountispendinganadjustment.IM RM OM AccountisincludedinChapter13.

    Definitions

    SSNVerifiedThecorrectsocialsecuritynumberhasbeenprovidedtotheCreditBureauandtheapplicanthasatleastthreeactivetradelines.SSNNotVerified(W/CreditHistoryReturning)Theapplicanteithera)doesnothavethreeormoreactivelines,orb)hasnotprovidedasocialsecuritynumberthatiscorrectand/orcloseenoughfortheCreditBureautoreturninformation.SSNNotVerified(W/NoCreditHistoryReturning)Aninvalid/incorrectsocialsecuritynumberhasbeenprovidedortheapplicantsimplydoesnothaveenoughestablishedcredithistorytoverifythesocialsecuritynumber.Thisismostcommoninyoungerorolderapplicants.TradeLinesAnaccountlistedundertheaccountsectionofthecreditreport.Thismayincludecreditcards,loans,oranyaccounttypeinwhichpaymentsaremade.AffiliatedAddressesTheaddressessuppliedtotheCreditBureaubytheapplicantscreditors.AffiliatedEmployersTheemployerssuppliedtotheCreditBureaubytheapplicantscreditors.PublicRecordsFilingsTaxLiens,lawsuitsandotherciviljudgmentsinwhichtheapplicanthasdebtobligations.

  • BankruptciesLegallydeclaredinabilityorimpairmentofanindividualtopayitscreditors.CollectionsItemsItemsinwhichtheoriginalcreditorhassoldtheaccounttoaCollectionAgency.AccountsSeeTradeLines.Agency/NumberThecreditorsnameanduniquecreditbureaunumber.Type/StatusThetypeandstatusoftheaccount.Pleaseseeabovechartfordetaileddescriptions.DateOpenedThedatetheapplicantopenedtheaccountwiththecreditor.LastReportedThedatethecredithaslastreportedinformationtothecreditbureaufortheaccount.HighCreditThisnumberusuallyindicatesacreditcardslimitoraloansoriginalamount.TermsThesetpaymentamountorsettimetopayofftheaccount.BalanceThebalanceoftheaccountasoftheLastReportedDate(seeabove).PastDueAmountoftheaccountsbalancewhichispastdueforpayment.LastActivityThelastdatetheapplicanthasusedtheaccountasreportedbythecreditor.24MonthHistoryTheapplicants24monthpaymenthistoryasdefinedbyanasterisk(*),meaningthepaymentisontimeorunreported,andnumbers(pleaseseeabovechartfordetaileddescriptions).SummaryofAccountsTheTrak1Technologygeneratedaccountsummary.Credit%(Trak1SummaryPage)GeneratedbyTrak1Technology,thisscoreisbasedoffofthenumberofaccountsconsideredingoodcredit.BeaconScoreAnEquifaxgeneratedscore.FICOScoreFairIsaacCorporationcreditscore.Acreditscorewhichtakesintoaccountmanyfactorsofonescredit.Thescorerangesfromlow(300)tohigh(850).InquiriesThenamesanddatesofcompanieswhichhavecheckapersonscreditreportinthepast.ConsumerCommentsAnycommentanapplicantmayhaveplacedinthepastontheircreditreport.Thisismostoftenusedtoprotecttheapplicantfrompotentialidentitytheft.

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