What Are The Codes On My Credit Reports

If you’ve requested your credit reports recently – or only peeked at them after a bank or another lender pulled your credit files – you may be wondering about some cryptic-looking codes and abbreviations you saw.

The three main credit bureaus — Equifax, Experian and TransUnion — each have their own way of describing your payment history. So these three credit-reporting agencies use various codes – such as numbers, letters or symbols – as a shorthand to signal how well (or how poorly) you’ve managed your credit.

When you’re trying to get approved for a mortgage, an auto loan, a student loan, or even just a credit card, it’s bad news to have certain kinds of codes showing in your credit reports.

Codes On Your Equifax Credit Report

Your payment history breakdown is fairly straightforward in Equifax credit files. Therefore, the meaning of the numbers, letters and symbols used in Equifax credit reports are generally pretty easy to understand. Overall, you want to see a lot of asterisk signs that look like this: *. That’s because an asterisk (*) symbol on an Equifax credit report means “pays or paid as agreed.” The vast majority of other notations indicate negative marks on your Equifax credit file, although there are a few exceptions to this.

For example: if a creditor simply didn’t report information about you for some reason in a given month or year, that account history will be classified as “Not Reported” and you will see a code that says NR. This NR code is neutral; it’s not positive or negative for your credit file. But pretty much everything else shows that you have credit blemishes.

Negative Codes on an Equifax Credit File

For instance, here are a host of credit problems you may have faced, along with the Equifax letter code that summarizes or abbreviates the problem.
Collection Account: CA
Charge Off: CO
Foreclosure: F
Repossession: R
Voluntary Surrender: VS

When it comes to missed payments, Equifax uses number codes to indicate the severity of your delinquency. So the length of your time that your payment was past due will typically serve as the number code used. Thus, if you’re 30-59 days past due on an account, it will say: 30.

Past-due accounts are noted on Equifax like this:
30-59 Days Past Due: 30
60-89 Days Past Due: 60
90-119 Days Past Due: 90
120-149 Days Past Due: 120
150-179 Days Past Due: 150
180+ Days Past Due: 180

Obviously, the longer you go without making required payments, the more damaging that is to your credit score. The good news is that even if you have less-than-perfect credit, you can still get credit or a loan, as long as your credit files aren’t completely riddled with late payments and other negative marks.

Codes That Describe Inquiries On Your Equifax Credit Report

There are a few other codes you may see in your Equifax credit report. These pertain specifically to “soft” inquiries made about you by a host of creditors, lenders, insurers, employers and others.
Your existing creditors sometimes initiate inquiries, or reviews of your credit, purely as a way to keep tabs on your credit health. These are known as “soft” credit inquiries. They do not impact your credit score and other people can’t see them; only you can.

Your current creditors may be doing soft pulls of your credit report in order to decide whether to increase or decrease your credit line. Alternatively, they may be reviewing your credit files to make you a promotional offer of some kind.

This is also the case with other third-party banks, lenders and additional entities with whom you are not presently doing business. They get your name, address and limited credit information about you – but not your full, detailed credit report – solely for the purpose of making you a credit offer.

According to Equifax, these are some of the notations you might find related to various soft inquiries made of your credit file.
PRM – Inquiries with this prefix indicate that only your name and address were given to a credit grantor so they can provide you a firm offer of credit or insurance. PRM inquiries remain on your credit report for 12 months.
AM or AR – Inquiries with these prefixes indicate a periodic review of your credit history by one of your creditors. Both AM and AR inquiries also remain visible to you on your credit report for 12 months.
EMPL – Inquiries with this prefix indicate an employment inquiry. EMPL inquiries remain on your credit report for 24 months.
PR – Inquiries with this prefix indicate that a creditor reviewed your account as part of a portfolio they are purchasing. PR inquiries will remain on your credit for 12 months.
Equifax or EFX – Inquiries with these prefixes indicate Equifax’s activity in response to your contact with the credit bureau for a copy of your credit file or a research request.
ND – Inquiries with this prefix are general inquiries that do not display to credit grantors. ND inquiries remain on your credit report for 24 months.
ND MR – Inquiries with this prefix indicate the reissue of a mortgage credit file containing information from your Equifax credit file to another company in connection with a mortgage loan. ND inquiries will show on your credit file for 24 months.

Codes On Your Experian Credit Report

Now let’s take a look at the codes and abbreviations found on another credit report: the credit file about you that is maintained by Experian.

In your Experian credit reports, the most positive code you can see is the notation: OK.  The OK reference is just like it sounds. When you see “OK” next to an account shown in your Experian credit file, it means that there are no problems with your payment history, that you are current and have met the terms of your agreement.
There are two neutral codes in an Experian report. The first is: CLS, which means closed. The second is: ND, which means there is no data reported for the time period.
Other than the codes just mentioned, all the rest of the number codes and letters you’ll find on an Experian report are reflective of credit payment problems.
Negative Codes on an Experian Credit File.

For example, here are a variety of negative credit scenarios, and the Experian codes used to describe them:
30 Days Past Due: 30
60 Days Past Due: 60
90 Days Past Due: 90
120 Days Past Due: 120
150 Days Past Due: 150
180 Days Past Due: 180
Collection: C
Charge off: CO
Creditor received deed: CRD
Defaulted on contract: D
Foreclosed: F
Foreclosure proceedings started: FS
Claim filed with government: G
Insurance claim: IC
Paid by creditor: PBC
Repossession: R
Voluntarily surrendered: VS

Again, none of these are a definite credit deathblow in and of themselves. But if your credit reports show a repeated pattern of late payments and an inability or unwillingness to pay your obligations, then banks, credit unions and other financial institutions definitely won’t be beating down your door to offer you credit.

Codes On Your TransUnion Credit Report

Finally, the TransUnion credit bureau also has its own codes to summarize your credit history and payment behavior.  The main code you want to see is OK – as this notation means that you are current on an account.

Besides an “OK” listing, there are four neutral codes on a TransUnion credit file. These are:
CLO – Closed
INA – Inactive Account
N/R – which means Not Reported
X – which means Unknown

None of these codes harm your credit rating, so don’t panic if you see them on your TransUnion credit report. Negative Codes on a TransUnion Credit File. However, other codes in your TransUnion credit file do show harm or damage to your credit health. These include:
30 Days Late: 30
60 Days Late: 60
90 Days Late: 90
120+ Days Late: 120
Charge Off: C/O
Collection: COL
Foreclosure: FC
Repossession: RPO
Voluntary Surrender: VS

When you examine your TransUnion credit report, it’s also possible that you might see various “remarks” noted. According to TransUnion officials, these remarks occur when creditors make certain comments about your account(s). Any remark that contains brackets like these: < >

A few examples of negative remarks might be comments related to a bankruptcy, a case where a judgment was obtained, a lease was broken, or an account was settled for less than the original amount due.

Now that you have a clear understanding of what all those codes and abbreviations in your credit report mean, you should work hard to improve your credit standing – and also dispute any erroneous information you might find in your credit files.

5 Types of Home Loans – Pros and Cons

5 types of mortgage loans: Check out this article that talks about the pros and cons of each type:

• 1. Conventional mortgages
• 2. Jumbo mortgages
• 3. Government-insured mortgages
• 4. Fixed-rate mortgages
• 5. Adjustable-rate mortgages

This article is from Bankrate.com. https://www.bankrate.com/finance/mortgages/5-basic-types-of-mortgage-loans-1.aspx

Win In Court Without a Lawyer or Trial

Yes! You can win without a risky trial. Lawyers drag out cases so they can bill more time. You don’t have to wait for trial to win! You aren’t billing for your time! JurisDictionary® shows how to win before trial. There is no evidence you cannot get before trial. There are no witnesses you cannot question under oath before trial. There are no documents or things you cannot get before trial. There are no legal arguments you cannot make before trial. There is nothing going to happen at trial that cannot be made to happen before trial.

Common reasons cases go to trial are: Lazy lawyer didn’t do the pre-trial work he could have done. Stupid lawyer didn’t know how to do the pre-trial work he could have done. Greedy lawyer didn’t want to do the pre-trial work he could have done. Lawyer had no idea how to do the pre-trial work that could have been done.

Pre-trial work you will learn in this case-winning tactics course is : Don’t wait for trial! Trial is uncertain, with unpredictable juries and crooked lawyers. Trial is “thinking on your feet” with your opponent trying to throw you off with multiple objections. Trial is a nasty battle against lawyers’ willing to cheat if they can. Trial is your last bite at the apple, with no take backs and no retreats.

Win before trial … and do it without a lawyer! It’s easier than you may imagine! JurisDictionary® shows how.

You won’t need a lawyer! Proceed to the Course:

Justice Should Be for All!
(Not Just the Rich who can Afford Lawyers!)

How To Win in Court

If you’re being harassed by debt collectors, we can help nip that in the bud. But if you need other lawsuit help, we recommend “How to Win in Court” Manual. You can defend yourself. Get more info here:

Be Your Own Lawyer

Can’t find a lawyer to take your case?

Can’t afford what lawyers charge?

Use JurisDictionary^® to represent yourself.

If someone says it’s foolish, ask them, “What’s choice do I have?”

Too many good people lose just because they can’t afford a lawyer.

Others hire lawyers who:

• are afraid to challenge judges
• don’t know how to write proper pleadings.
• don’t know how to get evidence into the record
• don’t know how to properly move the court
• don’t know how to make courtroom objections
• drop you when your money runs out

Represent Yourself.

JurisDictionary^® has helped thousands win without a lawyer!

• It’s easy to learn.
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What is DOLA

As I always say, never! never! speak with debt collectors over the phone. Only deal in writing. When they call, I would just tell them to send it in writing and HANG UP the phone right then.

Having said that, here’s why. By them just calling you and verifying your phone number and address, they can update your DOLA date (Date of Last Activity). They can legally do that. Phone conversations can constitute activity on your account.

Also if your were to make an arrangement to make a payment (just to get them off your back) you just agreed to the alleged debt, that it is valid and this action will start the statute of limitations time frame for your state all over again. Then they can legally come after you and/or sue you. If the statute of limitations on debt in your state had already passed, you just started the clock again. The account ages again and can lower your score and stay on your reports for another seven years.

If a lender sees open collections on your reports, it matters not how little or how much that collection is. It is still a derogatory element against you (regardless if it is paid in full).

Need help with collectors? Want them to just go away? We use federal law to make them go away.

P.S. Third party debt collectors only pay pennies on the dollar for alleged debts that they purchase.

Get your 3-in-one credit report: Click Here.

5 Tips For Writing Dispute Letters

Only challenge five or less trade lines each month with each of the credit reporting agencies. Challenge everything that you believe to be untimely, incorrect and/or incomplete. The most successful credit repair agencies will only challenge two to three lines of credit every month. If you add more than five items on a letter, the credit reporting agencies can mark your letters as frivolous and refuse to do further investigations. Once they label your letters frivolous, it will be very hard to get them to move on what you want.

Below are a few pointers to successfully repair your own credit:

• Single out the easiest items first. If its wrong, it must be deleted.

• According to the Fair Credit Reporting Act they must acknowledge your request and investigate. Many times they will send you a stall letter, but just keep going. They just want you to stop and go away.

• Don’t stop attacking incorrect entries. Send your letters many times until the tradelines are removed. Just like a dog with a bone, stay with it…

• Make sure you follow up about every forty days. Mark your calendars to stay on top of things.

• If there is a debt collector that is reporting about you, send them a strongly worded dispute letter to demand validation. A third party debt collector cannot validate an alleged debt no matter what they send you. If they cannot validate, they must remove. Contact us for letters and help with this.

The CRO’s (credit reporting agencies) have 30 to 40 days to get back with you by mail. If they tell you that the item has been verified, you have the right to demand how that verification was obtained. They should also send you a new revised credit report free of charge if changes were made.

Best of luck; hope this helps.

Smiles, Joan

Is Credit Repair Legal?

For those who are looking to restore their credit reports and scores, the credit repair industry is certainly an option to consider. However, before working with just any company that promises to help improve credit scores and dispute discrepancies on your reports, it is important to determine whether or not that company is operating within the boundaries of the law. What many individuals with bad credit don’t realize is that repairing their credit is legal when it is done within the confines of the law as dictated by the Credit Repair Organizations Act (CROA). This federal act deems fit what credit repair companies are permitted and not permitted to do when it comes to repairing credit scores and relieving debt. Take a look at some of the important requisites that these companies are required to adhere to by the (CROA).

• A clear and detailed contract must first be received by the individual seeking credit repair services prior to any repair company performing services for them. It is typical for these contracts to include a description of services to be performed, payment for these services and time frame for completion.
• Repair organizations are never permitted to ask for payment prior to providing service to an individual. Any company that asks for upfront payment for their services should be shied away from, as these could be potential scams.
• Companies should never alter the identity of their users or attempt to illegally alter their credit history. All repair services should be performed within the confines of the law, never misrepresenting the client or their history.
• Services that are provided to an individual by a credit repair company can never be misrepresented. This means that the services provided by the company must be those that are discussed with the individual seeking their services, no less.
• Repair companies who attempt to misrepresent or lie about an individual’s credit history are breaking the law.

Any individual who is looking to work with any credit services company should first gain some insight into what the Credit Repair Organizations Act explains as the restrictions of the repair companies and the rights of the individual seeking for their services. There are a number of unethical credit repair companies that exist, so it is important to be aware of the legal restrictions placed on the type of service you are looking for. If for any reason a company is not operating within these specific stipulations, the individual should certainly report them to their state attorney general.

Cards To Build Credit

You’ve been thinking that you need to start building credit and would like to know where to start. There are three credit card accounts that we recommend that can help you get started. They report to all three CRAs. These cards don’t have the good perks, but they will help you get there.

The Discover it^® Secured credit card is only $200 to secure, $0 annual fee, you get 2% percent cash back on purchases and Discover matches your cash back total for your first year. There, of course, will be a low $200 credit limit, but you can start using it just like a regular credit card. So just charge some purchases and make your payments. When you close that account, to get better card accounts, you get your $200 back of course. Apply now.

One great idea to use your new cards is to buy some groceries and pay them off quickly. That way you aren’t spending any “new money” to build credit. You’re buying groceries anyway.

The next card is good for people who are trying to get a home mortgage. This is the Open Sky secured credit card with no annual fee. There is only a $200 upfront security fee. What’s interesting is that the Open Sky company does not pull your credit reports so you don’t get a hard inquiry on your reports. I think that if you have a job, you’re in. There is no cash back or perks with this card, but you will be 99.9% approved. Apply now.

The third card is one that I don’t necessarily recommend, but I would only get it if you cannot get either of the other two listed above. This is the Credit One Platinum card. This card is not secured so you don’t put a security fee up front. There is, however, an annual fee that they charge you up front and that could be anywhere from $35 up to $95. Then every year after that is $99. The card limit can be $200 or $300 and the interest is pricey. Remember, you don’t want this card unless you just cannot get one of the other two. Apply here.

There is another way to start your credit or enhance your credit and that is to become an authorized signer on a relatives credit card account. Of course you want to make sure they have good credit You don’t want them to give you a card because you don’t want to charge on their account. This “piggy backing” method is just to give you a boost to your credit. Don’t charge on it or abuse the helping hand. Be upfront and be sure to let them know that you will no be charging on their account. They are only adding you as a signer.

Best Wishes, Joan… Smiles.