Understanding Equifax Credit Report

Term Definitions on Equifax Credit Report

A – Creditor’s name – Sometimes the collection agency name appears in this section if your debt was sold.

B – Address – Creditor’s or collection agency’s address and phone number. This is the address you will send all of your dispute letters in regards to the creditor or collection agency. You can call the number to confirm the address.

C – Account Number – This is your account number which is assigned by a creditor to identify your account.

D – Account Owner
– This item indicated if the account is an individual or joint account.

E – Type of Account – Open, installment, revolving, mortgage, etc are different types of accounts.

F – Term Duration – This item indicates the terms of the credit account and the amount of payments that you have made.

G – Date Opened – This is the date the account was opened by you.

H – Date Reported – This indicates when your account was forwarded to the credit bureaus. You may have opened an account with a creditor in the past and the creditor never filed your account with the credit bureaus. If the original creditor sold your debt to a collection agency and the collection agency reports the debt they still must submit the date the account was first opened. Keep a close eye on the date reported as it should correlate with the date of status details. If you look at this example the date opened is clearly past the 7 year reporting mark as well as the date reported which are violations of federal law.

I – Date of Last Payment – This is the date you last made a payment on the account.

J – Scheduled Payment Amount – The minimum amount you were supposed to pay or currently paying.

K – Date Major Delinquency First Reported – This is the date when your account is seriously past due. The date that is the most important is the date the account first was reported late.

L – Creditor Classification – This states what type of company your creditor is.

M – Charge off Amount – This is the amount of debt you owe and that the creditor written off as bad debt.

N – Balloon Payment Amount – This is the full amount due on the loan.

O – Date Closed
– This is the date the account was closed. If your account was closed by the creditor it’s a negative on your credit report.

P – Date of First Delinquency – This is the date that you first missed a payment on your account.

Q – Comments – Basically mentions the status of the account. If the account was closed by creditor or grantor, if the account is a profit and lost write-off, if a claim is filed by the government against the consumer, if the consumer disputes a debt, etc. it will show in this section.

R – Payment History – This item shows the payment history on your account.

S – High Credit – This is the highest amount of credit that you charged on your account.

T – Credit Limit – This item is the maximum amount you are allowed to charge on your account at one time.

U – Terms Frequency – This item indicates the terms of the credit account.

V – Balance – Remaining balance due on the account that you owe.

W – Amount Past Due – This is the amount of payment that is immediately due. Past due amounts affects your credit score because it is an indication of a missed payment.

X – Actual Payment Amount – This is the amount paid on the account.

Y – Date of Last Activity – This date indicates the last reported information about your account.

Z – Months Reviewed – This item states how long your account has been active.

AA – Activity Description – Indicates if the account is open or closed.

BB – Deferred Payment Start Date – This is the Date the next payment was moved to.

CC – Balloon Payment Date – This is the date full payment of the loan is due or was paid. A balloon payment occurs when a loan is not amortized. It is generally an early due date, usually on a mortgage, involving the payoff of an existing loan balance.

DD – Type of Loan – Credit cards, education, mortgages, etc are different types of loans.