Term Definitions on Experian Credit Report
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 – Date Opened – This is the date the account was opened by you.
E – Reported Since – 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.
F – Date of Status – This date indicates the last reported information about your account by the creditor.
G – Last Reported – The date the creditor last reported information about the account.
H – Account Summary – This item shows the payment history on your account.
I – Type – Open, installment, revolving, mortgage, etc are different types of accounts.
J – Terms – This item indicates the terms of the credit account.
K – Monthly Payment – This item show the amount of the monthly payments paid on your account.
L – Responsibility – This item indicated if the account is an individual or joint account.
M – Status Details – This is the date the account will no longer show on your credit report. Accounts remain on your credit report for 7 years. Pay close attention to this date as creditors will try to keep pushing this date out in order to keep the negative item on your creditor report. It is illegal for creditors to tamper with this date. The date is determined by the first negative activity that occurred on your account such as late payments, and the last activity on your account in regards to payment. If your account was sent into collections and after a few years you decide to send a payment to the creditor, that payment can restart the date for removal. Now the 7 year clock starts from the date of the last payment.
N – Credit Limit/Original Amount – This item indicated the credit limit on your account. If the ratio of debt to available credit is high it will affect your credit score.
O – High Balance – This balance reflects the highest amount spent on your account. This balance affects your credit score. High balances show your inability to pay the balance down per month.
P – Recent Balance – This balance reflects the current amount spent on your account. This balance affects your credit score. High balances show your inability to pay the balance down per month.
Q – Recent Payment – This item reflects the most recent amount paid on the account.