Understanding Transunion Credit Report

Term Definitions on Transunion 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 – Loan Type – Describes the type of loan a consumer borrowed such as student loans, auto loans, personal loans, credit cards, mortgages, etc.

D – Remarks – 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.

E – Date of Removal – 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.  This 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.

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

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

H – Date Verified – This date is when the creditor completed their investigation on your dispute and has informed the credit bureau that the debt is yours.  If the debt is verified contact the credit bureau and request for their method of investigation.  By law they have 15 days to tell you how they contacted the creditor and what information they received to verify the debt.

I – 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.

J – 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.

K – Terms – This item indicates the terms of the credit account.

L – Pay Status – This item indicated the status of the account.  If you are late with payment or your account is in collections it will show in the section.  If you are making payments as agreed it also shows in this section.

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

N – Responsibility – This item indicated if the account is an individual or joint account.

O – Date Opened – This is the date the account was opened.

 

P – 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.