CassieNet News :: Thinking of getting a mortgage

Thinking of getting a mortgage :: RE: Credit Report

Author: jessica
Subject: RE:
Posted: Fri Jul 29, 2005 7:39 am (GMT 0)
Topic Replies: 2

Hi Sarah.J
Welcome to MortgageFit forum.

A credit report carries information divided into four sections like identifying information, credit history, public records and inquiries. The first section consists of your name, Social Security number, current and previous address, date of birth, telephone numbers, your employer, spouse's name and any other personal information.

The next section deals with your credit history. It consists of information as to how much you owe as debt, what kind of credit you have taken, status of the account, how well you have managed to pay off the debt etc. Most credit reports display payment codes ranging from 1 to 9. An R1 or I1 on a report implies a good payment history on a revolving or installment account.

The third section carries financial data such as bankruptcy, judgments, and tax liens etc. The last section deals with inquiry. There are codes that are used in this section. For example Equifax provides credit reports which have code like PRM. This implies that your name and address is given to a creditor and you may have been pre-approved for a loan. There can be codes like AM or AR which implies that one of your creditors has examined your file to see whether your financial condition has changed.

Hope you will find this information useful.

Please feel free to send further queries.

Regards,
Jessica.

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