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Credit report codes are the numbers that have a meaning tied to them when it is seen on a credit report. If an individual has a credit report done and they have late payments a number (besides one (1) or zero (0)) will appear on their report. These numbers two (2) threw nine (9) represent the amount of past due payments that have occurred. The higher the number the worse off the individual is when it comes down to being approved for a loan. The number one (1) represents the payments being up-to-date and is considered a good report. The number Zero (0) on the other hand means that the account has been paid in full. The amount of money that has been put on the account has either been paid off or nothing from the following month was charges on the card.
The Credit Report Codes
The following bullets illustrate what each of the numbers and a few letters mean on a credit statement, notice how number 8 has been left out.
- 0 - Current account/zero balance-reported on update tape
- 1 - Current
- 2 - 30 days past due
- 3 - 60 days past due
- 4 - 90 days past due
- 5 - 120 days past due
- 6 - 150 days past due
- 7 - 180 days past due
- 9 - Collection
- B - Account condition change, payment code no applicable
- X - No history reported for that month
The Importance of Knowing the Credit Report Codes
This may come across as unneeded information. But when it comes to your credit report, everything bit you can learn is helpful. Remember our motto here, the more you know about your credit report, the better. If you know how your report is laid out, you will be able to catch mistakes easier, thus saving you the hassle of dealing with troubles.
Make sure you find out if this is the system your current company uses. It may be a bit different, which you want to know. So get to know the system, and lets hope we see more “1” then we do “6” or “7”. Show them you are in control of your financial situation!
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