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Experian Credit Report
Experian is the company that was created after TRW left the credit reports business in 1996. Experian collects information about you and your credit history from public records, your creditors and other reliable sources. They make your credit history available to your current and prospective creditors and employers as allowed by law, which can expedite your ability to obtain credit and can make offers of credit available to you. Many credit grantors rely on Experian data exclusively, or they may use Experian credit reports in combination with reports from Equifax and Trans Union, the other two major credit information repositories. Many companies, when deciding whether or not to grant credit to you, use the FICO score - which is a score based on your Experian credit report.
To seee a sample Experian Credit Report, click here.
Experian Credit Report FieldsThe HeadingThe Heading is at the very top of the report. It contains the inputting information. Time, Date, and Reference Number. The inputting information includes the name, social security number, and address of the applicant followed by the name of the requesting party.
Identifying InformationThe next section of the report is the applicants' identifying information. Here you'll find identifying information like your name, current address, social security number, date of birth, spouse's name (if applicable).
Public RecordsIf there are any civil actions with dollar amounts awarded, they will appear in a field named Public Records. Public Record information consists of bankruptcies, liens and civil actions against a consumer. This information will include:
TradesUnder the trade portion of the credit report, creditors report the amounts of loans and credit cards with payment histories. The name of the creditor is in the left column, the credit amount information in the center column, and the payment history is in the right column. Note in the center column L stands for the Loan amount or Limit and H stands for the Highest Balance Owed on the Account. The most common of the codes used to describe an accounts condition are as follows:
Payment History
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Current |
| N | Current account/zero balance-no update tape received |
| 0 | Current account/zero balance-reported on update tape |
| 1 | 30 days past the due date |
| 2 | 60 days past the due date |
| 3 | 90 days past the due date |
| 4 | 120 days past the due date |
| 5 | 150 days past the due date |
| 6 | 180 days past the due date |
| 7 | Bankruptcy Chapter 13 (Petitioned, Discharged, Reaffirmation of Debt Rescinded) |
| 8 | Derogatory, e.g. foreclosure proceeding, deed in lieu |
| 9 | Bankruptcy Chapter 7, 11, or 12 (Petitioned, Discharged, Reaffirmation of Debt Rescinded) |
| G | Collection |
| H | Foreclosure |
| J | Voluntary Surrender |
| K | Repossession |
| L | Charge-off |
| B | Account condition change, payment code not applicable |
| - | No history reported for that month |
| No history maintained; see payment status comment |
The last area of the report is named inquiries. This is a list of companies
that have inquired about the applicant's credit, usually for the purpose
of extending new or additional credit. Numerous inquiries lower the applicant's
summary score about two points per inquiry.
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To order a copy of your Experian credit report, click here.
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