Credit Report Tab
The Credit Report tab displays comprehensive credit information for the applicant, including credit scores, tradelines, inquiries, and public records.
Tab Overview
The Credit Report tab contains:
| Section | Description |
|---|---|
| Credit Score | Score and score factors |
| Tradelines | Credit accounts history |
| Inquiries | Recent credit inquiries |
| Public Records | Bankruptcies, liens, judgments |
| Collections | Collection accounts |
| Summary | Credit summary statistics |
Credit Score
Score Display
| Field | Description | Example |
|---|---|---|
| Score | Credit score value | 725 |
| Score Model | Scoring model used | VantageScore 3.0 |
| Bureau | Credit bureau source | TransUnion |
| Pull Date | When report was pulled | 01/15/2024 |
| Score Range | Possible range | 300-850 |
Score Rating
| Range | Rating | Risk Level |
|---|---|---|
| 781-850 | Excellent | Very Low |
| 661-780 | Good | Low |
| 601-660 | Fair | Moderate |
| 500-600 | Poor | High |
| 300-499 | Very Poor | Very High |
Score Factors
The report shows factors affecting the score:
| Factor Type | Example |
|---|---|
| Positive | "Long credit history" |
| Negative | "High credit utilization" |
| Neutral | "Limited credit mix" |
Common score factors:
- Payment history (on-time vs. late)
- Credit utilization ratio
- Length of credit history
- Credit mix (types of accounts)
- Recent credit inquiries
- Public records
Tradelines
Tradeline List
Each credit account (tradeline) shows:
| Field | Description | Example |
|---|---|---|
| Creditor | Lender/company name | Chase Bank |
| Account Type | Type of credit | Credit Card |
| Account Status | Current status | Open |
| Balance | Current balance | $2,450 |
| Credit Limit | Maximum credit | $10,000 |
| Payment | Monthly payment | $75 |
| Opened | Date opened | 03/2018 |
| Payment Status | Payment history | Current |
Account Types
| Type | Description |
|---|---|
| Revolving | Credit cards, lines of credit |
| Installment | Auto loans, personal loans |
| Mortgage | Home loans |
| Open | Charge cards (paid monthly) |
| Collection | Accounts in collection |
Payment Status
| Status | Meaning |
|---|---|
| Current | Payments up to date |
| 30 Days | 30 days past due |
| 60 Days | 60 days past due |
| 90 Days | 90 days past due |
| 120+ Days | Severely delinquent |
| Charge-Off | Written off by creditor |
Payment History Pattern
24-month payment history shown as:
Payment History: CCCCCCCCCCCCCCCCCCCCCCCC
Legend: C=Current, 1=30 days, 2=60 days, 3=90+ days
Credit Summary
Summary Statistics
| Metric | Description | Example |
|---|---|---|
| Total Accounts | Number of tradelines | 12 |
| Open Accounts | Currently open | 8 |
| Closed Accounts | Closed accounts | 4 |
| Total Balance | Sum of balances | $45,000 |
| Total Credit Limit | Sum of limits | $75,000 |
| Utilization | Balance ÷ Limit | 60% |
| Oldest Account | Years of credit | 15 years |
| Average Age | Average account age | 6 years |
Debt Summary
┌─────────────────┬──────────────┬──────────────┐
│ Account Type │ Balance │ Payment │
├─────────────────┼──────────────┼──────────────┤
│ Mortgage │ $185,000 │ $1,450/mo │
│ Auto Loans │ $18,500 │ $425/mo │
│ Credit Cards │ $8,200 │ $245/mo │
│ Student Loans │ $32,000 │ $380/mo │
├─────────────────┼──────────────┼──────────────┤
│ TOTAL │ $243,700 │ $2,500/mo │
└─────────────────┴──────────────┴──────────────┘
Inquiries
Inquiry Types
| Type | Impact | Description |
|---|---|---|
| Hard Inquiry | Affects score | Credit application |
| Soft Inquiry | No impact | Pre-qualification, monitoring |
Inquiry List
| Field | Description |
|---|---|
| Creditor | Who pulled the report |
| Date | When pulled |
| Type | Hard or Soft |
| Industry | Type of creditor |
Inquiry Impact
- Hard inquiries impact score for 12 months
- Multiple auto/mortgage inquiries within 14-45 days count as one
- Too many inquiries may indicate credit seeking behavior
Public Records
Types of Public Records
| Record | Description | Duration |
|---|---|---|
| Chapter 7 Bankruptcy | Liquidation | 10 years |
| Chapter 13 Bankruptcy | Repayment plan | 7 years |
| Tax Lien | Unpaid taxes | 7 years from paid |
| Civil Judgment | Court judgment | 7 years |
Public Record Display
| Field | Description |
|---|---|
| Type | Type of record |
| Filed Date | When filed |
| Status | Discharged, Dismissed, etc. |
| Court | Filing court |
| Amount | Liability amount |
Collections
Collection Accounts
| Field | Description |
|---|---|
| Collection Agency | Who owns the debt |
| Original Creditor | Original lender |
| Balance | Amount owed |
| Status | Open, Paid, Settled |
| Date Opened | When sent to collections |
Collection Impact
- Paid collections may still appear for 7 years
- Recent collections impact score more
- Some scoring models ignore paid collections
Credit Report Actions
Available Actions
| Action | Description |
|---|---|
| Refresh Credit | Pull updated report |
| View Full Report | See complete report |
| Print Report | Print for file |
| Order Merged Report | Pull from all 3 bureaus |
| Request Supplement | Get additional data |
Refresh Credit
When to refresh:
- Applicant reports changes
- Significant time has passed
- Verify payoffs completed
- Dispute resolved
Credit Pull Costs
Additional credit pulls may incur fees. Check your policy before pulling.
Merged Credit Report
For mortgage and some other products:
- Pulls from Equifax, Experian, and TransUnion
- Shows data from all three bureaus
- Identifies discrepancies
- Uses middle score for qualification
Analyzing Credit
Red Flags
Watch for these warning signs:
| Red Flag | Concern |
|---|---|
| Multiple recent inquiries | Credit seeking |
| High utilization | Overextended |
| Recent late payments | Payment issues |
| Short credit history | Limited experience |
| Public records | Serious derogatory |
| Collections | Unpaid debts |
Positive Indicators
| Indicator | Meaning |
|---|---|
| Long history | Established credit |
| Low utilization | Responsible usage |
| No lates | Reliable payer |
| Mixed account types | Experience variety |
| Limited inquiries | Not credit seeking |
Disputes
Dispute Process
If applicant disputes information:
- Note disputed items
- May need to wait for resolution
- Some items can be excluded
- Document dispute reason
Dispute Status
| Status | Meaning |
|---|---|
| Disputed | Under investigation |
| Resolved | Investigation complete |
| Verified | Information confirmed accurate |
| Deleted | Information removed |
Best Practices
Credit Review
- Review score and factors first
- Check for recent derogatory items
- Calculate true debt-to-income
- Note any unusual patterns
- Document concerns in notes
Accuracy
- Verify applicant name matches
- Check SSN is correct
- Confirm address history
- Note any fraud alerts
Compliance
- Don't share credit data unnecessarily
- Follow FCRA requirements
- Provide adverse action notices
- Retain reports per policy
Continue to Documents Tab to learn about document management.