How to Understand Credit Report Delinquencies
- 1). Locate the credit history section of your credit report. The credit history section is the second section in the report, after the information section.
- 2). Find one of your accounts (the account name will usually be identified by the last few digits). The account may be identified with a code (R for revolving credit, like credit cards, I for installment loans, like car payments, and O for an open account (30, 60, or 90 day account).
- 3). Locate the number (if any) next to your account. While an Experian credit report states the account status in easily understood terms, like "never pays late," or "typically pays 30 days late," other credit reports might include a number from 1 to 9, where 1 is an excellent payment history (pays as agreed) and 9 is a terrible one (placed for collection). A zero means that the account is new. For example, an "R1" on an account means that it is a revolving credit account with an excellent payment history (never late). Other codes that may appear in place of a number are:
AInactive
BLost or stolen card
CContact member for status
DRefinanced or renewed
EConsumer deceased
FIn financial counseling
GForeclosure process started
HIn WEP (Wage Earner Plan) of other party
JAdjustment pending
MIncluded in Chapter 13