Friday, April 3rd, 2009

What does the status column mean in a credit report?

nadya_45888 asked:


I received my credit report to buy a house and in the status column, I see Paid, Collection, Bankruptcy, and Charge off. I am really trying to figure out if the charge off will lower my credit score. The meanings are obvious but i guess I am trying to figure out what each item does for your score.
The codes under the status column are XP, TU, EF. they are either together or a combination of different sets. What do those mean?

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5 Responses to “What does the status column mean in a credit report?”

Lys C Says:
April 5th, 2009 at 4:31 am

Collection, Bankruptcy and Charge Off will all hurt your score. Typically the mortgage brokers will require you pay any unpaid collections or charge offs before getting a mortgage.

Great Grandma Says:
April 6th, 2009 at 7:54 pm

Anything less than paid will lower your score. Charge off means you did not pay and they had to take a loss on you, not a good thing in the credit file. For most places you need a credit score above 700.

Dale H Says:
April 6th, 2009 at 8:06 pm

Paid is good. The other status are bad. Any derogatory accounts are going to hurt your score. How much depends on how recent they are and whether or not they are paid or have a balance.

I would not pay off anything in the course of mortgage loan application until I knew I had an approval that was contingent upon paying the accounts off. The reason is that if you pay a collection that was last active over 24 months ago, you will bring it in to the present which could lower your score.

I am assuming if you have that sort of info in your bureau, you are probably getting an FHA loan. Wait for the underwriter to condition the approval on payment any accounts.

Sgt Big Red Says:
April 7th, 2009 at 2:23 am

This is where the account stands as of the report date. Some CRA’s will explain it in english, others may use codes. Here are the explanations to the codes.

O = Open (entire balance due each month)
R = Revolving (amount due can change each month)
I = Installment (fixed amount due each month)

0 = Approved, but account is too new to rate or not yet used
1 = Paid as agreed
2 = 30 or more days past due
3 = 60 or more days past due
4 = 90 or more days past due
5 = 120 or more days past due or is a collection account
7 = Making regular payments under a wage earner plan or other arrangement
8 = Repossession
9 = Charged off account

Therefore, based on the above, you could quickly go down the relevant column in your credit file and the following alphanumeric combinations would be indications you have an excellent payment history: O1, R1 or I1. Of course, you don’t want to find anything that ends in 2, 3, 4, 5, 7, 8 or 9.

Hope this answers your question.

Robert Says:
April 9th, 2009 at 10:03 pm

You have received many good answers to your question above. So I will only answer the question they have not answered. The letters are the names of the credit bureaus, Trans Union, Experian and Equifax.

If you have any further questions regarding this issue, you may want to check out this web page: for basic information on reading your credit reports.

Best of luck to you.

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