You are entitled to receive one free credit report each year from each of the three credit reporting agencies: TransUnion, Equifax and Experian. This can be obtained from the individual credit reporting agencies or from AnnualCreditReport.com. When you receive the report, you will find your personal information, including past addresses, credit limits and balances and payment histories. There are several abbreviations used on your credit report.
Account Status Abbreviations
According to the Consumer Credit Counseling Service, three abbreviations for account status are utilized. "O" is the abbreviation for an open account; "R" is the abbreviation for a revolving account such as a credit card; "I" stands for an installment account such as student loans or a house or car loan.
Payment Status Abbreviations
The credit reporting agencies use similar abbreviations for the payment status of each account. According to Tenant Data, Experian uses three abbreviations for a current account. "C" is current; "N" is current with a zero balance and no updates from the creditor; and "0" is current with a zero balance and updates from the creditor.
Past due accounts are indicated with Nos. 1 through 6. A "1" indicates that the account is 30 days past due; a "2" indicates an account is 60 days past due. This continues up to "6," indicating an account is 180 days past due.
Other codes are utilized for charge-offs and foreclosures. A "7" indicates the debt is a part of a Chapter 13 bankruptcy payment plan; a "9" indicates a debt discharged in bankruptcy; "G" shows that the account is in collection; "H" means the account is in foreclosure; and "L" indicates a charge-off. A voluntary surrender is abbreviated with a "J"; and repossession is abbreviated with a "K."
A dash or blank area indicates that no payment history was reported by the creditor.
Account Ownership Abbreviations
According to the Consumer Credit Counseling Service, abbreviations for account ownership may be slightly different for each credit reporting agency. The standard abbreviation for an individual account is "I."; a joint account is abbreviated "J"; "A" indicates that you are an authorized user on the account; and "T" indicates that the account is terminated.