While many consumers know their credit rating is based on a credit report, knowing exactly what is in a credit report can be difficult, especially if you're reviewing your report for the first time. Credit reports contain a variety of terms and information. A "G" on an Experian report can mean one of two things: an identifier of a kind of business or an account in collections.
Experien Credit Report
Experian, Equifax and TransUnion are the three main credit reporting agencies (CRAs). Experian maintains a credit report on any consumer who has used a credit instrument. These reports contain different types of information about each consumer's history as a credit user, though much of this information is presented in numbers or letters that represent specific credit history items.
The main part of an Experian credit report consists of the "trade" items. This section contains all your credit activity regarding installment loans, credit card accounts, mortgages and other open or closed accounts you've had within the past seven to 10 years. These trade items use a variety of code letters to represent specific types of transactions. For example, each trade item has a SUB (subcode) number, which is a unique number Experian gives to each lender.
Experian also assigns each trade item a Kind of Business (KOB) code. The first letter of a person's KOB code represents the type of business the creditor or reporting agency is. A "G" in the KOB means the business is a grocery store. So, for example, if you have a credit card with your local grocery store, this account is identified with a G in the business code that appears immediately after the business SUB number, on the far left of each trade entry item.
The letter "G" also represents collections in your payment history. Experian lists your payment history on the far left of each trade item, listing each payment month in sequence. For example, you might have a "CCCCCCCCCG" listed on a trade item. This means you were current on the first nine payment periods, as indicated by the "C," but the 10th period is currently in collections, as indicated by the "G," meaning you have failed to pay, and the creditor referred the item to a credit collections agency. This is a serious negative item and has a significant negative impact on your credit score.
- Merit Credit Engine: Experian Credit Report Format
- Experian: Know What Factors Go Into Your Credit Score
- Merit Credit Engine: Equifax Credit Report Format
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Roger Thorne is an attorney who began freelance writing in 2003. He has written for publications ranging from "MotorHome" magazine to "Cruising World." Thorne specializes in writing for law firms, Web sites, and professionals. He has a Juris Doctor from the University of Kansas.