topic Reasons codes in Understanding FICO® Scoring

Reasons codes

Anonymous — Fri, 07 Mar 2008 17:23:49 GMT

Can someone direct me to area to learn about Reasons codes used on credit reports? I am newly arrived to this site after reading Understanding Your Credit Score brochure.

Thanks in advance~

Re: Reasons codes

RobertEG — Fri, 07 Mar 2008 20:55:40 GMT

Codes are not shown in the normal consumer credit reports, but do appear in the expanded and full reports made available to lendors/creditors. Common codes are:

INQUIRY CODES

PRM: Inquiries with this prefix indicate that only your name and address were given to a credit grantor so they can provide you a firm offer of credit or insurance. (PRM inquiries remain for 12 months)

AM or AR: Inquiries with these prefixes indicate a periodic review of your credit history by one of your creditors. (AM and AR inquiries remain for 12 months)

EMPL: Inquiries with this prefix indicate an employment inquiry. (EMPL inquiries remain for 24 months)

PR: Inquiries with this prefix indicate that a creditor reviewed you account as part of a portfolio they are purchasing. (PR inquiries remain for 12 months)

Equifax or EFX: Inquiries with this prefix indicate Equifax’s activity in response to your contact with them for a copy of your credit file of a research request.

ND: Inquiries with this prefix are general inquiries that do not display to credit grantors. (ND inquiries remain for 24 months)

ND MR: Inquiries with this prefix indicate the reissue of a mortgage credit report containing information from your Equifax credit file to another company in connection with a mortgage loan. (ND MR inquiries remain for 24 months)

PAYMENT HISTORY
These codes reflect the monthly status of an account and are displayed for balance reporting loans. Collections and charge-offs are not graded. These codes stand for:

C Current

N Current account/zero balance-no update tape received

0 Current account/zero balance-reported on update tape

1 30 days past the due date

2 60 days past the due date

3 90 days past the due date

4 120 days past the due date

5 150 days past the due date

6 180 days past the due date

7 Bankruptcy Chapter 13 (Petitioned, Discharged, Reaffirmation of Debt Rescinded)

8 Derogatory, e.g. foreclosure proceeding, deed in lieu

9 Bankruptcy Chapter 7, 11, or 12 (Petitioned, Discharged, Reaffirmation of Debt Rescinded)

G Collection

H Foreclosure

J Voluntary Surrender

K Repossession

L Charge-off

B Account condition change, payment code not applicable

- No history reported for that month

No history maintained

Re: Reasons codes

Anonymous — Sat, 08 Mar 2008 16:34:57 GMT

R- Revolving (usually a credit card)
I - installment (like home or auto loan)

R1 or I1 = pays as agreed never late
R2 or I2 = 30 days late
R3 or I3 = 60 days late
R4 or I4 = 90 days late
R5 or I5 = 120 days late
R7 or I7 = making regular payments under wage earner plan
R8 or I8 = repossession
R9 or I9 = charge off

EQUIFAX - BEACON Score Codes
00039 - serious delinquency
00038 - serious delinquency, and derogatory public record or collection filed
00034 - amount owed on delinquent accounts
00033 - proportion of loan balances to loan amounts is too high
00032 - lack of recent information loan information
00030 - time since most recent account opening is too short
00024 - no recent revolving balances
00023 - number of bank or national revolving accounts with balances
00020 - length of time since derogatory public record or collection is too short
00019 - too few accounts currently paid as agreed
00018 - number of accounts with delinquency
00016 - lack of recent revolving account information
00015 - lack of recent bank revolving information
00014 - length of time accounts have been established
00013 - time since delinquency is too recent or unknown
00012 - length of time revolving accounts have been established
00011 - amount owed on revolving account is too high
00010 - proportion of balances to credit limits is too high on bank revolving or other revolving accounts
00009 - too many accounts recently opened
00008 - too many inquiries last 12 months
00006 - too many consumer finance company accounts
00005 - too many accounts with balances
00002 - level of delinquency on accounts
00001 - amount owed on accounts is too high
O - beacon not available, no recently reported account information
FA - number of inquiries adversely affected the score, but not significantly

TRANSUNION - EMPIRICA Score Codes
040 - derogatory public record or collection filed
039 - serious delinquency
038 - serious delinquency, and public record or collection filed
030 - time since most recent account opening is too short
029 - no recent bankcard balances
028 - number of established accounts
027 - too few accounts currently paid as agreed
024 - no recent revolving balances
021 - amount past due on accounts
020 - length of time since derogatory public record or collection is too short
018 - number of accounts with delinquency
017 - no recent non-mortgage balance information
016 - lack of recent revolving account information
015 - lack of recent bank revolving information
014 - length of time accounts have been established
013 - time since delinquency is too recent or unknown
012 - length of time revolving accounts have been established
010 - proportion of balances to credit limits is too high on bank revolving or other revolving accounts
009 - too many accounts recently opened
008 - too many inquiries last 12 months
006 - too many consumer finance company accounts
005 - too many accounts with balances
003 - proportion of loan balances to loan amounts is too high
002 - level of delinquency on accounts
001 - amount owed on accounts too high
- file not scored because subject does not have sufficient credit
FA - in addition to the factors listed above, the number of inquiries on the consumer's credit file has adversely affected the credit score

EXPERIAN - FAIR ISAAC Score Codes
40 - derogatory public record or collection field
39 - serious delinquency
38 - serious delinquency and public record or collection filed
33 - proportion of current loan balance to original loan amount
32 - no recent installment loan information
24 - lack of recently reported balances on revolving/open accounts
21 - amount past due to accounts
20 - length of time since legal item filed or collection item reported
18 - number of accounts delinquent
16 - insufficient or lack of revolving account information
15 - insufficient or lack of bank revolving account information
14 - length of time accounts have been established
13 - length of time (or unknown time) since account delinquent
12 - length of revolving account history
10 - proportion of balance to high credit on bank revolving or all revolving accounts
09 - number of accounts opened within the last 12 months
08 - number of recent inquiries
06 - number of finance company accounts
05 - number of accounts with balances
02 - delinquency reported on accounts
01 - current balances on accounts
9002 - the profile report does not contain any tradeline which satisfies both of the following: status date within the last six (6) months or a balance within the last six (6) months. does not contain disputed information
- risk score not calculated due to lack of credit history

Re: Reasons codes

Anonymous — Sat, 08 Mar 2008 16:39:50 GMT

Account Status Codes

Enter the Account Status Code which best describes whether the account is current or past due. If you have a status which is not described here, please contact your credit reporting agencies.?

Code Description

05* Account transferred to another office.

11 Current account.

For Installment and Mortgage loans, the account should be current and have a non-zero Balance Amount. For Credit Line, Open, and Revolving portfolio types, the account should be current and available for use. If the account is closed, but there is a balance due, Special Comment M or Compliance Condition Code XA should also be reported to indicate the account is no longer available for use.

13* Paid or closed account/zero balance.

For Installment and Mortgage loans, the account should be paid with a zero Balance Amount. For Credit Line, Open, and Revolving portfolio types, the account should no longer be available for use, and the Balance Amount should be zero. A Special Comment M or Compliance Condition Code XA should also be reported to indicate the account is closed.

61* Account paid in full was a voluntary surrender.

62 Account paid in full was a collection account, insurance claim or government claim.

63 Account paid in full was a repossession.

64 Account paid in full was a charge-off.

65* Account paid in full. A foreclosure was started.

71 Account 30 days past the due date.

78 Account 60 days past the due date.

80 Account 90 days past the due date.

82 Account 120 days past the due date.

83 Account 150 days past the due date.

84 Account 180 days or more past the due date.

88* Claim filed with government for insured portion of balance on a defaulted loan.

89* Deed received in lieu of foreclosure on a defaulted mortgage.

93 Account seriously past due and/or assigned to internal or external collections.

94* Foreclosure/credit grantor sold collateral to settle defaulted mortgage.

95* Voluntary surrender.

96 Merchandise was repossessed by credit grantor; there may be a balance due.

97 Unpaid balance reported as a loss by credit grantor (charge-off).

DA Deletes entire account.

Note: In order to maintain the integrity of credit information, it is important that credit grantors not ask for a subsequent deletion of account history unless an actual error was reported. Paid derogatory accounts, such as collections, should be reported as paid; they should not be deleted.

* Payment Rating is also required when reporting these Status

Re: Reasons codes

fused — Sat, 08 Mar 2008 17:39:56 GMT

Someone has jacked some threads from my favorites. Ha!

Re: Reasons codes

Anonymous — Sat, 08 Mar 2008 18:20:17 GMT

fused wrote:

Someone has jacked some threads from my favorites. Ha!

Re: Reasons codes

Anonymous — Sun, 09 Mar 2008 04:10:41 GMT

Thanks...

Re: Reasons codes

RobertEG — Sun, 09 Mar 2008 04:16:52 GMT

These codes are mind-boggling, but their value to consumers is simply to give some insight into what the scoring algorithms look at. If it is coded, it is for a reason. The algorithm looks at it.