Student holding books looking at phone.

Understanding Credit Reports

Loan Type Abbreviations

  • MN-Open/Monthly Account: An account to be paid in full each billing
  • IN- Installment Account: An account with a fixed number of specified payments. Mortgages or car loan for example.
  • RV- Revolving Account: An account with regular monthly payments on the balance due. Such as credit reports.
  • UN- Unknown account: An account with an unknown loan type.
  • OT- Other companies account being collected. Usually indicates a collection agency.

Payment Record Codes

Loan Type MN IN RV UN
Too new to rate. Approved but unused O0 10 R0 U0
Pays (or paid) within 30 days. Pays as agreed O1 11 R1 U1
Pays (or paid) in more than 30 but less than 60 days O2 12 R2 U2
Pays (or paid) in more than 60 but less than 90 days O3 13 R3 U3
Pays (or paid) in more than 90 but less than 120 days. O4 14 R4 U4
Account at least 120 days overdue, yet to go to collection O5 15 R5 U5
Wage earner plan or similar payment agreement O7 17 R7 U7
Repossession O8 18 R8 U8
Bad debt, placed for collection, skip O9 19 R9 U9

Equal Credit Opportunity Act (ECOA) Codes and Definitions

  • Undesignated-O: Individual's association with this account is unknown
  • Individual -1: Individual has contractual responsibility for this account
  • Joint Account-Contractual Responsibility-2: Individual has contractual responsibility for this account. There may be others who also have contractual responsibility for this account.
  • Joint Account- Authorized User-3: Individual is only authorized to use this account. Someone else has contractual responsibility.
  • Joint Account-Participant-4: Creditor/repository is unable to distinguish between Joint Account-Contractual Responsibility or Joint Account-Authorized User.
  • Co-Signer-5: Individual has co-signed for this account and becomes liable if signer defaults.
  • On Behalf Of-6: Individual has signed to secure credit for another individual other than spouse and becomes liable if the other individual defaults.
  • Signer-7: Individual is responsible for this account, guaranteed by a co-signer.
  • No Longer Involved -8: Individual is no longer involved in this account.