Are you a little confused about how to read your Transunion credit report? Do you just need a little guide to get you through it? This article will explain to you how to read your Transunion Credit Report with ease and so you’ll understand what everything means in it. It’s important to understand how to read your Transunion credit report, if you’re planning on getting an auto loan. If you know your credit report well, then you will be prepared when talking about getting Ontario auto credit for your new car. Also it will help you decide how much of a loan you will be able to get.
Understanding Your Credit Score
Your credit score doesn’t normally come with your free credit report but you can get it through Transunion for $7.95. The score ranges from 501 to 990 and the equaling grade ranges from A to F. Below is a list of the scores and grades that match up.
- A. 900-990
- B. 800-900
- C. 700-800
- D. 600-700
- F. 501-600
Understanding Your Credit Report
Starting on page 1, you will see your personal information, account information and adverse accounts. After that you will see satisfactory accounts and account review inquiries. Creditors typically will report changes to your account monthly. The Adverse accounts are the accounts in which you have a rating that is non-satisfactory. Where it says pay status for your adverse account, it will show if you are making payments or if it has been charged off. Under each adverse account it will also show month by month status starting from when you first opened the account. Below is a list of what every remark means for each month.
- N/R: Unreported
- X: Unknown
- OK: Current
- 30,60,90,120: 30,60,90,120 days late
- COL: Collection
- VS: Voluntary Surrender
- RPO: Repossession
- C/O: Charge Off
- FC: Foreclosure
As for the section about account review inquires, it will show every company that has requested to see your credit report for whatever reason including seeking out car loans, and also the date on which it was requested. A lot of times what you will see here will be credit card companies that you have applied for, jobs that you applied for and credit card companies that you have an adverse account with.