How To Read A TransUnion Credit Report

It’s crucial to check one’s “transunion credit” report once in a year to be able to know the financial and personal information that has been reported to ease your financial management and capability. For accuracy to be achieved and maintained while checking the report, the transunion credit report should be read properly. To be able to know how to read a transunion credit report, there are various actions that one needs to take into account to facilitate this:

• As a transunion credit report holder, the first step you ought to take on how to read a transunion credit report is to be familiar with the procedures involved on current accounts notifications. Once you read your transunion credit report and you identify signs represented by letters “OK” or “CUR” inside a green box, be assured that your accounts are current and have a prompt time payment history. 
• As an individual you ought to read and understand the specifications of the various types of accounts. If an account is revolving, the letter “R” is indicated on it, for mortgages letter “M”, credit lines are indicated by letter “C” and loans from installments letter “I”.
• Detailed comprehension skills should be taken into account on how late the payments are reported. Various indications for these late payments are used in form of numbers 30, 60, 90, 120 or 150 where the printings are done on the inside of an orange box. In addition the numbers give you a detailed account of estimates on late payments on that specific account. While reading a transunion credit report you ought to be careful on this point for easier running of your account.
• Reading the monthly payment summary can be hard at times but with little grasp, you will be able to come along. This monthly payment summary is indicated in a line of numbers; 11122334455 where 1 indicates your prompt payments and the rest of the numbers show your late payments by day. Each number has a series of days in that, 2 is 30-59 days, 3 is 60-89 days, 4 is 90-119 days and 5 is 120 days going up. With this, you will be able to know how to read a transunion credit report with ease.
• Any indications of negative credit information should be learnt and various indications are made to inform you if you entered a payment plan instead of the original credit agreement. The letters “PP” inside a black is an indicator of such a transaction. Letters “RF” inside the same black box shows repossessions and foreclosures whereas letter “CO” shows the collections and charge-off in the accounts available. With this, your capability on how to read a transunion credit report will be enhanced.
• Lastly to know how to read a transunion credit report, one needs to know the various numeric indications of repossessions, collection accounts and charge-off accounts. In addition, repossessions are marked as “8,” charge-offs as “9” and for the collection accounts by “9B.”
• For any disputed payment information that you believe is incorrect, you should have a solid proof to back up this accusation. This will give the credit-reporting agency time to investigate on the matter and correct all the mistakes in the information.