Your original creditor will most likely report the charge-off to the three major credit reporting bureaus. The bureaus may also include a notation that the account was closed by the grantor. When a charge-off is sold to a collection agency, the debt collector may assign a new account number...
When an account falls into the 60 days past due category, credit card companies often close the account to prevent the cardholder from creating additional debt that will not be paid. Whenever there's an account closed by the credit grantor with a balance, collection activity is still c...
Trade items refer to any open or closed accounts that appear on your credit report. Trades and accounts include any loans you have, lines of credit, and credit card accounts. The different types of trades and accounts you will see on your report are revolving, instalment, open and mortgage....
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A fraud alert is a statement that is added to your credit file that will notify potential credit grantors that you may be or have been a victim of identity theft. Before they extend credit, they should use reasonable procedures to verify your identity. Fraud alerts are free to add and are...
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C = Check credit (line of credit) I = Installment M = Mortgage O = Open account R = Revolving Z = Reported as included in Bankruptcy Date Reported Codes A = Information reported automatically on accounts receivable tapes by credit grantor M = Information reported in paper form by cred...
Tradeline An entry appearing on a credit report, as furnished by a credit grantor to a consumer’s credit history. A tradeline describes the consumer’s account status and activity. Tradeline information includes names of companies where the applicant has accounts, dates accounts were opened, cre...