Equifax

Credit Bureau Inquiries

A credit bureau report is an integral part of the underwriting process of financial institutions when evaluating whether a potential borrower is a good credit risk or not. Most consumers do not understand what is reported on a credit bureau, let alone, when they actually view their own credit report what all the information and acronyms mean.

The credit bureau report contains information about your address and employment, credit inquiries, present borrowing and repayment history. The information is utilized to properly calculate Gross and Total Debt Service ratios, and will impact on which lenders will accept an application. Below you will find sections pertaining to the main areas of the report:

1. Personal Information
2. Trade Lines
3. Rating Definitions

Personal Information

Beacon Score: The beacon score is overall indicator of a client’s credit rating. It is based on factors including time on file, arrears history, number of inquiries and percentage of balances to limits. There are some lenders that set a minimum beacon score below which they will not consider an application.

Name	The name of the applicant
Since	Date the credit bureau was activated
FAD	Date of last activity on the file
Address	Present address and date reported Previous address
AKA	Also known as – this is any other name the client is known to use
MAR	Marital status
BDS	Date of birth
SSS	Social insurance number
INQS	Date, name and phone number of inquiries made on this file
ES	Present employment
EF	Previous employment
E2	Second previous employment
EC	Spouse’s employment

Public Records: In this section you will find registered liens (car loan), paid and unpaid collections, judgments and bankruptcy details.

Understanding the Trade Lines of the Credit Bureau Report

The trade lines detail all loans, PLC’s and credit card accounts as reported to the credit bureau by the lenders.

BUS/ID	Name of the lender
Code	Lender’s code
RPTD	Date the account was last reported to the bureau
OPND	Date the account was originally opened
H/C	Credit limit or original amount of loan/lease
TRMS	Monthly payment
BAL	Balance as of reporting date
P/D	Amount past due
RT	Rating
30/60/90	Number of times the account has been 30, 60, 90 days in arrears
MR	Number of months reviewed
DLA	Date of last activity

Amount in H/C is credit limit – this indicates the account is a PLC or revolving account such as Visa, MasterCard or other credit card.

Monthly payment – monthly payment as reported by the lender

Rating Definitions

I	Installment loan / lease
R	Revolving credit account
0	Account is too new to rate or not used yet
1	Up to date, paid within 30 days of due date
2	30 + days in arrears
3	60 + days in arrears
4	90 + days in arrears
5	120 + days in arrears
7	Credit counseling
8	Repossession, voluntary or involuntary
9	Written off, bad debt, skip