Loan Type Abbreviations
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
|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|
|Bad debt, placed for collection, skip||O9||19||R9||U9|
Equal Credit Opportunity Act (ECOA) Codes and Definitions
Individual's association with this account is unknown
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.
Creditor/repository is unable to distinguish between Joint Account-Contractual Responsibility or Joint Account-Authorized User.
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.
Individual is responsible for this account, guaranteed by a co-signer.
|No Longer Involved -8
Individual is no longer involved in this account.
The following article is Copyright Mortgage-Investments.com, Inc. and is used with their permission.