A step-by-step guide to reading a completed credit report
Reading a completed credit report can be a daunting task. Thankfully, we are here to make this as easy and seamless as possible. The areas we will go over are:
- Basic Information
- Date Accessed
- Profile Summary
- Tradeline Summary
- Individual Detail
- Payment Indicator
- Public Records
- View basic information about each applicant including first and last name, addresses, and employers.
- Each applicant goes through an identity verification process to submit their report. This means the name at the top of the credit report is the name tied with the Social Security Number entered.
- You should always double check to make sure the name on the credit report is the same name listed on the rental application.
- The information included under "Employer" and "Current Address" is based on public record and will be the most updated information TransUnion has for the applicant.
- The ResidentScore is a credit score designed by TransUnion specifically for residential leasing. It is very similar to a traditional credit score, except it uses improved logic to match applicant history with the likelihood of an eviction.
- The score ranges from 350-850 and makes it easy to determine the amount of risk associated with renting to an applicant.
- "Score Factors" are included to let you know the reasons why the score has been impacted.
- This is the date that the report was first pulled so you can keep tabs on how current the information is.
- After 30 days, the reports are no longer deemed valid and will not be accessible from RentSpree's dashboard. If you would like to access the report beyond 30 days, you will need to print or save it.
With the Profile Summary, you can get a quick overview of the items on the credit report:
- Public record - Number of public record items.
- Collections - Number of items sent to collections.
- Inquiries - Number of inquiries on the account.
- Trade lines - Number of trade lines on the report.
It also provides an overview of derogatory items:
- Negative Trades - Accounts which are currently delinquent or derogatory. This shows you any credit-harming behavior such as paying bills late or having debts in collection.
- Trade lines with any Historical Negative - Total number of accounts that have ever been delinquent or derogatory, but either have been paid in full or are now current.
- Occurrence of Historical Negatives - Total count of all delinquency occurrences that appear on the report.
Here you can see the count and types of all tradelines listed on the credit report. It will show all active accounts and credit lines.
- Count - Number of that type of tradeline.
- High Credit - Highest amount owed on that tradeline at any point in time.
- Credit Limit - Maximum balance available on the tradeline.
- Balance - Amount owed currently.
- Past Due - Amount owed that is past due (late).
- Payment - Fixed/minimum monthly payment.
- Available - Percentage of remaining credit available.
In addition, you can see a summary breakdown of all tradeline types.
- Revolving tradelines are accounts where a balance can be paid off in full or carried over month-to-month. This includes credit cards, home equity line of credit, and more.
- Installment tradelines are accounts where the balance is paid off over time, such as auto loans, mortgages, and student loans.
- Open tradelines are accounts that are a hybrid of revolving and installment. Typically utilities, these are accounts where the balance may change but payment is required to continue services.
This section shows tradeline totals such as count, balance total, credit limit, and any past due amounts.
A variety of details are provided for each tradeline:
- Name of tradeline
- Type of tradeline
- When it was opened/closed
- Current balance
- Tradeline limit
- Any past due amounts
- Up to 48 months of payment history are also available for each tradeline.
- Checkmarks indicate that the payment was made on-time for that month.
- If payment was made late, you can quickly see how late it was.
- Any previous inquiries that were made into the applicant's credit history. There are two types of inquiries, hard ones and soft ones. Hard inquiries are initiated by the applicant when they fill out a credit application. Soft inquiries come from companies that want to pre-screen for credit offers, potential employers, or current creditors monitoring the applicant's account.
- Collections are accounts where the applicant has not made payments for a substantial amount of time. The original lending institution then sells the debt to a collection agency, who attempts to collect the debt from the applicant. If they are still unsuccessful, the debt usually gets "charged off as bad credit," which is something to avoid. Under the collections section, you will find:
- Name of collection agency
- Current balance (amount due)
- Original balance
- Whether the account is open or closed
- Last reported date (date information was reported to the bureau)
- Industry type (type of lender/collections)
- Loan type/term
- Status (usually whether or not the account is still with the lender or if it has been sent to a collections agency/charged off)
- Remarks (whether the account has been disputed, charged off, etc.)
- Opened date (when the account was reported as opened)
- Closed date (when the account was reported as closed, if applicable)
- Paid out date (date the account was paid off)
- Verified date (date the debt was verified as belonging to the applicant)
- Public records that can appear on your credit report include any bankruptcy, judgment, or tax lien. In some states, foreclosure and repossession are also included in public records.