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Criminal & Eviction
In the United States, three credit bureaus essentially control the market. They are Trans Union, Experian (formerly TRW) and Equifax. Your source of credit reports probably deals with one of these companies.
All three bureaus receive their information from the same sources, so it doesn't usually matter which one provides the information to you. On rare occasions, though, the reports do not always agree.
The release of credit information is regulated under the Fair Credit Reporting Act. Before you can legally secure an applicant's credit report, you must receive his written authorization. Your Rental Application may include the language or you may want to provide a separate form. Keep the authorization in your file.
June 1, 2005, businesses with employees cannot throw out documents
containing workers' or customers' personal information without first
destroying them--they must be shredded, burned or otherwise made
The credit report will list current/previous address(es) and employer(s) and will contain information about known bankruptcies, collection accounts and court judgments (including evictions) that are in the public record. Additionally, it provides credit and payment information from the applicant's creditors.
Credit reports come in many formats, but the description that follows will provide a general understanding of the report's contents. The format shown is from Equifax.
Equifax Report Format
|ES||EMPLOYMENT SUBJECT - POSITION, FIRM, LOCATION|
|SSS||SOCIAL SECURITY NUMBER|
|BDS||BIRTHDATE OR AGE|
|* NAME; SINCE - DATE FILE WAS ESTABLISHED; FAD - DATE OF LAST ACTIVITY ON FILE; FN - FILE NO. CURRENT ADDRESS, PRIOR ADDRESS(ES)|
|* SUM = SUMMARY OF FILE ITEMS; MM/YY - MM/YY = OLDEST OPENING DATE OF TRADE, NEWEST REPORTING DATE OF TRADE; PR/OI = IF YES, SUBJECT HAS PUBLIC RECORDS; FB = IF YES, INFO FROM OTHER (NON EQUIFAX) CREDIT BUREAUS; ACCTS = NUMBER OF ACCOUNTS; HC = HIGH CREDIT RANGE|
|DATE FILED||DATE REPORTED||DATE FILED|
|TYPE (BKRPT)||TYPE (COLL)||TYPE (ST JD - SATISFIED JUDG); (JUDG-JUDGMENT)|
|COURT NUMBER||DATE ASSIGNED TO COLLECTION AGENCY||COURT NUMBER|
|CASE NUMBER||AGENCY ID NUMBER||AMOUNT|
|LIABILITIES||CREDIT GRANTOR NAME OR NUMBER||DEFENDANT|
|EXEMPT AMOUNT||DATE AND STATUS||PLAINTIFF|
|DLA - DATE OF LAST ACTIVITY ON ACCT.||STATUS|
|ECOA DESIGNATOR - (I)NDIVIDUAL, (J)OINT, (S)HARED, (C)O-MAKER, (A)UTHORIZED USE, (U)NDESIGNATED, (M)AKER, ON (B)EHALF OF ANOTHER PERSON, (T)ERMINATED||DATE SATISFIED|
|ACCOUNT SERIAL NO.|
|* FIRM/ID CODE|
|H/C||HIGH CREDIT OR CREDIT LIMIT|
|TRM||MONTHLY REPAYMENT AMOUNT OR NUMBER OF MONTHS OR YEARS|
|BAL||LAST REPORTED BALANCE|
|P/D||PAST DUE AMOUNT|
|CS||CURRENT STATUS OF ACCOUNT|
|(I)NSTALLMENT; (O)PEN; (R)EVOLVING|
|0 - TOO NEW TO RATE; APPROVED BUT NOT USED|
|1 - PAYS WITHIN 30 DAYS, OR NOT OVER ONE MONTH PAST DUE|
|2 TO 5 - TWO, THREE, FOUR OR FIVE MONTHS PAST DUE|
|7 - PAYING UNDER DEBTOR'S PLAN|
|8 - REPOSSESSION|
|9 - BAD DEBT|
|ECOA||(I)NDIVIDUAL, (J)OINT, (S)HARED, (C)O-MAKER, (A)UTHORIZED USE, (U)NDESIGNATED, (M)AKER, ON (B)EHALF OF ANOTHER PERSON, (T)ERMINATED|
|DLA||DATE OF LAST ACTIVITY ON ACCOUNT|
Click here for a pdf summary of Trans Union codes.
Sample Credit Report
Date: 10/14/98 Time: 14:44:28 Operator: MLM
Department: Report Format: P Reference:
NM-JONES, MARK, A.
CA-2002, E US HIGHWAY 6, 61341, MARSEILLES, IL, 61341,,,
ES-TRAINMAN, B&O RAILROAD
* 431 CSC NORTHERN ILLINOIS, PO BOX 664402,
, HOUSTON, TX, 77267-4402, 217/872-3799
*JONES, MARK, A SINCE 03/00/85 FAD 05/01/97 FN-316
2002, E US, HY RT 6, MARSEILLES, IL, 61341, TAPERPTD 08/97
01- ES-, ARMY
*SUM-07/90-09/98, PR/IO-NO, FB-NO, ACCTS: 2, HC$0-97375, 2 ONES
*INQS-CRDCO 502IZ22950 05/01/97
* FIRM/ID RPTD OPND H/C TRM BAL P/D CS MR ECOA ACCOUNT
FMC *905 09/98 01/98 25K 422 22K I1 J AFA399L2
MBNA *458 04/98 05/95 14K 0 R1 35 I
END OF REPORT EQUIFAX AND AFFILIATES - 10/14/98
Sources for Credit Reports
First American Registry
National Tenant Network
The Credit Bureau
Many credit reporting agencies exist. Graff Realty does not endorse any specific credit reporting agency.
Criminal & Eviction