TransUnion is one of the three main credit reporting agencies that maintain and sell consumer credit information. The types of information listed on a TransUnion credit report include personal contact information, employment history, public records and individual credit accounts. An account update on a TransUnion report means that new information is reported. TransUnion uses codes to describe account information and updates; reading a TransUnion requires code translation.
Types of Accounts
TransUnion indicates the type of account with single letters on the credit report. "O" designates an open account, either 30, 60 or 90 days; "R" indicates a revolving or option account; "I" designates an installment account; "M" stands for a mortgage; and "C" indicates a check credit or line of credit. The account types are listed below the name and address of the creditor as well as at the end of the file line as part of the Manner of Payment---MOP---on the TransUnion Credit Report.
Manner of Payment---MOP
The MOP is the primary indicator of an account update on the TransUnion credit report. The codes designating current method of payment change based on the information provided by the creditor. The code 00 means that an account is not yet rated or approved, but not used; 01 means that the consumer pays the account as agreed; 02 means that the payment is 30 to 59 days past due; 03 indicates that the account payment is 60 to 89 days past due; 04 means that the payment is 90 to 119 days past due; 05 indicates that the payment is more than 120 days past due.
Special Account Codes
Other MOP codes indicate special circumstances relating to the credit account. An MOP code 07 means that the account is being paid under the Wage Earner Plan or a similar payment arrangement. Code 08 indicates a repossession; 8A indicates a voluntary repossession; 8D is a legal repossession; 8P indicates a paying account with a repossession; and 8R means that the repossession is redeemed. The MOP code 09 means that the account has been charged off to a bad debt; 9B indicates a collection account; and 9P means that the account is being paid or is paid off after begin charged off or turned over to a collection agency. The code UC means that an account is unclassified, and UR means that an account is unrated.
Opened, Verified and Closed
In addition to MOP codes, a TransUnion credit report lists sections for each account indicating Open, Verified and Closed. Account information updates are also listed under these categories. "Open" can mean the date the credit account was opened or the date that a collection agency reported the account. "Verified" means that the account information has been verified as accurate by TransUnion. "Closed" indicates the date that the credit account was closed.
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