Credit reports contain information about your credit accounts, including mortgages, installation loans and credit cards. Each account has information about its limits, balances, payment history and account status. There also is a notation field with information such as whether your credit account is the subject of dispute or included in a bankruptcy.
Basic Account Information
The same general information appears for all accounts on your credit report. A truncated account number helps to identify your various credit accounts. It lists the type of account, such as installation loan or credit card. Your highest balance, overall limit and minimum monthly payments are given. Most credit reports show a two-year payment history, although the credit bureaus track this throughout the life of the account.
Dispute
Each account has a comments field with extra information. One such notation is a dispute status, which can display in the status field for each account. If a borrower feels that the information for an account is inaccurate, he can dispute that information and the company has to verify that it is correct. Consumers can use disputes to clear up problems with account balances, late payments and collection accounts.
IIB
A notation of IIB on a credit account stands for "included in bankruptcy." When an account has this notation, it was part of a bankruptcy filing and the individual is no longer responsible for the debt. Instead, the court has discharged the debt entirely in a Chapter 7 bankruptcy, or consolidated it into a payment plan under Chapter 13.
Charge Off
If you are repeatedly late on a credit account, the company may charge it off. A charge-off means the account is in collection or will transfer to an external collection agency. A charge-off has a very negative affect on your credit score, although the specific impact depends on whether you have other negative marks on your credit.
Delinquent
Delinquent accounts include those with a history of late payments, or payments not meeting the minimum requirements, as well as accounts in collection or charged off. Delinquent accounts are a negative factor on your credit, and are usually in a specific section on your report.
Public Record
The public record section of your report involves court filings and other public records that affect your credit. Examples of public records on your report include bankruptcy, liens, judgments and foreclosure.
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