Whether it is a report you pulled out from Transunion or Experian or MYFICO, important thing is you should understand the meaning of each term associated with it. Each report should be perused carefully to find any negatives or pending items on your credit report. A clean credit report is what we seek but knowing what is in the report is the first step. So without wasting any minute, just check some of the most important credit report terminologies.

Terminologies Associated With Credit Report and Credit Scores

DOFD= Date of First Delinquency – This is the date of the delinquency that led to the charge off/status. This is NOT the first time you were ever delinquent on the account. Delinquencies (30 – 180 days): Can remain seven years from the date of the initial missed payment.

• If you are looking at your TransUnion report, it may not show DOFD, instead it will say “This account scheduled to remain until XXXXX” or something to that affect, subtract 7-7.5 years from this date and you will have DOFD.

DOLA= Date of Last Activity—this would be the date you last made a payment, used the account, etc.

• If you are looking at your Equifax report, look for DOLA. EQ uses the DOLA field to report the DOFD. If your report is from CSC (an EQ affiliate) then it may show a DOFD field, it will also show a Date 1st Delinquency Reported field- it is different thing.

SOL= Statutes of Limitations—this is state based and sets the time limit the creditors have to sue you to recover their money. Now, they can sue after this time expires, but you must show up in court and use “expired SOL” as your defense and you win. Never ignore a summons because you are past SOL. SOL generally begins running from DOLA and can be reset or tolled, depending on your state laws.

Hard Inquiry- An indication on your credit file which states that a lender has obtained a copy of the report in order to evaluate your loan or credit application. An excess of hard inquiries within a six-month period may lower your credit rating

Promotional Inquiry - A type of soft inquiry made to your credit report for the purpose of disclosing that a credit report was furnished in connection with a preapproved offer. If your credit history matches a creditor's criteria, that creditor gets only limited information and not your full credit report.

Soft inquiry- An instance in which your credit report is accessed without affecting your credit rating. Soft inquiries include your own requests for your credit report, promotional inquiries by credit card companies, and "checkup" inquiries by your existing creditors. These do not affect your credit score.

Judgment- A determination by a court of law that, in the case of credit, may require a person to fulfill an obligation -- to pay a debt, for example. When a judgment has been satisfied (i.e. the debt has been paid or settled), the consumer has fulfilled its requirements and is no longer liable. Information about judgments is recorded in the public records section of a credit report

Bankruptcy -Two types apply to consumers:

Chapter 7 refers to a court proceeding where one's unprotected assets are sold and disbursed to pay creditors.

Chapter 13 allows the debtor an extended time to repay all or part of his/her debts. The debtor is allowed to keep his assets. Once a bankruptcy has been filed, foreclosures, garnishments, repossessions, utility cut-offs and debt collection activities are automatically stayed.

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