Reading your Credit Report

credit report 101

Buying a new home, taking up a new mortgage for your house and wondered what your credit report rating is?

You’ve decide to run your own credit bureau search but your credit rating report turns out with a list of codes and alphabets that you can barely understand.

We’ve constructed a glossary list to help you decode the codes.

 

Code              Product Type

BL                   Bridging Loan

RL                   Real Estate Loan

PR                   Private Real Estate Loan

HD                  HDB Loan

MT                  Margin Trading

MV                  Motor Vehicle

OD                  Overdraft

UO                  Unsecured Overdraft

SO                   Secured Overdraft

PO                   Partial Secured Overdraft

PL                   Personal Loan

UP                   Unsecured Personal Loan

SP                    Secured Personal Loan

PP                    Partial Secured Personal Loan

SL                   Study Loan

RE                   Renovation Loan

CC                   Credit Card

UC                  Unsecured Credit Card

SC                   Secured Credit Card

PC                   Partial Secured Credit Card

RS                   Restructured Loan

OT                   Others

SF                    Self

RV                  Review

 

Code           Description

*                      Inactive Account

A                     Current to 29 day past due (DPD)

B                     30 to 59 day past due (DPD)

C                     60 to 89 day past due (DPD)

D                     > 90 day past due (DPD)

E                      Account closed with no outstanding

F                      Account closed with outstanding

G                     Voluntary Closure with outstanding

H                     Involuntary Closure with outstanding

R                     Account is closed with outstanding

S                      Account is closed with negotiated settlement

W                    Account written off

 

What is Day past due (DPD)?

Let’s use an example for illustration. Let’s say the due date for your credit card payment is due on the 10th of June. You paid off your credit card bills by AXN on the 15th June. Your payment is late by 5 days and has a record of 5 dpd. 

Anyone that has a late payment on his loan repayment by less than 29 days or dpd is still considered favourable by many banks. Watch out if it gets past 30 days and earns you a “B” code in your credit report. Some banks may turn away applicants with a few “B” codes. It displays bad repayment conduct and behaviour by the applicant / borrower.

We hope this glossary have been helpful in helping you understand a little more about your credit rating report.