Have you ever tried reading a credit report? You’re lucky if you would easily understand what it means. Unfortunately, the majority of the people who read their credit report do not have an inkling of those terms found in each report. So to lessen any confusion upon reading the credit report as well as to avoid any errors in interpretation of the credit report, here are some common terms often seen in a credit report and their corresponding definition.

• I9 – Installment account

• R9 – Revolving account

• O9 – Open account; the bill is due and with variable balance

• 3rd Party Collection – when a lender or creditor uses another company not related to them, to collect debts from a debtor. It appears on a credit report as another new account aside from the original one with the lender.

FICO – Fair Isaac Corporation; the credit score used by most credit agencies for their verifying needs.
Public Record – a written statement of a bankruptcy, judgment, or tax lien that has been notarized, filed, and implemented for the specific purpose that it was recorded for.

For further details, consult a Texas credit repair attorney or credit counselor.