A tradeline is a record of credit activity that appears on a person's credit report, and it plays a key role in calculating the applicant’s credit score. Each credit account—such as a credit card, loan, or mortgage—has its own tradeline, which includes various details like:
Tradeline Information:
Account Details
Lender Name
Type of Account
Account Status
Date Opened/Closed
Account Activity
Current Balance
Original Loan Amount or Credit Limit
Payment History
Account Responsibility
Minimum Monthly Payment
Subject Responsibility
Common Account Types & Codes:
O - Open Account: An active loan or credit card.
R - Revolving/Option Account: Accounts where the balance does not need to be paid in full each month, such as credit cards.
I - Installment Account: Accounts with fixed monthly payments, like mortgages or auto loans.
M - Mortgage Account: A home loan.
C - Check Credit (Line of Credit): An arrangement allowing borrowing up to a certain limit.
Account Responsibility Codes:
A - Authorized User of Shared Account: User is not liable but can use the account (e.g., being added to a family member's credit card).
C - Joint Contractual Liability: Both account holders are legally responsible for the debt.
I - Individual Account for Sole Use: The applicant is solely responsible for the account.
M - Co-signer Liability: The subject is liable, but a co-signer shares responsibility if the primary borrower defaults.
P - Participant in Shared Account (Undetermined Liability): Borrower is joint, but liability is unclear.
S - Co-signer Liability (Subject is Liable if Maker Defaults): The subject is a co-signer, responsible if the primary borrower defaults.
T - Account Relationship Terminated: The applicant is no longer associated with the account.
U - Undesignated: The account’s responsibility has not been assigned yet.
X - Deceased: The subject is reported as deceased.