Learning Objectives
- Identify the three mortgage scores and the qualifying score
- Read trade lines, balances, and payment history grids
- Spot collections, charge-offs, judgments, and bankruptcies
- Distinguish hard inquiries from soft pulls
Report Layout
A tri-merge stacks data from Experian, TransUnion, and Equifax side by side. The summary page shows three FICO scores, total revolving balances, total installment debt, derogatory counts, and inquiries.
Trade Lines
Each account shows opened date, type, balance, high credit, monthly payment, status, and a 24-month payment grid (OK, 30, 60, 90, 120, CO). The grid is where you spot recent vs. old lates.
Derogatories and Public Records
- Collections — original creditor, collector, balance, date opened
- Charge-offs — last activity date drives statute of limitations
- Judgments and tax liens — must usually be paid or on plan
- Bankruptcies — discharge date drives waiting period
Key Takeaways
- The 24-month grid reveals recent vs. aged lates.
- Discharge dates and last-activity dates drive eligibility.
- A clean read in 60 seconds beats a guess every time.
End-of-Module Exam
Module 21 Exam — 5 questions
Pick the best answer for each question. Pass with 80% or higher to mark this module complete.
- 1.
The qualifying score on a tri-merge for one borrower is:
- 2.
The 24-month grid on a trade line shows:
- 3.
Which date drives the Chapter 7 waiting period?
- 4.
A 'CO' code in a payment grid means:
- 5.
A soft inquiry on a tri-merge:
0 of 5 answered