What Does A Credit Report Listing A Grid Code G Mean? - Sapling

1. Personal Finance
2. Budgeting

What Does a Credit Report Listing a Grid Code G Mean? By Matt Marsh

Understanding your credit report is an important part of managing your personal finances. Credit reports often appear cryptic, but the various alphanumeric codes indicate important parts of your financial status -- including some, like code G or "collections," that could have serious repercussions if neglected.

Advertisement

Consumer Payment History Codes

Video of the Day

Code G, found in the "consumer payment history" section of an Experian credit report, means that at least one account is in collections. This code is applied if the loan -- possibly a credit card, car loan or line of credit -- is so far past due the lender felt it necessary to turn the file over to a collection agency.

Advertisement

We Recommend

Personal Finance What Financial Resources Are Available for Single Fathers With Custody? Personal Finance What Is the Impact of Credit Cards on Demand for Money? Personal Finance How Much Do Doctors/Obstetricians Get Paid?

Video of the Day

Cleaning Up a Code G

Consumer payment histories remain on a credit report for two years. If you know your accounts are all paid up and the code G is there in error, call your lender and your credit bureau immediately.

Advertisement

Your credit rating will drop significantly if an active collection notice remains on your report.

We Recommend

Personal Finance What Financial Resources Are Available for Single Fathers With Custody? Personal Finance What Is the Impact of Credit Cards on Demand for Money? Personal Finance How Much Do Doctors/Obstetricians Get Paid?

Monitor Your Credit Report

Americans are entitled to receive a free credit report from their credit bureau once a year. Equifax, Experian and TransUnion, the three main American bureaus, jointly provide this service through annualcreditreport.com. Canadians have a similar entitlement, if they ask their credit bureau in writing.

Advertisement

Advertisement

Checking your own credit report generally doesn't affect your rating or score. Frequent inquiries by lenders can give the impression you are hunting for credit and may be noted on your report.

Advertisement

Advertisement

related articles

1

What Is Sequential Service Constraint?

2

What Is a Pre-Authorization for a Settlement Credit?

3

The Effects of Incorporation of a Company

You May Also Like

1

How to Sell a House

2

Advantages of Full-time Student vs. Part-time

3

Is the IRS Suspicious if You Deposit Large Amounts of Cash in a Bank Account?