All consumers have credit reports that detail their history as a user of various kinds of credit, ranging from bank accounts to mortgages. These credit reports contain specific information reported to the credit reporting companies, though it isn't always clear what the numbers and letters mean. Knowing what is in your credit report and how it impacts your life can help you get a better grasp of your financial health.
Whenever a creditor reports a credit transaction to one of the three main companies that creates consumer credit reports, the reporting creditor includes certain details. These include such details as any balance you carry on a credit card, the status of your account and the last activity date. The reports also include "MR" details, which stands for "Months Reviewed." This is a number that indicates how many months the account history has been reported, according to the Consumer Credit Counseling Service.
Credit reports and the information contained within them do not always have an impact on your life. If, for example, you do not apply for a loan or want a new credit card, your credit score might play only a minor role in your finances. However, credit scores are based on the history contained in your credit report, and creditors use credit scores to determine a variety of credit terms. A MR information on your report can lower or raise your score, depending on the circumstances.
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Months Reviewed Impact
Your credit score is based on a number of factors, including how much you use your credit and how long a history you have had with a particular creditor. If, for example, you have had an account open for a long time, this generally shows that you are a stable consumer credit user and will likely cause your score to go up. A higher "Months Reviewed" number can help increase your score, while a lower one might lower a score.
Mistakes and Changes
Any time you look over your credit report and find a mistake, you have the right to challenge the information and demand that the credit reporting company change. If, for example, you've had an account for a year but the credit months reported information only shows that you've had it for a month, you can have it changed. You must contact the credit reporting company in writing and show proof that the entry is in error before you can get it changed.