What does new trade mean on credit report?

A new credit account is one that you opened after your first account was closed. It’s not the same as a new account for a different lender, or one that you added onto an existing account. New trade credit accounts show up on a credit report as “new account” entries, and they typically follow the account they’re associated with (e.g., a credit card account that you added onto your mortgage account).

What does recent trade mean on credit report?

A recent trade on your credit report means that you made a purchase or obtained financing within the past two years. Typically, it will show up on your credit report as a line item that says “trade” or “transaction.” For example, if you purchased a car within the past two years, you would see a credit report entry with the notation “auto finance” or “tradeline,” since the sale of the car is a credit transaction

What does new credit mean on credit report?

If you’ve never had credit, your credit report will have a “new account” entry for each new account you open. For example, say you open a credit card account with a major bank, like Chase. That account will show up on your credit report as a “new account” under the “credit accounts” section.

What does new report mean on credit report?

A new report means that it's the first time a lender is reporting your credit report. This could be because you recently applied for a loan and were denied, likely due to a poor credit score. Lenders might report to the credit bureaus to verify the information on your credit report. Or it could be because you recently filed a tax return, and the IRS submitted it to the credit bureaus. Lenders might report if your tax return shows a large amount of taxable income.

What does new status mean on credit report?

When a loan or account goes into default, that triggers the reporting of that debt to the credit bureaus. Sometimes, the account or loan is still legally owed by the original debtor and continues to accrue interest and fees. In other cases, the debt is legally discharged and erased from the credit report. This is known as “bankruptcy” and “Chapter 7” or “Chapter 13” bankruptcy.