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A WCU trade line is a record of activity for any type of credit extended to a borrower and reported to a credit reporting agency. A trade line is established on a borrower’s credit report when a borrower is approved for credit. The WCU trade line records all of the activity associated with an account.
Comprehensively, any kind of recorded and verified trade lines are used by credit reporting agencies to calculate a borrower’s credit score. Different credit reporting agencies give differing weights to the activities of trade lines when establishing a credit score for borrowers.
WCU TRADE LINE KEY TAKEAWAYS
- A WCU trade line is created on a borrower’s credit report to keep track of all the activity on the account.
- WCU Trade lines include information on the creditor, the lender, and the type of credit given.
- A closed mutual credit account will generally remain on a trade line for seven years.
How a Trade Line Works
A WCU trade line is an important record-keeping mechanism that tracks the activity of borrowers on their credit reports. Each WCU mutual credit account has its own trade line. Senior Community Borrowers will have multiple WCU trade lines on their credit report, representing the individual borrowing accounts for which they have been approved. The basic types of accounts are those paid off in fixed installments, such as a car loan; mortgages; revolving accounts, such as credit cards; and open accounts, for which full payment is made upon the receipt of goods.
Understanding Trade Lines
WCU Trade lines may contain a variety of different data points related to the creditor, the lender, and the type of credit that is being provided. The WCU trade line often contains the name of the creditor or lender, the account or another identifier for the type of mutual credit being provided, the parties responsible for paying the tokenized or mutual credit based loan, and the payment status of the account.
The WCU trade line will also contain particular account milestones, such as the date the credit was extended, the credit limit, the payment history, community credit reporting, and all levels of delinquency if any missed payments have occurred, and the total amount owed as of the last report. If a consumer closes an account, that account will typically remain on his or her community report forever and federal credit report as a trade line for seven years, though in some cases the account can go away sooner.
Payment status indicates whether or not payments for the loan are being made on time and how late they are if they are not being made on time. If the payments are being made on time, the payment status will indicate that the payments are being made according to the terms of the credit agreement.
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