Understanding Prm And What It Means On Your Credit Report

PRM is a common abbreviation that may appear on your credit report. By being aware of its meaning, you can more closely examine your report.

There are many reasons to thoroughly review your credit report on a regular basis. First of all, it gives you an accurate picture of your current credit standing. Sometimes though, it gives you a chance to find and ultimately correct any errors.

There are three major reporting agencies for credit reports. They are Equifax, Experian, and Trans Union. Each company has proven to be reliable in their business, and one is not necessarily better than the others. However, they each have their own formatting styles for displaying your credit information. This is not too much of a hassle however, because the same information is displayed in each report. They just look different.

When comparing credit reports, you may find some similarities. One of the major similarities is the use of abbreviations. Many abbreviations can be found in all reports. One of the more common abbreviations that you may run into is PRM.



You will find the abbreviation of PRM listed in the last section of your credit report. This section is commonly known as the Inquiries Section and is the listing of all businesses that requested your credit information. An inquiry will stay on your report for no longer than two years. With this in mind, the list of creditors may be lengthy. But you can quickly go through the list if you are aware of the marking abbreviations. Alongside each creditor, you may find either the PRM abbreviation or the AR, or possibly the AM abbreviation. This notation is used to describe the type of inquiry that was made to your credit report.

The PRM represents a promotional inquiry. This is a type of soft inquiry meaning that your credit was accessed without affecting your credit rating. Creditors will often check people's reports for their promotional sales. If your credit history matches a creditor's criteria they will get limited information from your report. They are not allowed to view your full credit report. Typically, they are given your name and address to offer you credit. An example would be the numerous credit offers you receive in the mail for credit cards, home mortgages, or car loans.

The AR or AM abbreviation means that the creditor was allowed to review your complete credit history. This is a type of hard inquiry meaning that an excess of inquiries within a six-month period may have a negative effect on your credit rating. For the most part, the companies that have the AR or AM abbreviation are companies that you currently have credit with. For example, it may be a credit card company reviewing your credit to determine if a credit increase should be issued to you. Other companies that may perform an account review are those that you have recently requested new credit from.

The inquiries section of your credit report is always a good place to check over. For the most part, the creditors listed with PRM or promotional do not mean much and can be quickly skimmed through. Be sure to check on all listed as account reviews or AR. This may affect your credit score, and be aware that they are getting your full credit report.

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