Ontario Mortgage Agent Practice Exam

Describe the Trade information section of a credit report in detail?

1. BAL: Balance owning as of date reported

2. DLA: date of last activity with this account

3. H/C: highest credit on the account; highest amounts owed

4. PDA: past due amt as of date reported

The correct answer is: H/C: highest credit on the account; highest amounts owed

The Trade information section of a credit report provides information about an individual's credit history and activity. It includes details about the individual's accounts such as balances, payment history, credit limits, and past due amounts. Option A, BAL, refers to the balance owed on the account as of the date it was reported. Option B, DLA, refers to the date of the last activity on the account. Option D, PDA, refers to the amount past due on the account as of the date it was reported. These options may be important for determining the current status of the account, but they do not provide a comprehensive overview of the individual's credit history. Option C, H/C, also known as the highest credit amount or credit limit on the account, is important for understanding an individual's credit utilization and overall creditworthiness. This information in combination with other factors helps determine an individual's credit score. Therefore, option C provides the most detail and is the best choice for describing the Trade information section of a credit report.