What does ASR mean in ACCOUNTING

An Account Status Report (ASR) provides a summary of an individual's account status at a particular point in time. It is frequently used by financial institutions, banks, and credit card companies to provide customers with an overview of their past payment performance.

Having access to an Account Status Report can give customers information they need to make decisions about managing their finances. This information can also be valuable when applying for loans or other credit products because lenders will use the report as part of their decision-making process.

Generally speaking, it's recommended that you request a new ASR once every 12 months so you have accurate information on your credit report and score. You may also want to request additional reports if you anticipate applying for any type of credit product in the near future.

Most financial institutions and lenders do not charge fees for providing an ASR to customers or potential borrowers. However, third-party services may charge fees for accessing your credit report or score.

Customers typically have access to their own ASRs through a secure online portal or via hardcopy documents mailed directly from the lender or financial institution. Third-party services providing access to credit scores may also show the customer's ASR, although this will usually require consent from the consumer first.