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H= a problem that is not present when you look at the codes - a history code, C= a problem this is still present when you pull the codes - a current problem, HC = a problem that has occured in the past and is still a problem
The code prefix letters are some what related to the subsystem not a module. For example P is usually related to Powertrain items but C can stand for ABS or TPM items. The H stands for history and the C stands for current. Having both an H and a C indicates the code is current and has occurred previously.
The code does not tell you what module to replace. It is only an indication that something isn't correct. For example you could get a wheel speed sensor code due to a bad sensor, a bad connector, a broken wire, a shorted wire, corrosion on a contact, etc. Each code has a diagnostic procedure that guides a person in narrowing down the cause of the code.
When mechanics use a Tech II to look at the codes they see the same codes as shown on the DIC and sometimes some additional codes that assist in troubleshooting.