Glossary |
Terms that are on use on this site.
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| There are 134 entries in the glossary. |
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| Account Condition | Indicates the present state of the account, but does not indicate the payment history of the account that led to the current state. (i.e. open, paid, charge off, repossession, settled, foreclosed, etc). |
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| Account number | The unique number assigned by a creditor to identify your account with them. Experian removes several digits of each account number on the credit report as a fraud prevention measure. |
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| Accounts in Good Standing | Credit items that have a positive status and should reflect favorably on your creditworthiness. |
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| Adjustment | Percentage of the debt that is to be repaid to the credit grantors in a Chapter 13 bankruptcy. |
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| AKA | Also Known As |
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| Algorithm | A complex mathematical model. In credit scoring, it is used to compare data in millions of credit reports and predict a person’s likelihood to repay debts. |
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| Annual percentage rate | A measure of how much interest credit will cost you, expressed as an annual percentage. |
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| Applicant | A person applying for credit privileges, employment or some other benefit. |
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| Asset | Any thing you own that has value or use. |
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| Authorized Account User | The person authorized by the contractually responsible party to use the account. |
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| Authorized User | Person permitted by a credit cardholder to charge goods and services on the cardholder’s account but who is not responsible for repayment of the debt. The account displays on the credit reports of the cardholder as well as the authorized user. If you wish to have your name permanently removed as an authorized user on an account, you will need to notify the credit grantor. |
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| Balloon Payments | A loan with a balloon payment requires that a single, lump-sum payment be made at the end of the loan. |
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| Bankruptcy | A proceeding in U.S. Federal Court that may legally release a person from repaying debts owed. The law contains several chapters which relate to different methods of relief: |
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| Bankruptcy Code | Federal laws governing the conditions and procedures under which persons claiming inability to repay their debts can seek relief. |
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| Bankruptcy Discharged | A court order terminating bankruptcy proceedings on old debts. |
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| Bankruptcy Dismissed | A court order that denied one\’s bankruptcy petition making the debtor still liable for all debts. |
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| Budget | A financial plan for saving and spending money. |
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| Capacity | Factor in determining creditworthiness. Capacity is assessed by weighing a borrower’s earning ability and the likelihood of continuing income against the amount of debt the borrower carries at the time the application for credit is made. While capacity may be considered in a credit decision, the credit report does not contain information about earning ability or the likelihood of continuing income. |
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| Chapter 11 Bankruptcy | Chapter of the Bankruptcy Code that is usually used for the reorganization of a financially troubled business. Used as an alternative to liquidation under Chapter 7. The U.S. Supreme Court has held that an individual may also use Chapter 11. |
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| Chapter 12 Bankruptcy | Chapter of the Bankruptcy Code adopted to address the financial crisis of the nation’s farming community. Cases under this chapter are administered like Chapter 11 cases, but with special protections to meet the special conditions of family farm operations. |
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| Chapter 13 Bankruptcy | Chapter of the Bankruptcy Code in which debtors repay debts according to a plan accepted by the debtor, the creditors and the court. Plan payments usually come from the debtor’s future income and are paid to creditors through the court system and the bankruptcy trustee. |
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| Chapter 7 Bankruptcy | Chapter of the Bankruptcy Code that provides for court administered liquidation of the assets of a financially troubled individual or business. |
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| Charge Card | A card which requires payment in full upon receipt of the statement. |
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| Charge Off | Accounting term to indicate that the creditor does not expect to collect a balance owing on an account. |
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| Charge-Off | Action of transferring accounts deemed uncollectible to a category such as bad debt or loss. Collectors will usually continue to solicit payments, but the accounts are no longer considered part of a company’s receivable or profit picture. |
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| Civil Action | Any court action against a consumer to regain money for someone else. Usually, it will be a wage assignment, child support judgment, small claims judgment or a civil judgment. |
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| Claim amount | The amount awarded in a court action. |
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| Closed Date | The date an account was closed. |
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| Co signer | Person who pledges in writing as part of a credit contract to repay the debt if the borrower fails to do so. The account displays on both the borrower’s and the co-signer’s credit reports. |
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| Co-maker | A creditworthy co-maker is sometimes required in situations where an applicant’s qualifications are marginal. A co-maker is legally responsible to repay the charges in the joint account agreement. |
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| Co-Signer | Person responsible for repaying a debt if the borrower defaults. |
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| Collateral | Property acceptable as security for a loan or other obligation. |
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| Collection | A creditor’s attempt to recover a past-due payment by turning the account over to a collection department or company. Having a debt in collection is a serious negative item on a credit report. |
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| Collection Account | Refers to the status of an account owed to a creditor when it has been transferred from a routine debt to a Collection Department of the creditor’s firm or to a separate professional debt collecting firm. |
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| Consolidation Loan | A loan usually obtained for the purpose of reducing the amount of the payments of bills owing by consolidating the bills into one loan payment. The consumer pays off several bills with the proceeds from one loan and is left with one consolidated monthly payment. |
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| Consumer | Person who uses and/or buys goods and services for family or personal use. |
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| Consumer Credit Counseling Service | Organizations which help consumers find a way to repay debts through careful budgeting and management of funds. These are usually nonprofit organizations, funded by creditors. By requesting that creditors accept a longer pay-off period, the counseling services can often work out a successful repayment plan. Consumer Credit Counseling Service has offices throughout the United States that can be located by calling 800 388 CCCS (2227) |
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| Credit | A trust or a promise to pay later for goods or services purchased today. |
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| Credit bureau | A credit-reporting agency that is a clearinghouse for information on the credit rating of individuals or firms. Often called a credit repository or a consumer reporting agency. |
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| Credit Card | A rectangular piece of plastic used instead of cash or checks authorizing payment for goods and services. |
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Glossary V2.0 |
