Glossary |
Terms that are on use on this site.
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| There are 134 entries in the glossary. |
| Pages: «1 2 3 4 » |
| Credit Grantor | Person or business furnishing consumer goods and/or services on credit. |
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| Credit History | A record of a person’s use of credit over time. |
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| Credit items | Information reported by current or past creditors. |
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| Credit Limit | The maximum amount of money you can charge on a particular credit account. |
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| Credit Limit/Line of Credit | In open-end credit, the maximum amount a borrower can draw upon or the maximum that an account can show as outstanding. |
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| Credit Repair Companies | Individuals or Companies that promise to "clean-up" or "erase" your bad credit and give you a fresh start. Also know as Credit Clinics. |
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| Credit risk | The measure of a person’s creditworthiness. People who are more likely to repay their debts on time are considered a better risk by lenders, and will be charged lower interest rates for borrowing money. |
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| Credit Scoring | Tool used by credit grantors to provide an objective means of determining risks in granting credit. Credit scoring increases efficiency and timely response in the credit granting process. Credit scoring criteria is set by the credit grantor. |
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| Creditworthiness | The ability of a consumer to receive favorable consideration and approval for the use of credit from an establishment to which they applied. |
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| Date filed | The date that a public record was awarded. |
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| Date of Status | On the credit report, date the creditor last reported information about the account. |
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| Date Opened | On the credit report, indicates the date an account was opened. |
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| Date resolved | The completion date or satisfaction date of a public record item. |
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| Debt-to-available-credit ratio | The amount of money a person has in outstanding debt, compared to the amount of credit available on all of the individual’s credit cards and credit lines. The higher a person’s debt to available credit, the more risky the individual appears to potential lenders. |
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| Default | A designation on a credit report that indicates a person has not paid a debt that was owed. Accounts usually are listed as being in default after several reports of delinquency. Defaults are a serious negative item on a credit report. |
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| Delinquent | Accounts classified into categories according to the time past due. Common classifications are 30, 60, 90 and 120 days past due. Special classifications also include charge-off, repossession, transferred, etc. |
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| Discharge | Granted by the court to release a debtor from most of his debts that were included in a bankruptcy. Any debts not included in the bankruptcy – alimony, child support, liability for willful and malicious conduct and certain student loans – cannot be discharged. |
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| Disclosure | Providing the consumer with his or her credit history as required by the FCRA. Experian provides consumer credit report disclosures via the Internet, by U.S. Mail or in person at our office location in Santa Ana, CA. |
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| Dismissed | When a consumer files a bankruptcy, the judge may decide to not allow the consumer to continue with the bankruptcy. If the judge rules against the petition, the bankruptcy is known as dismissed. |
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| Dispute | If a consumer believes an item of information on their credit report is inaccurate or incomplete, they may challenge, or dispute the item. Credit bureaus are mandated to investigate, correct and/or remove any inaccurate information or information that cannot be verified. |
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| End-user | The business that receives the report for decision making purposes that meet the permissible purpose requirements of the FCRA. |
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| Equal Credit Opportunity Act | Federal law, which prohibits creditors from discriminating against credit applicants on the basis of sex, marital status, race, color, religion, age, and/or receipt of public assistance. |
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| Equifax | One of the three national credit reporting agencies, headquartered in Atlanta, Ga. The other two are Experian and TransUnion. |
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| Experian | One of the three national credit reporting agencies, with U.S. headquarters in Costa Mesa, CA. The other two are Equifax and TransUnion. |
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| Fair Credit and Charge Card Disclosure Act | Amendments to the Truth In Lending Act that require the disclosure of the costs involved in credit card plans that are offered by mail, telephone or applications distributed to the general public. |
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| Fair Credit Billing Act | Federal legislation that provides a specific error resolution procedure to protect credit card customers from making payments on inaccurate billings. |
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| Fair Credit Reporting Act | Federal legislation governing the actions of credit reporting agencies. |
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| Fair Debt Collection Practices Act | Federal legislation prohibiting abusive and unfair debt collection practices. |
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| Finance Charge | Amount of interest. Finance charges are usually included in the monthly payment total. |
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| Fixed Rate | An annual percentage rate that does not change. |
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| Generation Identifier | Generation identifiers are Jr., Sr., II, III, IV, etc. |
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| Geographical code | This information is received from the Census Bureau and represents the state, Metropolitan Statistical Area, county, tract and block group of the reported address. This code is similar to a ZIP code. |
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| Grace period | The time period you have to pay a bill in full and avoid interest charges. |
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| Guarantor | Person responsible for paying a bill. |
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| High balance | The highest amount that you have owed on an account to date. |
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| Installment Credit | Credit accounts in which the debt is divided into amounts to be paid successively at specified intervals. |
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| Investigation | The process a consumer credit reporting agency goes through in order to verify credit report information disputed by a consumer. The credit grantor who supplied the information is contacted and asked to review the information and report back; they will tell the credit reporting agency that the information is accurate as it appears, or they will give us corrected information to update the report. |
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| Investigative Consumer Reports | These are consumer reports that are usually done for background checks, security clearances and other sensitive jobs. An investigative consumer report might contain information obtained from a credit report, but it is more comprehensive than a credit report. It contains subjective material on an individual’s character, habits and mode of living, which is obtained through interviews of associates. Experian does not provide investigative consumer reports. |
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| Involuntary Bankruptcy | A petition filed by certain credit grantors to have a debtor judged bankrupt. If the bankruptcy is granted, it is known as an involuntary bankruptcy. |
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| Item-specific Statement | Offers an explanation about a particular trade or public record item on your report, and it displays with that item on the credit report. |
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Glossary V2.0 |
