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 » |
| Judgment Granted | The determination of a court upon matters submitted to it. A final determination of the rights of the parties involved in the lawsuit. |
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| Last Reported | On the credit report, the date the creditor last reported information about the account. |
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| Liability amount | Amount for which you are legally obligated to a creditor. |
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| Lien | Legal document used to create a security interest in another’s property. A lien is often given as a security for the payment of a debt. A lien can be placed against a consumer for failure to pay the city, county, state or federal government money that is owed. It means that the consumer’s property is being used as collateral during repayment of the money that is owed. |
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| 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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| Location number | The book and page number on which the item is filed in the court records. |
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| Mortgage Identification Number | Indicates that a loan is registered with Mortgage Electronic Registration Systems Inc., which tracks the ownership of mortgage rights. This number will follow the homeowner throughout the mortgage. |
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| Most Recent Date | The date of the recent account condition or payment status. This date is also the balance date. |
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| Notice of Results | If your investigation results in information being updated or deleted, you may request that we send the corrected information in your credit history to eligible credit grantors and employers who reviewed your information within a specific period of time. If your investigation does not result in a change to your credit history, results will not be sent to other lenders. |
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| Obsolescence | A term used to describe how long negative information should stay in a credit file before it’s not relevant to the credit granting decision. The FCRA has determined the obsolescence period to be 10 years in the case of bankruptcy and 7 years in all other instances. Unpaid tax liens may remain indefinitely, although Experian removes them after 15 years. |
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| Opt In | The ability of a consumer who has opted out to have their name re-added to prescreened credit and insurance offer lists, direct marketing lists and individual reference service lists. Consumers who have previously opted out of receiving prescreened offers may have their names added to prescreened lists for credit and insurance offers by calling 1 888 5OPTOUT (1 888 521 8688). |
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| Opt Out | The ability of the consumer to notify credit reporting agencies, direct marketers and list compilers to remove their name from all future lists. Consumers may opt out of prescreened credit and insurance offer lists by calling 1 888 5OPTOUT (1 888 521 8688). |
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| Original amount | The original amount owed to a creditor. |
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| Payment Status | Reflects the previous history of the account, including any delinquencies or derogatory conditions occurring during the previous seven years (i.e., Current account, delinquent 30, current was 60, redeemed repossession, charge-off – now paying, etc.) |
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| Permissible Purposes | There are legally defined permissible purposes for a credit report to be issued to a third party. Permissible purposes include credit transactions, employment purposes, insurance underwriting, government financial responsibility laws, court orders, subpoenas, written instructions of the consumer, legitimate business needs, etc. |
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| Personal Information | Information on your personal credit report associated with your records that has been reported to us by you, your creditors and other sources. It may include name variations, your driver’s license number, Social Security number variations, your date or year of birth, your spouse’s name, your employers, your telephone numbers, and information about your residence. |
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| Personal Statement | You may request that a general explanation about the information on your report be added to your report. The statement remains for two years and displays to anyone who reviews your credit information. |
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| Petition | If a consumer files a bankruptcy, but a judge has not yet ruled that it can proceed, it is known as bankruptcy petitioned. |
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| Plaintiff | One who initially brings legal action against another (defendant) seeking a court decision. |
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| Potentially Negative Items | Any potentially negative credit items or public records that may have an effect on your creditworthiness as viewed by creditors. |
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| Public Record Data | Included as part of the credit report, this information is limited to tax liens, lawsuits and judgments that relate to the consumer’s debt obligations. |
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| Recent balance | The most recent balance owed on an account as reported by the creditor. |
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| Recent payment | The most recent amount paid on an account as reported by the creditor. |
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| Released | This means that a lien has been satisfied in full. |
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| Reported Since | On the credit report, the date the creditor started reporting the account to the credit agency. |
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| Repossession | A creditor’s taking possession of property pledged as collateral on a loan contract on which a borrower has fallen significantly behind in payments. |
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| Request for Your Credit History | When a credit grantor, direct marketer or potential employer makes a request for information from a consumer’s credit report, an inquiry is shown on the report. Grantors only see credit inquiries generated by other grantors as a result of an application of some kind, while consumers see all listed inquiries including prescreened and direct marketing offers, as well as employment inquiries. According to the Fair Credit Reporting Act, credit grantors with a permissible purpose may inquire about your credit information prior to your consent. This section also includes the date of the inquiry and how long the inquiry will remain on your report. |
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| Responsibility | Indicates who is responsible for an account; can be single, joint, co-signer, etc. |
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| Revolving Account | Credit automatically available up to a predetermined maximum limit so long as a customer makes regular payments. |
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| Risk Scoring Models | A numerical determination of a consumer’s creditworthiness. Tool used by credit grantors to predict future payment behavior of a consumer. |
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| Satisfied | If the consumer has paid all of the money the court says he owes, the public record item is satisfied. |
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| Secured Credit | Loan for which some form of acceptable collateral, such as a house or automobile has been pledged. |
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| Security | Real or personal property that a borrower pledges for the term of a loan. Should the borrower fail to repay, the creditor may take ownership of the property by following legally mandated procedures. |
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| Security Alert | Statement that is added once a credit agency is notified that a consumer may be a victim of fraud. It remains on file for 90 days and requests that a creditor request proof of identification before granting credit in that person’s name. |
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| Service Credit | Agreements with service providers. You receive goods, such as electricity, and services, such as apartment rental and health club memberships, with the agreement that you will pay for them each month. Your contract may require payments for a specific number of months, even if you stop the service. |
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| Settle | Reach an agreement with a lender to repay only part of the original debt |
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| Source | The business or organization that supplied certain information that appears on the credit report. |
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| Status | On the credit report, this indicates the current status or state of the account. |
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| Terms | This refers to the debt repayment terms of your agreement with a creditor, such as 60 months, 48 months, etc. |
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| Third-Party Collectors | Collectors who are under contract to collect debts for a credit department or credit company; collection agency. |
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Glossary V2.0 |
