Glossary |
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| There are 134 entries in the glossary. |
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| Tradeline | An account listed on a credit report. Each separate account is a different trade line. A tradeline describes the consumer’s account status and activity. Tradeline information includes names of companies where the applicant has accounts, dates accounts were opened, credit limits, types of accounts, balances owed and payment histories. |
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| Transaction fees | Fees charged for certain use of your credit line – for example, to get a cash advance from an ATM. |
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| TransUnion | One of three national credit reporting agencies. The other two are Experian and Equifax. |
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| Truth in Lending Act | Title I of the Consumer Protection Act. Requires that most categories of lenders disclose the annual interest rate, the total dollar cost and other terms of loans and credit sales. |
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| Type | This refers to the type of credit agreement made with a creditor; for example, a revolving account or installment loan. |
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| Unsecured Credit | Credit for which no collateral has been pledged. Loans made under this arrangement are sometimes called signature loans; in other words, a loan is granted based only on the customer’s words, through signing an agreement that the loan amount will be paid. |
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| Vacated | Indicates a judgment that was rendered void or set aside. |
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| Variable Rate | An annual percentage rate that may change over time as the prime lending rate varies or according to your contract with the lender. |
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| Verification | Verifying whether data in a credit report is correct or not. Initiated by consumers when they question some information in their file. Credit reporting agencies will accept authentic documentation from the consumer that will help in the verification. |
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| Victim Statement | A statement that can be added to a consumer’s credit report to alert credit grantors that a consumer’s identification has been used fraudulently to obtain credit. The statement requests the credit grantor to contact the consumer by telephone before issuing credit. It remains on file for 7 years unless the consumer requests that it be removed. |
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| Voluntary Bankruptcy | If a consumer files the bankruptcy on his own, it is known as voluntary bankruptcy. |
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| Wage assignment | A signed agreement by a buyer or borrower, permitting a creditor to collect a certain portion of the debtor’s wages from an employer in the event of default. |
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| Withdrawn | This means a decision was made not to pursue a bankruptcy, a lien, etc. after court documents have been filed. |
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| Writ of Replevin | Legal document issued by a court authorizing repossession of security. |
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Glossary V2.0 |
