|
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). |
|
Account number |
The unique number assigned by a creditor to identify your
account with them. |
|
Accounts in Good Standing |
This section lists credit items that have a positive status
and should reflect favorably on your creditworthiness. It
includes the creditor's name and address, your account number,
the status, type and terms of the account, and additional
information as reported to us by your creditors. Some
creditors may not report to us, so all of your accounts may
not be listed. |
|
Adjustment |
This is the percentage of the debt that is to be repaid to the
credit grantors in a Chapter 13 bankruptcy.
|
|
AKA |
Also Known As |
|
Application scoring |
The use of a statistical model to objectively evaluate and
"score" credit applications and credit bureau data in order to
assess likely future performance. Scores help businesses make
decisions such as whether to accept or decline the
application. |
|
Association Code |
Describes the consumer's relationship to an account
|
|
Authorized User |
Person permitted by a credit cardholder to charge goods and
services on the cardholder's account. If you wish to have your
name permanently removed as an authorized user on an account,
you will need to notify the credit grantor.
|
|
Balloon Payments |
A loan with a balloon payment requires that a single, lump-sum
payment be made at the end of the loan.
|
|
Bankruptcy |
A proceeding in U.S. Bankruptcy Court that may legally release
a person from repaying debts owed. Credit reports normally
include bankruptcies for up to 10 years. |
|
Bankruptcy Code |
Federal laws governing the conditions and procedures under
which persons claiming inability to repay their debts can seek
relief. |
|
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.
|
|
Chapter 7 Bankruptcy |
Chapter of the Bankruptcy Code that provides for court
administered liquidation of the assets of a financially
troubled individual or business.
|
|
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.
|
|
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. |
|
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. |
|
Charge-Off |
Action of transferring accounts deemed uncollectible to a
category such as bad debt or loss. Such accounts will usually
continue to be worked by collectors, but are no longer
considered part of a company's receivable or profit picture.
|
|
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.
|
|
Claim amount |
The amount awarded |
|
Closed Date |
The date the account was closed.
|
|
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. |
|
Collection
|
Attempted recovery of a past-due credit obligation by a
collection department or agency. |
|
Consumer Credit Counseling Service
|
A non-profit organization that assists consumers in dealing
with their credit problems. Consumer Credit Counseling Service
has offices throughout the United States that can be located
by calling 1-800-388-CCCS (2227).
|
|
Consumer credit file |
A credit bureau record on a given individual. It may include:
consumer name, address, Social Security number, credit
history, inquiries, collection records, and public records
such as bankruptcy filings and tax liens. |
|
Co signer |
Person who pledges in writing as part of a credit contract to
repay the debt if the borrower fails to do so.
|
|
Credit bureau |
A credit reporting agency that is a clearinghouse for
information on the credit rating of individuals or firms. Is
often called a "credit repository" or a "consumer reporting
agency". The three largest credit bureaus in the U.S. are
Equifax, Experian and TransUnion. |
|
Credit bureau risk score |
A type of credit score based solely on data stored at the
major credit bureaus. It offers a snapshot of a consumer's
credit risk at a particular point in time, and rates the
likelihood that the consumer will repay debts as agreed. |
|
Credit history |
A record of how a consumer has repaid credit obligations in
the past. |
|
Credit Limit/Line of Credit |
In open-end credit, the maximum amount a borrower can draw
upon or the maximum which an account can show as outstanding.
|
|
Credit obligation |
An agreement by which a person is legally bound to pay back
borrowed money or used credit. |
|
Credit items |
Information reported by current or past creditors.
|
|
Credit Report |
Confidential report on a consumer's payment habits as reported
by their creditors to a consumer credit agency. The agency
provides the information to credit grantors who have a
permissible purpose under the law to review a consumer's
report. |
|
Credit risk |
The likelihood that an individual will pay his or her credit
obligations as agreed. Borrowers who are more likely to pay as
agreed pose less risk to creditors and lenders. |
|
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.
|
|
Creditworthiness |
The ability of a consumer to receive favorable consideration
and approval for the use of credit from an establishment to
whom they applied. |
|
Date filed |
The date that a public record was awarded.
|
|
Date of Status |
On the credit report, date the creditor last reported
information about this account.
|
|
Date Opened |
On the credit report, indicates the date an account was
opened. |
|
Date resolved |
The completion date of satisfaction date or a public record
item. |
|
Default
|
A failure to make a loan or debt payment when due. Usually an
account is considered to be "in default" after being
delinquent for several consecutive 30-day billing cycles. |
|
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.
|
|
Direct Marketing |
Names and addresses of consumers are obtained from a credit
bureau based on a number of criteria requested by a store or
company. Then the consumer receives a mailing, generally
offering a product or service. Catalogs are the largest users
of direct marketing. |
|
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. |
|
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. |
|
Disclosure |
Giving the consumer the nature and substance of what is in his
or her credit report as outlined by the FCRA. |
|
ECOA |
Standard abbreviation for Equal Credit Opportunity Act. This
is a law passed by Congress that ensures that all consumers
will be given an equal chance to receive credit. The ECOA says
it is illegal for creditors to discriminate against applicants
on the basis of their sex, marital status, race, national
origin, age or because they get public assistance income.
|
|
End-user |
If a company made an inquiry to a consumer's credit report for
someone else, this is the name of the person who originally
requested the report. |
|
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. |
|
Equifax |
One of the three major credit reporting agencies,
headquartered in Atlanta, Ga. The other two are Experian and
TransUnion. |
|
Experian |
One of the three major credit reporting agencies,
headquartered in Costa Mesa, Ca. The other two are Equifax and
TransUnion. |
|
Fair Credit and Charge Card Disclosure Act |
Amendments to 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. |
|
Fair Credit Billing Act |
Federal legislation that provides a specific error resolution
procedure to protect credit card customers from making
payments on inaccurate billings.
|
|
Fair Credit Reporting Act |
Federal legislation governing the actions of credit reporting
agencies. Promotes the accuracy,
confidentiality and proper use of information in the files of
every "consumer reporting agency". The FCRA was enacted in
1970. |
|
Fair Credit Reporting Act (FCRA)
|
Federal legislation governing the actions of credit reporting
agencies. Promotes the accuracy,
confidentiality and proper use of information in the files of
every "consumer reporting agency". The FCRA was enacted in
1970. |
|
Fair Debt Collection Practices Act
|
Federal legislation prohibiting abusive and unfair debt
collection practices. |
|
FICO® scores |
Credit bureau risk scores produced from models developed by
Fair Isaac Corporation are commonly known as FICO scores. Fair
Isaac credit bureau scores are used by lenders and others to
assess the credit risk of prospective borrowers or existing
customers, in order to help make credit and marketing
decisions. These scores are derived solely from the
information available on credit bureau reports. |
|
Finance Charge |
Amount of interest. Finance charges are usually included in
the monthly payment total. |
|
Fixed Rate |
An annual percentage rate that does not change.
|
|
Generation Identifier |
Generation identifiers are Jr., Sr., II, III, IV,etc. |
|
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. |
|
Guarantor |
Person responsible for paying a bill. |
|
High balance |
The highest amount that you have owed on an account to date. |
|
Installment Credit |
Credit accounts in which the debt is divided into amounts to
be paid successively at specified intervals. |
|
Inquiry |
An item on a consumer's credit report that shows that someone
with a "permissible purpose" (under FCRA rules) has previously
requested a copy of the consumer's report. Fair Isaac credit
bureau risk scores take into account only inquiries resulting
from a consumer's application for credit. |
|
Installment debt- |
Debt to be paid at regular times over a specified period.
Examples of installment debt include most mortgage and auto
loans. |
|
Insurance bureau score |
An insurance rating based solely on credit bureau data stored
at the major credit bureaus. It offers a snapshot of an
individual's insurance risk at a particular point in time, and
helps insurers evaluate new and renewal auto and homeowner
insurance policies. |
|
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 us that the information is accurate as it
appears, or they will give us corrected information to update
the report. |
|
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. |
|
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. |
|
Item-specific Statement |
Offers an explanation about a particular trade or public
record item on your report, and it appears with that item on
the credit report. Only one item specific statement may be
added to an item. |
|
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. |
|
Last Reported |
On the credit report, the date the creditor last reported
information about the account. |
|
Late payment |
A delinquent payment; a failure to deliver a loan or debt
payment on or before the time agreed. |
|
Liability amount |
Amount for which you are legally obligated to a creditor. |
|
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. |
|
Line of Credit |
In open-end credit, the maximum amount a borrower can draw
upon or the maximum which an account can show as outstanding. |
|
Location number |
The book and page number on which the item is filed in the
court records. |
|
Mortgage Identification Number (MIN) |
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. |
|
Most Recent Date |
The date of the recent account condition or payment status.
This date is also the balance date. |
|
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, the results will not be sent. |
|
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.
|
|
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 may opt in to receive prescreened credit and
insurance offer lists by calling 1 888 5OPTOUT (1 888 567
8688). |
|
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 (1 888 567 8688). |
|
Original amount |
The original amount owed to a creditor. |
|
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.) |
|
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 or
legitimate business needs. |
|
Personal Information |
Includes information 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. As part of our fraud
prevention program, a notice with additional information may
appear in this section. |
|
Personal Statement |
A general explanation about the information on your report
that will appear at the beginning of your report. |
|
Petition |
If a consumer files a bankruptcy, but a judge has not yet
ruled that it can proceed, it is known as bankruptcy
petitioned. |
|
Plaintiff |
One who initially brings legal action against another
(defendant) seeking a court decision. |
|
Point Scoring |
Refers to the assignment of values to a number of
characteristics identified as indicators of a person's
creditworthiness (e.g., past history) and is based on the same
evaluation process used by a credit grantor in the analysis of
an applicant's creditworthiness. |
|
Potentially Negative Items |
This section of the credit report lists any potentially
negative credit items or public records that may have an
effect on your creditworthiness as viewed by creditors. It
includes the creditor's name and address, your account number,
the status, type and terms of the account, and additional
information as reported to us by your creditors. It also
includes bankruptcy, lien or judgment information obtained
directly from the courts. |
|
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. |
|
Recent balance |
The most recent balance owed on an account as reported by the
creditor. |
|
Recent payment |
The most recent amount paid on an account as reported by the
creditor. |
|
Released |
This means that a lien has been satisfied in full. |
|
Reported Since |
On the credit report, the date the creditor started reporting
your to the credit bureau. |
|
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. |
|
Request an Investigation |
If you believe that information on your report is inaccurate,
we will ask the sources of the information to check their
records at no cost to you. Incorrect information will be
corrected; information that cannot be verified will be
deleted. Accurate information cannot remove. An investigation
may take up to 30 days. When it is complete, the bureaus will
send you the results. |
|
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. |
|
Responsibility |
Indicates who is responsible for an account; can be single,
joint, co-signer, etc. |
|
Revolving Account |
Credit automatically available up to a predetermined maximum
limit so long as a customer makes regular payments. |
|
Revolving debt |
Debt owed on an account that the borrower can repeatedly use
and pay back without having to reapply every time credit is
used. Credit cards are the most common type of revolving
account. |
|
Risk Scoring Models |
A numerical determination of a consumer's creditworthiness.
Tool used by credit grantors to predict future payment
behavior of a consumer. |
|
Satisfied |
If the consumer has paid all of the money the court says he
owes, it is known as satisfied. |
|
Scoring model |
A statistical formula that is used, usually with the help of
computers, to estimate future performance of prospective
borrowers and existing customers. A scoring model calculates
scores based on data such as information on a consumer's
credit report. |
|
Secured Credit |
Loan for which some form of acceptable collateral, such as a
house or automobile, has been pledged. |
|
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. |
|
Security Alert |
Statement that is added once a bureau 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.
Once a security alert has been added, your report is no longer
available for online viewing. |
|
Security Alert Message or Victim Statement |
Alerts anyone reviewing your information that certain
precautions should be taken because you believe that you are a
victim of fraud. It will appear at the beginning of your
report. Once you add the security alert message or victim
statement, your report will no longer be available for online
viewing. |
|
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. |
|
Source |
The business or organization that supplied certain information
that appears on the credit report. |
|
Status |
On the credit report, this indicates the current status or
state of the account. |
|
Terms |
This refers to the terms of your agreement with a creditor,
such as 60 months, 48 months, etc. |
|
Third-Party Collectors |
Collectors who are under contract to collect debts for a
credit department or credit company; collection agency. |
|
Trade line |
Entry by a credit grantor to a consumer's file maintained by a
credit-reporting agency. A tradeline describes the consumer's
account status and activity. Tradeline information includes
names of companies where the applicant has accounts, date
accounts were opened, credit limits, type of accounts,
balances owed and payment profiles. |
|
Transaction fees |
Fees charged for certain use of your credit line - for
example, to get a cash advance from an ATM. |
|
TransUnion |
One of three major credit-reporting agencies.The other two are
Experian and Equifax. |
|
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. |
|
Type |
This refers to the type of credit agreement made with a
creditor; for example, a revolving account or installment
loan. |
|
Type of credit (usually revolving or installment) |
On the credit report, explains the history of the account that
led to the current status. |
|
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. |
|
Vacated |
Indicates a judgment that was rendered void or set aside. |
|
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. |
|
Verification |
Verifying whether data in a credit report is correct or not.
Initiated by consumers when they question some information in
their file. Credit bureaus will accept authentic documentation
from the consumer that will help in the verification. |
|
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 verbally contact the consumer
by telephone before issuing credit. It remains on file for 7
years unless the consumer requests to have it removed. |
|
Voluntary Bankruptcy |
If a consumer files the bankruptcy on his own, it is known as
voluntary bankruptcy. |
|
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. |
|
Withdrawn |
This means a decision was made to not pursue a bankruptcy, a
lien, etc. |
|
Writ of Replevin |
Legal document issued by a court authorizing repossession of
security. |