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23 Cards in this Set
- Front
- Back
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The use of statistical model to objectively evaluate and "score" credit applications and credit bureau data in order to assess likely future perormance.
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Application Scoring
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A proceeding in U.S. Bankruptcy Court that may legally release a person from repaying debts owed
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bankruptcy
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the balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt
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charge-off
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attempted recovery of a past-due credit obligation by a collection department or agency
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collection
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a credit bureau record on a gicen indicidual
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consumer credit file
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a credit reporting agency that is clearinghouse for information on the credit rating of individuals or firms.
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credit bureau
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a type of credit score based solely on data stored at the major credit bureaus
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credit bureau risk score
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a record of how a consumer has repaid credit obligations in the past
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credit history
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an agreement by which a person is legally bound to pay back borrowed money or used credit
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credit obligation
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information communicated by a credit reporting agency that bears ona consumer's credit standing.
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credit report
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the likelihood that an individual will pay his or her credit obligations as agreed
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credit risk
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this term is often used to refrer to credit bureau risk scored. it broadly refers to anumber generated by a statistical model which is used to objectively evaluate informationthat pertains to making a credit decision
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credit score
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a failure to make a loan or debt payment when due
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default
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a failure to deliver even the minimum payment on a loan or debt payment on or before the time agreed.
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delinquentq
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federal lefislation that prohibits discrmination in credit
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equal credit opportunity act (ecoa)
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federal lefislation that promotes the accuracy, confidentiality and proper use of information in the files of every "consumer reporting agent"
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fair credit reporting act (fcra)
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fair issac credit bureau scores are used by lenders and others to assess the credit risk of prospective borrowers or exsiting scores
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FICO scores
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an item on a consumer's credit report that shows that someone with a "permissinle purpose" has previously requested a copy of the consumer's report
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inquiry
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debt paid at regular times over a specified period.
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installment debt
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an insurance rating based solely on credit bureau data stored at the major credit bureaus
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insurance bureau score
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a delinquent payment; failure to deliver a loan or debt payment on or before the time agreed
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late payment
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debt owed on an account that the borrower can repeatedly use and pay back without having to reapply every time credit is used
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revolving debt
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a statistical formula that is used, usually with the help of computers, to estimate future performance of prospective borrowers and exsisting customers.
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scoring model
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