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23 Cards in this Set
- Front
- Back
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application scoring
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use of statiscical model to objectively evaluate credit applications and bureau data to access likely performance.
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bankruptcy
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proceeding in US bankruptcy court that may legally release a person from repaying debts owed normally for up to 10 years.
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charge-off
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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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collection
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attempted recovery of a past-due credit obligation by a collection department or agency.
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consumer credit file
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credit bureau record on a given individual. it may include: sonsumer name, address, SS#, credit history, inquires, collection records, and public records such as bankruptcy filing and tax liens.
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credit bureau
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credit reporting agency that is a clearinghouse for information on the credit rating of individuals or firms. is often called a "credit repository".
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credit bureau risk score
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ctype of credit score based solely on data stored at the major credit bureaus. offers snapshot of a consumer's credit risk at a particular point in time.
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credit history
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record of how a consumer has repaid credit obligation in the past.
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credit obligation
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agreement by which a person is legally bound to pay back borrowed money or used credit.
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credit report
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information communicated by a credit reporting agency that bears on a consumer's credit standings.
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credit risk
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likelihood that an individual will pay his or her creit obligations as agreed.
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credit score
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term is often used to refer to credit bureau risk scores.
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default
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failure to make a loan or debt payment when due.
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delinquent
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failure to deliver even the minimus payment on a loan or debt payment on or before the time agreement
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equal credit opportunity act(ECOA)
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federal legislation that prohibits discrimination in credit.
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fair credit reporting act(FCRA)
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federal legislation that promotes the accuracy, confidentiality and proper use of information in the files of every "consumer reporting agency"
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FICO scores
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credit bureau risk scores produced from models developed by fair isaac corporation are commonly known as FICO scores.
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inquiry
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item on a consumer's credit report that shows that someone with a permissible purpose has previoulsy requested a copy of the consumer's report.
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installment debt
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ebt to be paid at regular times over a specified period.
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insurance bureau score
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insurance rating based solely on credit bureau data stored at the major credit bureaus
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late payment
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delinquent payment; a failure to deliver a loan or debt on or before the time agreed.
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revolving debt
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debt owed on an account that the borrower can repeatiedly use and pay back without having to reapply every time.
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scoreing model
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statistical formula that is used, usually with the help of computers, to estimatie future performance of prospective borrowers and existing customers.
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