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23 Cards in this Set
- Front
- Back
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Application Scoring
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The process of Credit Scores
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Bankruptcy
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Legally release a person from repayin debts owed
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Charge Off
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The balance on credit is written off
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Collection
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Attempeted recovery of a past due credit obligastion by a collection departmeny or agency.
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Consumer Credit File
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A credit bureau recorf on a given individual.
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Credit Burea
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A credit reporting agenct that is a clearinghouse for information on the credit rating in individuals.
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Credit Buraeu risk scoures
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A type of credit score based soley on data stored at the4 mahor credit bureas
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Credit History
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A record or how a consumer has repaid credit ovligations in the4 past.
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Credit obligation
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an agreement be which a person is legally bounf to pay back borrowed money or credit
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Credit Report
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Info communicated be a credit reporting agency that bears on a consumers credit standing.
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Credit Risk
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The likely hood that an individual will pay his or her credit obligations as agreed.
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Credit score
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this term is often used to refer to credit bureau risk scores.
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Default
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A failure to make a loan or debt payment when due.
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Delinquint
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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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ECOA
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Federal legislation that prohibits discrimination in credit.
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FCRA
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Federal legislation that promotes the accuracy, confidentuality and proper use of info in the files of evey consummer reporting agency.
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FICO scores
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Credit bureau risk scores produced from models developed by Fair Isaac Corp.
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Inquiry
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An item on a consummers credit report that shows that someone with a permissible purpose has previously requested a copy of the consummers report.
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Installment Debt
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Debt to be paid at regular times over a specified period.
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Insurence Bureau Score
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An inssurence rating based soley on credit bureau data stored at the major credit bureaus.
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Late Payment
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A delinquint payment: Its not on time
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Revolting Debt
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A debt owned on an account that the borrower can repeatdly use and pay back without having to reapply every time credit is used.
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Scoring Model
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A Statistical formula that is used, usually with the help of computers, to estimate future performanve of prospective borroewers.
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