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23 Cards in this Set
- Front
- Back
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Application Scoring
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The use of a statistical model to objectively evaluate and "score" credit applications and credit bureau data in order to assess likely future performace.
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Bankruptcy
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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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Charge-off
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The balance on a credit obligation that a lender no longer expects to be repaid and writes of as a bad credit
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Collection
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Attempted recovery of a past-due credit obligation by a collecion department or agency
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Consumer Credit File
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A credit bureau record on a fiven individual.
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Credit bureau
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A credit reporting agency that is a clearinghouse for information on the credit rating of individuals or firms
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Credit bureau risk score
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A type of credit score based solely on data stored at the major credit bureaus.
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Credit history
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A record of how a consumer has repaid credit obligations in the past
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Credit obligation
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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 Report
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Information communicated by a credit reporting agency that bears on a consumer's credit standing
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Credit Risk
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The likelihood 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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Delinquent
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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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Equal Credit Opportunity Act(ECOA)
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Federal legistlation that prhoibits discrimination credit
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Fair Credit Reporting Act (FCRA)
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Federal legislation that promotes the accuracy, confidentialiy and proper use of information in the files of every "consumer reportain agency"
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FICO scores
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Credit bureau risk cores produced from models developed by Fair Isaac Corporation are commonly known as Fico scores.
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Inquiry
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An item on a consumer's creidt report that shows that someone with a "permissible purpose" has previously requested a copy of the consumer's 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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Insurance Bureau Score
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An insurance rating based solely on creidt bureau sored at the major credi bureaus
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Late Payment
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A delinquent payment; a failure to deliver a loan or debt payment 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 reapeatedly 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 formual that is used, usually with teh help of computers, to estimate future performance of prospective borrowers and existing customers.
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