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23 Cards in this Set
- Front
- Back
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Application Scoring
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The use of statistical model to ogjectively evaluate and score cr edit applications and credit bureau data in order to assess likely future performance
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bankruptcy
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A proceeding in U.S. Bankruptcy Court that may leagally 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 off as 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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A credit burau record on a given individual
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Credit Bureau
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A credit report 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 afency that bears on a consumers 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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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 make a loan of debt payment when due
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Equal credit Opportunity Act
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Federal legislation that prohibits discrimination in credit
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Fair Credit Opportunity Act
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Federal legislation that promots the acuracy, condidentiality and proper use of information in the files of every conusmer reporting agency
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Fico Scores
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Credit bureau risk scores produced from models developed by fair isaac corporatio
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Inquiry
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an item on a conusmers credit report that shows that someone with a permissible purpose has previously requested a copy of the consumers report
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Installment debt
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Dept to be paid at regular times over a specified period
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Insurance bureau score
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and insureance rations based soley on credit bureau data stored at the major credit bureaus
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Late payment
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A delinquent payment
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Revolving debt
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Debt owed on an account taht the borrower can repeatedly 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 formulat that is used to estimate future performance of prospective borrowers and existing customers
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