Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
23 Cards in this Set
- Front
- Back
|
application scoring
|
The use of a atatistical model to objectively evaluate and score credit applications.
|
|
|
bankruptcy
|
A proceeding in U.S. bankruptcy court that may legally release a person from repaing debts owed
|
|
|
charge-off
|
the balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt
|
|
|
collection
|
Attempted recovery of a past due credit obligatio by a collection agency
|
|
|
consumer credit file
|
a credit bureau record on a given individual
|
|
|
credit bureau
|
a credit reporting agency that is a clearinghouse for information on the credit rating of individuals or firms
|
|
|
credit bureau risk score
|
a type of credit score based soley on data stored at the major credit bureaus
|
|
|
credit history
|
a record of how a consumer has repaid credit obligations in the past
|
|
|
credit obligation
|
an agreement by which a person is legally bound to pay back borrowed money or used credit
|
|
|
credit report
|
information communicated by a credit reporting agency that bears on a consumers credit standing
|
|
|
credit risk
|
the likelihood that an individual will pay his or her credit obligatios as agreed
|
|
|
credit score
|
term often used to refer to credit bureau risk scores
|
|
|
default
|
a failure to make a loan or debt payment when due
|
|
|
delinquent
|
a failure to deliver even the minimum payment on a loan or debt payment on or before the time agreed
|
|
|
Equal Credit Opportunity Act
|
Federal legislation tha prohibits discrimination in credit
|
|
|
Fair Credit Reporting Act
|
Federal legislation that promotes the accuracy, confidentiality, and proper use of information in the files of every "consumer reporting agency"
|
|
|
FICO scores
|
Credit bureau risk scores produced from models developed by Fair Isaac Corporation and commonly know as FICO scores
|
|
|
Inquiry
|
an item on a consumers credit report that shows that someone with a "permissible purpose" has previously requested a copy of the consumer's report.
|
|
|
Installment debt
|
debt to be paid at regular times over a specified period.
|
|
|
insurance bureau score
|
an insurance rating based soley on credit bureau data stored at the major credit bureaus
|
|
|
late payment
|
a delinquent payment: a failure to deliver a loan or debt payment on or before the time agreed
|
|
|
revolving debt
|
debt owed on an account that the borrower can repeatedly use and pay back without having to reapply every time credit is used
|
|
|
scoring model
|
a statistical formula that is used, usually with the help of computers, to estimate future performance of prospective borrowers and existing customers.
|
