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 statistical model to objectively evaluate and "score" credit applications and credit bureau data in order to assess likely future performance
|
|
|
Bankruptcy
|
A proceeding in U.S. Bankruptcy Court that may legally release a person from repaying debts owed.
|
|
|
Charge-off
|
A debt that is deemed uncollectable and written off. Also known as a bad debt.
|
|
|
Collection
|
Attempted recovery of a past due credit obligation by a collection department of agency
|
|
|
Consumer Credit File
|
A credit bureau record on a givin individual. It may include: consumer name, address, ss#, credit history, inquires
|
|
|
Credit Bureau
|
A credit reporting agency
|
|
|
Credit Bureau Risk Score
|
A type of credit score based on data stored at the major credit bureus
|
|
|
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 communicted by a credit reporting agency
|
|
|
Credit risk
|
The likelihood that an individual will pay his or her credit obligations as agreed.
|
|
|
Credit Score
|
This term is often used to refer to creit bureau rish scores
|
|
|
Default
|
A failure to make a loan or debt payment when due.
|
|
|
Delinquent
|
A failure to deliever even the minim payment on a loan or dbt payment on or before the time agreed
|
|
|
Equal Credit Opportunity Act(ECOA)
|
Federal legislation that prohibits discrimination in credit.
|
|
|
Fair Credit Reporting Act
|
Federal legislation that promotes the accuracy, confidentiality and proper use of information in the files
|
|
|
FICO scores
|
Credit bureau risk scores produced from models developed by Fair Isaac Corpation are commonly known as FICO scores.
|
|
|
Inquiry
|
An item on a consumer's credit report that shows that someone that someone with a "permissible pupose"
|
|
|
Installment debt
|
Debt to be paid at regular times over a specified period.
|
|
|
Insurance bureau score
|
An insurance rating based solely 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 agree
|
|
|
Revolving debt
|
Debt owed on an account that the borrower can repeatedly use and pay back without having to reapply
|
|
|
Scoring Model
|
A statistical formula that is used, usually with the help of computers
|
