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23 Cards in this Set
- Front
- Back
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use of statical model to objectively evaluate and score credit appli. and credit bureau data in order to assess likely future performance.
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application scoring
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a proceeding in US bankruptcy court that may legally realease a person from repaying debts owed. credit reports normally inclue bankruptcies for 10 yrs.
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bankruptcy
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balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt.
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charge-off
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attempted recovery of a past-due credit obligation by a collection department agency.
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collection
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credit bureau record on a given individual
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consumer credit file
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a credit reporting agence thats clearhousing for info. on the credsit rating of individuals or firms
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credit bureau
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a type of credit score based solely on data scored at the major credit bureaus.
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credit bureau risk score
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a record of how a consumer has repaid credit obligations in the past.
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credit history
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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 obligation
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info. communicated by a credit reporting agency that bears on a comsumer's credit standing.
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credit report
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the liklihood that an individual will pay his or her credit obligations as agreed
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credit risk
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term is often used to refer to credit bureau risk scores.
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credit score
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a failure to make a loan or debt payment when due
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default
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a failure to even the minumum payment on a loan or debt on or before the time agreed
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delinquent
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federal legislation that prohibits discrimination in credit
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ECOA equal credit oppurtunity act
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federal legislation that promotes the accuracy, confidentiality and proper use of info. in the files of every consumer reporting agency
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FCRA fair credit reporting act
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credit bureau risk scores produced from models developed by fair isaac corp/ are commonly known as FICO scores
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FICO score
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an item on a comsumers credit report that shows that someone with a permissable purpose has previoulsy requested a copy of the consumers report.
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inquiry
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debt to be paid at regular times over a specified period
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installment debt
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an insurance rating solely on credit bureau data stored at the major credit bureaus
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insurance bureau score
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a delinquent payment
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late payment
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debt owed on an account that the borrower can repeatedly use and pay back wihtout having to reapply every time credut is used
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revolving debt
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a statistical formula that is used, usually with the help of computers, to estimate future performance of prospective borrowers and existing customers
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scoring model
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