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15 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 performance.
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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. Credit reports normally include bankruptcies for up to 10 years
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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 a 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 bureau record on a given individual
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Credit bureau
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a credit reporting agency that is a clearing house for information on the credit rating of individuals or firms.
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Credit bureau rusk 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 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. Usually an account is considered to be in default after being delinquent for several consecutive for several consecutive billing periods
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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 legislatio that prohibits discrimination in credit.
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Fair Credit Reporting Act (FCRA)
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Federal legislation that promotes the accuracy, confidentiality and proper use of information in the files of every consumer reporting agency.
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FICO scores
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Credit bureau risk scores produced from models developed by Fair Isaac Corporation.
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Inquiry
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an item on a consumer's credit report that shows that someone with a permessible purpose has previously requested a copy of the consumer's report.
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