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 process of credit scores
|
|
|
Bankruptcy
|
the state of being or becoming bankrupt, and loosing all of your money.
|
|
|
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
|
attempeted recover of a past due credit obligation by a collection departmency or agency.
|
|
|
Consumer credit file
|
A credit bureau recorf on a given individual.
|
|
|
credit Burea
|
A credit reporting agency that is a clearinghouse for information on the credit rating in individuals.
|
|
|
Credit Bureau rink acoures
|
a type of credit score based soley on data stored at the 4 major credit bureaus
|
|
|
credit history
|
a record or how a consumer has repaid credit obligations in the past 4 years.
|
|
|
Credit obligation
|
an agreement be which a person is legally bounf to pay back borrowed money or credit.
|
|
|
Credit report
|
Info comunicated be a credit reporting agency that bears on a consumers credit standing.
|
|
|
Credit Risk
|
The likely hood that individualy will pay his or her credit obligations as agreet.
|
|
|
Credit score
|
this term is often used to refer to credit bureau risk scores
|
|
|
Default
|
a failure to make a loan or debt payment when due.
|
|
|
delinquint
|
a failure to deliver even the minimum payment on a loan of debt payment on or before the time agreed.
|
|
|
ECOA
|
Federal legislation the prohibits discrimination in credit.
|
|
|
FCRA
|
Federal Legislation that promotes the accuracy, confidentuality and proper use of info in the files of every consumer reporting agency.
|
|
|
FICO scores
|
Credit bureau risk scores produced from models developed by fair isaac corp.
|
|
|
Inquiry
|
An item on a Consumers credit report that shows that someone with a permissible purpose has previously requested a copy of the consumers report.
|
|
|
Installment debt
|
debt to be paid at regular times over a specified period.
|
|
|
Insurence bureau score
|
an inssurence rating based soley on credit bureau data stored at the major credit bureaus
|
|
|
Late Payment
|
a deliquint payment; its not on time.
|
|
|
Revolting debt
|
a debt owned on an account that the borrower can repeatdly use and pay back without having to repay every time credit is used.
|
|
|
Scoring Model
|
A statistical formula that is used, usually with the help of computers, to estimate future permormanve of prospective borrowers.
|
