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23 Cards in this Set

  • Front
  • Back
Application Scoring
the process of credit scores
the state of being or becoming bankrupt, and loosing all of your money.
the balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt.
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
a failure to make a loan or debt payment when due.
a failure to deliver even the minimum payment on a loan of debt payment on or before the time agreed.
Federal legislation the prohibits discrimination in credit.
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.
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.