Credit Dispute Terms2017-07-27T14:46:09+00:00
Writ of Replevin2017-06-13T20:17:34+00:00

Legal document issued by a court authorizing repossession of security.

Withdrawn2017-06-13T20:17:31+00:00

This means a decision was made not to pursue a bankruptcy, a lien, etc. after court documents have been filed.

Wage Assignment2017-06-13T20:17:29+00:00

A signed agreement by a buyer or borrower, permitting a creditor to collect a certain portion of the debtor’s wages from an employer in the event of default.

Voluntary Bankruptcy2017-06-13T20:14:39+00:00

If a consumer files the bankruptcy on his own, it is known as voluntary bankruptcy.

Victim Statement2017-06-13T20:14:36+00:00

A statement that can be added to a consumer’s credit report to alert credit granters that a consumer’s identification has been used fraudulently to obtain credit. The statement requests the credit granter to contact the consumer by telephone before issuing credit. It remains on file for 7 years unless the consumer requests that it be removed.

Verification2017-06-13T20:14:35+00:00

Verifying whether data in a credit report is correct or not. Initiated by consumers when they question some information in their file. Credit reporting agencies will accept authentic documentation from the consumer that will help in the verification.

Variable Rate2017-06-13T20:14:32+00:00

An annual percentage rate that may change over time as the prime lending rate varies or according to your contract with the lender.

Vacated2017-06-13T20:14:30+00:00

Indicates a judgment that was rendered void or set aside.

Unsecured Credit2017-06-13T20:12:14+00:00

Credit for which no collateral has been pledged. Loans made under this arrangement are sometimes called signature loans; in other words, a loan is granted based only on the customer’s words, through signing an agreement that the loan amount will be paid.

Type2017-06-13T20:11:18+00:00

This refers to the type of credit agreement made with a creditor; for example, a revolving account or installment loan.

Truth in Lending Act2017-06-13T20:11:15+00:00

Title I of the Consumer Protection Act. Requires that most categories of lenders disclose the annual interest rate, the total dollar cost and other terms of loans and credit sales.

TransUnion2017-06-13T20:11:06+00:00

One of the three national credit reporting agencies. The other two are Experian and Equifax.

Transaction fees2017-06-13T20:11:00+00:00

Fees charged for certain use of your credit line — for example, to get a cash advance from an ATM.

Tradeline2017-06-13T20:10:54+00:00

Entry by a credit granter to a consumer’s credit history maintained by a credit reporting agency. A tradeline describes the consumer’s account status and activity. Tradeline information includes names of companies where the applicant has accounts, dates accounts were opened, credit limits, types of accounts, balances owed and payment histories.

Third-Party Collectors2017-06-13T20:10:52+00:00

Collectors who are under contract to collect debts for a credit department or credit company; collection agency.

Terms2017-06-13T20:10:50+00:00

This refers to the debt repayment terms of your agreement with a creditor, such as 60 months, 48 months, etc.

Suppressed2017-06-13T20:05:11+00:00

The credit-related data of an item (e.g., a public record or an account) that is being concealed from being viewed by anyone else except you.

Subscriber Name2017-06-13T20:05:08+00:00

The name of the entity that has been authorized by TransUnion to access a consumer’s credit report.

Status2017-06-13T20:05:04+00:00

On the credit report, this indicates the current status or state of the account.

(Employment) Start Date2017-06-13T20:04:59+00:00

The date (month and year) when you started to work for a company.

Source2017-06-13T20:01:50+00:00

The business or organization that supplied certain information that appears on the credit report.

Social Security Number2017-06-13T20:01:46+00:00

A 9-digit number that is issued to an individual by the United States Social Security Administration.

Settle2017-06-13T20:01:42+00:00

Reach an agreement with a lender to repay only part of the original debt.

Service Credit2017-06-13T20:01:35+00:00

Agreements with service providers. You receive goods, such as electricity, and services, such as apartment rental and health club memberships, with the agreement that you will pay for them each month. Your contract may require payments for a specific number of months, even if you stop the service.

Security Alert2017-06-13T20:01:31+00:00

Statement that is added once Experian is notified that a consumer may be a victim of fraud. It remains on file for 90 days and requests that a creditor request proof of identification before granting credit in that person’s name.

Security2017-06-13T20:01:24+00:00

Real or personal property that a borrower pledges for the term of a loan. Should the borrower fail to repay, the creditor may take ownership of the property by following legally mandated procedures.

Secured Credit2017-06-13T20:01:19+00:00

Loan for which some form of acceptable collateral, such as a house or automobile has been pledged.

Satisfied2017-06-13T20:01:14+00:00

If the consumer has paid all of the money the court says he owes, the public record item is satisfied.

Risk Scoring Models2017-06-13T19:56:18+00:00

A numerical determination of a consumer’s creditworthiness. Tool used by credit granters to predict future payment behavior of a consumer.

Revolving Account2017-06-13T19:56:15+00:00

Credit automatically available up to a predetermined maximum limit so long as a customer makes regular payments.

Retail Card2017-06-13T19:54:16+00:00

A credit card that is issued by a retail store to be used for purchases from that store.

Responsibility2017-06-13T19:54:13+00:00

Indicates who is responsible for an account; can be single, joint, co-signed, etc.

Request for Your Credit History2017-06-13T19:54:11+00:00

When a credit granter, direct marketer or potential employer makes a request for information from a consumer’s credit report, an inquiry is shown on the report. Granters only see credit inquiries generated by other granters as a result of an application of some kind, while consumers see all listed inquiries including pre-screened and direct marketing offers, as well as employment inquiries. According to the Fair Credit Reporting Act, credit granters with a permissible purpose may inquire about your credit information prior to your consent. This section also includes the date of the inquiry and how long the inquiry will remain on your report.

Request an Investigation2017-06-13T19:50:44+00:00

If you believe that information on your report is inaccurate, we will ask the sources of the information to check their records at no cost to you. Incorrect information will be corrected; information that cannot be verified will be deleted. Experian cannot remove accurate information. An investigation may take up to 30 days. When it is complete, we’ll send you the results.

Repossession2017-06-13T19:50:41+00:00

A creditor’s taking possession of property pledged as collateral on a loan contract on which a borrower has fallen significantly behind in payments.

Reported Since2017-06-13T19:50:31+00:00

On the credit report, the date the creditor started reporting the account to Experian.

Report Number2017-06-13T19:50:24+00:00

A number that uniquely identifies each personal Experian credit report. This number displays on your personal credit report and should always be referenced when you contact us.

(Date when an employment record was) Reported2017-06-13T19:50:22+00:00

The date when an employment record was reported in your credit report.

Remarks2017-06-13T19:50:18+00:00

Comments included in a credit report that indicate whether an account or public record is closed, transferred to another lender, placed for collection, disputed by consumer, or paid collection.

Released2017-06-13T19:50:17+00:00

This means that a lien has been satisfied in full.

Recent Payment2017-06-13T19:50:14+00:00

The most recent amount paid on an account as reported by the creditor.

Recent Balance2017-06-13T19:50:11+00:00

The most recent balance owed on an account as reported by the creditor.

Public Record Type2017-06-13T19:41:43+00:00

Describes the type of the public record, such as tax lien, foreclosure, child support, Chapter 11 bankruptcy filing or civil judgment.

Public Record Data2017-06-13T19:41:41+00:00

Included as part of the credit report, this information is limited to tax liens, lawsuits and judgments that relate to the consumer’s debt obligations.

Public Records2017-06-13T19:41:35+00:00

Information that is available to the general public typically from government agencies or courts such as tax liens, court judgments, and bankruptcies.

Promotional Inquiry2017-06-13T19:41:30+00:00

A record of the delivery of limited credit report information by a consumer reporting agency for the purpose of making a firm offer of credit or insurance.

Previous Address2017-06-13T19:41:28+00:00

The address where you lived prior to where you currently reside.

Position (with the employer)2017-06-13T19:41:26+00:00

Your job title in the company where you work or worked.

Potentially Negative Items2017-06-13T19:35:49+00:00

Any potentially negative credit items or public records that may have an effect on your creditworthiness as viewed by creditors.

Plaintiff Attorney2017-06-13T19:35:44+00:00

A person legally appointed by another to act as his or her agent in the transaction of business, specifically one qualified and licensed to act for plaintiffs and defendants in legal proceedings.

Plaintiff2017-06-13T19:35:39+00:00

One who initially brings legal action against another (defendant) seeking a court decision.

Petition2017-06-13T19:35:36+00:00

If a consumer files a bankruptcy, but a judge has not yet ruled that it can proceed, it is known as bankruptcy petitioned.

Personal Statement2017-06-13T19:35:34+00:00

You may request that a general explanation about the information on your report be added to your report. The statement remains for two years and displays to anyone who reviews your credit information.

Personal Information2017-06-13T18:18:24+00:00

Information on your personal credit report associated with your records that has been reported to us by you, your creditors and other sources. It may include name variations, your driver’s license number, Social Security number variations, your date or year of birth, your spouse’s name, your employers, your telephone numbers, and information about your residence.

Permissible Purposes2017-06-13T18:18:21+00:00

There are legally defined permissible purposes for a credit report to be issued to a third party. Permissible purposes include credit transactions, employment purposes, insurance underwriting, government financial responsibility laws, court orders, subpoenas, written instructions of the consumer, legitimate business needs, etc.

Payment Terms2017-06-13T18:18:19+00:00

For the credit industry, the number of payments, payment frequency, and payment amount on an account.

Payment Status2017-06-13T17:34:01+00:00

Reflects the previous history of the account, including any delinquencies or derogatory conditions occurring during the previous seven years (i.e., Current account, delinquent 30, current was 60, redeemed repossession, charge-off – now paying, etc.)

Payment History2017-06-13T17:33:59+00:00

Snapshot of certain period of time (x months from date updated/paid/closed) that shows whether payments were never late, or how many times payments were 30 (60 or 90+) days late.

Past Due2017-06-13T17:33:56+00:00

A payment or account that was not made on the due date and is now payable immediately or on demand.

Paid as Agreed2017-06-13T17:33:53+00:00

A designation on the credit report that indicates the consumer is repaying the account according to the terms of the credit agreement.

Original Amount2017-06-13T17:12:55+00:00

The original amount owed to a creditor.

Opt Out2017-06-13T17:12:45+00:00

The ability of the consumer to notify credit reporting agencies, direct marketers and list compilers to remove their name from all future lists. Consumers may opt out of prescreened credit and insurance offer lists by calling 1 888 5OPTOUT (1 888 567 8688).

Opt In2017-06-13T17:12:43+00:00

The ability of a consumer who has opted out to have their name re-added to pre-screened credit and insurance offer lists, direct marketing lists and individual reference service lists. Consumers who have previously opted out of receiving pre-screened offers may have their names added to pre-screened lists for credit and insurance offers by calling 1 888 5OPTOUT (1 888 567 8688).

Open Account2017-06-13T17:12:40+00:00

An account that is active, still in use, or is still being paid.

Obsolescence2017-06-13T17:12:34+00:00

A term used to describe how long negative information should stay in a credit file before it’s not relevant to the credit granting decision. The FCRA has determined the obsolescence period to be 10 years in the case of bankruptcy and 7 years in all other instances. Unpaid tax liens may remain indefinitely, although Experian removes them after 15 years.

Notice of Results2017-06-13T17:02:05+00:00

If your investigation results in information being updated or deleted, you may request that we sent the corrected information in your credit history to eligible credit granters and employers who reviewed your information within a specific period of time. If your investigation does not result in a change to your credit history, results will not be sent to other lenders.

Name2017-06-13T17:02:02+00:00

Word or phrase by which a person is known or identified.

Most Owed2017-06-13T16:59:10+00:00

Either the highest amount ever owed in the account or the original balance owed.

Most Recent Date2017-06-13T16:59:10+00:00

The date of the recent account condition or payment status. This date is also the balance date.

Mortgage Identification Number (MIN)2017-06-13T16:59:04+00:00

Indicates that a loan is registered with Mortgage Electronic Registration Systems Inc., which tracks the ownership of mortgage rights.

Mortgage2017-06-13T16:59:01+00:00

A document in which the owner of real property pledges his/her/its title to the property to a creditor as security for a loan.

Manner of Payment (MOP)2017-06-13T16:58:56+00:00

A series of codes or statements used to show the payment status of a consumer for an account. For example, paid as agreed, 30 days past due, etc.

Maximum Delinquency Date2017-06-13T16:58:56+00:00

The date when the maximum delinquency (payment 90+ days late) occurred.

Location Number2017-06-13T16:49:51+00:00

The book and page number on which the item is filed in the court records.

Line of Credit2017-06-13T16:49:48+00:00

In open-end credit, the maximum amount a borrower can draw upon or the maximum that an account can show as outstanding.

Lien2017-06-13T16:49:44+00:00

Legal document used to create a security interest in another’s property. A lien is often given as a security for the payment of a debt. A lien can be placed against a consumer for failure to pay the city, county, state or federal government money that is owed. It means that the consumer’s property is being used as collateral during repayment of the money that is owed.

Liability Amount2017-06-13T16:49:38+00:00

Amount for which you are legally obligated to a creditor.

Liabilities2017-06-13T16:49:36+00:00

Obligation, responsibilities, or debts. In your credit report, liabilities represent the monetary obligation in a bankruptcy public record.

Last Reported2017-06-13T16:49:34+00:00

On the credit report, the date the creditor last reported information about the account.

Judgment Granted2017-06-13T16:43:46+00:00

The determination of a court upon matters submitted to it. A final determination of the rights of the parties involved in the lawsuit.

Item-Specific Statement2017-06-13T16:42:26+00:00

Offers an explanation about a particular trade or public record item on your report, and it displays with that item on the credit report.

Involuntary Bankruptcy2017-06-13T16:42:22+00:00

A petition filed by certain credit granters to have a debtor judged bankrupt. If the bankruptcy is granted, it is known as an involuntary bankruptcy.

Investigative Consumer Reports2017-06-13T16:42:17+00:00

These are consumer reports that are usually done for background checks, security clearances and other sensitive jobs. An investigative consumer report might contain information obtained from a credit report, but is is more comprehensive than a credit report. It contains subjective material on an in individual’s character, habits and mode of living, which is obtained through interviews of associates. Experian does not provide investigative consumer reports.

Investigation2017-06-13T16:36:26+00:00

The process a consumer credit reporting agency goes through in order to verify credit report information disputed by a consumer. The credit granter who supplied the information is contacted and asked to review the information and report back; they will tell the credit reporting agency that the information is accurate as it appears, or they will give us corrected information to update the report.

Installment Loan Account Number2017-06-13T16:36:21+00:00

A reference number that the creditor assigns to a specific installment loan account (for example: auto, student, furniture, jewelry).

Installment Loan Account2017-06-13T16:36:18+00:00

A credit account in which the total debt is divided into amounts to be paid successively at specified intervals according to pre-aged terms.

Installment Credit2017-06-13T16:36:13+00:00

Credit accounts in which the debt is divided into amounts to be paid successively at specified intervals.

Inquiry Type2017-06-13T16:36:10+00:00

The type of inquiry such as individual, participating, authorized or spouse user.

Inquiry2017-06-13T16:36:09+00:00

Indicates the receipt of a credit report in response to a request by a specific person or entity.

Identity Confirmation2017-06-13T16:36:05+00:00

The successful verification of a consumer’s identity.

Identity2017-06-13T16:36:02+00:00

The distinguishing characteristics of a consumer, including unique information such as a Social Security Number.

Identifying Information2017-06-13T16:36:00+00:00

The information about you that a company provided to TransUnion when the company requested your credit report.

High Balance2017-06-13T16:25:55+00:00

The highest amount that you have owed on an account to date.

Guarantor2017-06-13T16:20:04+00:00

Person responsible for paying a bill.

Grace Period2017-06-13T16:20:01+00:00

The time period you have to pay a bill in full and avoid interest charges.

Geographical Code2017-06-13T16:20:00+00:00

This information is received from the Census Bureau and represents the state, Metropolitan Statistical Area, county, tract and block group of the reported address. This code is similar to a ZIP Code™.

Generation Identifier2017-06-13T16:19:55+00:00

Generation identifiers are Jr., Sr., II, III, IV, etc.

Fraud2017-06-13T16:12:44+00:00

Intentional deception to cause a person to part with something of value or to surrender a legal right.

Fixed Rate2017-06-13T16:12:42+00:00

An annual percentage rate that does not charge.

Finance Charge2017-06-13T16:12:34+00:00

Amount of interest. Finance charges are usually included in the monthly payment total.

Fair Debt Collection Practices Act (FDCPA)2017-06-13T16:12:30+00:00

Federal legislation prohibiting abusive and unfair debt collection practices.

Fair Credit Reporting Act (FCRA)2017-06-13T16:12:27+00:00

Federal legislation governing the actions of credit reporting agencies.

Fair Credit Billing Act2017-06-13T16:12:24+00:00

Federal legislation that provides a specific error resolution procedure to protect credit card customers from making payments on inaccurate billings.

Fair Credit and Charge Card Disclosure Act2017-06-13T16:12:22+00:00

Amendments to the Truth in Lending Act that require the disclosure of the costs involved in credit card plans that are offered by mail, telephone or applications distributed to the general public.

Experian2017-06-13T15:24:15+00:00

One of the three national credit reporting agencies, with U.S. headquarters in Costa Mesa, CA. The other two are Equifax and TransUnion.

Equifax2017-06-13T15:24:07+00:00

One of the three national credit reporting agencies, headquartered in Atlanta, GA. The other two are Experian and TransUnion.

Equal Credit Opportunity Act (ECOA)2017-06-13T15:24:01+00:00

Federal law which prohibits creditors from discriminating against credit applicants on the basis of sex, marital status, race, color, religion, age, and/or receipt of public assistance.

(Date when a public record) Entered2017-06-13T15:23:55+00:00

The date when a public record was reported in your credit report.

End-user2017-06-13T15:23:53+00:00

The business that receives the report for decision making purposes that meet the permissible purpose requirements of the FCRA.

Employer (name)2017-06-13T15:23:49+00:00

The name of the company that you work or worked for.

(Employment) End Date2017-06-13T15:23:49+00:00

The date (month and year) when you stopped working for a company.

ECOA2017-06-13T15:23:44+00:00

Standard abbreviation for Equal Credit Opportunity Act.

Docket Number2017-06-13T15:00:52+00:00

The identification numbers used by courts  to track cases. Contained in credit reports to identify specific court records.

Dispute2017-06-13T14:52:39+00:00

If a consumer believes an item of information on their credit report is inaccurate or incomplete, they may challenge, or dispute the item. Experian will investigate and correct or remove any inaccurate information or information that cannot be verified. Experian gives consumers the option of disgusting online or they may call the telephone number on their credit report for assistance.

Dismissed2017-06-13T14:52:36+00:00

When a consumer files a bankruptcy, the judge may decide to not allow the consumer to continue with the bankruptcy. If the judge rules against the petition, the bankruptcy is known as dismissed.

Disclosure2017-06-13T14:52:31+00:00

Providing the consumer with his or her credit history as required by the FCRA. Experian provides consumer credit report disclosures via the Internet, by U.S. Mail or in person at our office location in Santa Ana, CA.

Discharge2017-06-13T14:52:30+00:00

Granted by the court to release a debtor from most of his debts that were included in a bankruptcy. Any debts not included in the bankruptcy – alimony, child support, liability for willful and malicious conduct and certain student loans- cannot be discharged.

Delinquent2017-06-13T14:38:43+00:00

Accounts classified into categories according to the time past due. Common classifications are 30, 60, 90 and 120 days past due. Special classifications also include charge-off, repossession, transferred, etc.

Delinquent2017-06-13T14:35:03+00:00

Accounts classified into categories according to the time past due. Common classifications are 30, 60, 90 and 120 days past due. Special classifications also include charge-off, repossession, transferred, etc.

Default2017-06-12T22:55:43+00:00

Failure of a consumer to make loan or credit repayments as agreed in a loan or credit agreement. A loan or credit default may be identified by a high MOP rating. See manner of payment.

Data Resolved2017-06-12T22:55:42+00:00

The completion date or satisfaction date of a public record item.

Date Opened2017-06-12T22:55:31+00:00

On the credit report, indicates the date an account was opened.

Date of Status2017-06-12T22:55:27+00:00

On the credit report, date the creditor last reported information about the account.

Date last Updated2017-06-12T22:55:25+00:00

The date specific data was processed in Transunion’s database.

Date Closed2017-06-12T22:55:21+00:00

The date when an account is no longer available for use by the consumer.

Date (when an inquiry was made)2017-06-12T22:55:19+00:00

The date when an inquiry was posted to you credit report. Note: Only month and year of an inquiry date is posted for the promotional and account review inquiries.

Date Filed2017-06-12T22:55:16+00:00

The date that a public record was awarded.

Credit Scoring2017-06-12T22:46:26+00:00

Tool used by credit granters to provide an objective means of determining risks in granting credit. Credit scoring increases efficiency and timely response in the credit granting process. Credit scoring criteria is set by the credit granter

Credit Risk2017-06-12T22:46:24+00:00

The likelihood of a consumer meeting the terms of a credit agreement.

Creditor2017-06-12T22:46:19+00:00

Person or business to whom a debt is owed.

Creditworthiness2017-06-12T22:46:13+00:00

They ability of a consumer to receive favorable consideration and approval for the use of credit from an establishment to which they applied.

Current Address2017-06-12T22:46:10+00:00

Your address where you reside now.

Credit History2017-06-12T22:38:39+00:00

Term that references a subset of data in a credit file that includes credit accounts, manner of payment (MOP), high credit, current balance, credit limit, and 24 months of MOP history.

Credit Report2017-06-12T22:36:51+00:00

Confidential report on a consumer’s payment habits as reported by their creditors to a consumer credit reporting agency. The agency provides the information to credit granters who have a permissible purpose under the law to review the report.

Credit Items2017-06-12T22:36:49+00:00

Information reported by current or past creditors.

Credit Limit/Line of Credit2017-06-12T22:36:37+00:00

In open-end credit, the maximum amount a borrower can draw upon or the maximum that an account can show as outstanding.

Credit Fraud2017-06-12T22:36:20+00:00

Criminal use of deception or theft to obtain credit; one type of credit fraud is identity theft.

Credit Card2017-06-12T22:36:16+00:00

A card or other single credit device that may be used to obtain money, property or services on credit; for example, Visa, MasterCard, and Discover.

Credit Bureau2017-06-12T22:36:14+00:00

Any entity that regularly assembles or evaluates consumer credit information for the purpose of furnishing credit reports to third parties.

Consumer Version (of a credit report)2017-06-12T22:24:27+00:00

The consumer version of a credit report lists all inquires, including promotional and account review inquiries, and information that creditors have requested be suppressed. Only the consumer can request this version of their credit report. Creditors cannot see this version; they see only the business version of credit reports.

Credit2017-06-12T22:24:27+00:00

A consumer’s right to incur debt or purchase property or services and defer payment.

Court Type2017-06-12T22:24:23+00:00

The type of court where the public record was obtained, such as federal district, circuit court, U.S. bankruptcy court, parish court, justice of the peach or small claims.

Court Location2017-06-12T22:24:20+00:00

The city and state of the court where the public record was obtained.

Co-signer2017-06-12T22:24:18+00:00

Person who pledges in writing as part of a credit contract to repay the debt if the borrower fails to do so. The account displays on both the borrower’s and the co-signer’s credit reports.

Consumer Credit Counseling Service2017-06-12T22:24:16+00:00

A non-profit organization that assists consumers in dealing with their credit problems. Consumer Credit Counseling Service has offices throughout the United States that can be located by calling 800 CCCS (2227).

Co-maker2017-06-12T22:24:13+00:00

A creditworthy co-maker is sometimes required in situations where an applicant’s qualifications are marginal. A co-maker is legally responsible to repay the charges in the joint account agreement.

Collateral2017-06-12T22:24:10+00:00

Security given as a pledge for the repayment of a loan such as a car financed in an auto loan.

Claim Amount2017-06-12T22:13:18+00:00

The amount awarded in court action.

Closed Date2017-06-12T22:13:18+00:00

A date an account was closed.

Charge-Off2017-06-12T22:13:12+00:00

Action of transferring accounts deemed uncollectible to a category such as bad debt or loss. Collectors will usually continue to solicit payments, but the accounts are no longer considered part of a company’s receivable profit picture.

Civil Action2017-06-12T22:13:12+00:00

Any court action against a consumer to regain money for someone else. Usually, it will be a wage assignment, child support judgment, small claims judgment or a civil judgment.

Chapter 13 Bankruptcy2017-06-12T22:13:05+00:00

Chapter of the Bankruptcy Code in which debtors repay debts according to a plan accepted by the doctor, the creditors and the court. Plan payments usually come form the debtor;s future income and are paid to creditors through the court system and the bankruptcy trustee.

Charge Card2017-06-12T22:13:05+00:00

A credit card that requires full payment of the bill each month; no interest is charged. The traditional American Express Card and Diner’s Club Card are examples.

Chapter 12 Bankruptcy2017-06-12T22:13:01+00:00

Chapter of the Bankruptcy Code adopted to address the financial crisis of the nation;s farming community. Cases under this chapter are administered like Chapter 11 Cases, but with special protections to meet the special conditions of family farm operations.

Chapter 7 Bankruptcy2017-06-12T22:12:59+00:00

Chapter of the Bankruptcy Code that provides for court administered liquidation of the assets of a financially troubled individual or business.

Chapter 11 Bankruptcy2017-06-12T22:12:58+00:00

Chapter of the Bankruptcy Code that is usually used for the reorganization of a financially troubled business. Used as an alternative to liquidation under Chapter 7. The U.S. Supreme Court has held that an individual may also use Chapter 11.

Capacity2017-06-12T22:12:53+00:00

Factor in determining creditworthiness. Capacity is assessed by weighing a borrower’s earning ability and the likelihood of continuing income against the amount of debt the borrower carries at the time the application for credit is made.While capacity may be considered in a credit decision, the credit report does not contain information about earning ability or the likelihood of continuing income.

Birth Date2017-06-12T21:48:46+00:00

The date when you were born. Note: We do not disclose the day of your date of birth on your credit report.

Business Version (of a credit report)2017-06-12T21:48:44+00:00

An abbreviated version of a consumer credit report that creditors see which does not contain promotional inquiries or account review inquiries, or information that creditors have requested be suppressed.

Bankruptcy Code2017-06-12T21:48:41+00:00

Federal laws governing the conditions and procedures under which persons claiming inability to repay their debts can seek relief.

Bankruptcy2017-06-12T21:48:33+00:00

A legal proceeding to give a person or business relief from certain debts. See also Chapter 7 Bankruptcy, Chapter 11 Bankruptcy, Chapter 12 Bankruptcy, and Chapter 13 Bankruptcy.

Bank Card2017-06-12T21:48:32+00:00

A card issued through a bank that uses common credit card systems, such as MasterCard® or Visa® but is linked to a bank account rather than a line of credit.

 

Balloon Payments2017-06-12T21:48:29+00:00

A loan with a balloon payment requires that a single, lump-sum payment be made at the end of the loan.

Balance2017-06-12T21:48:27+00:00

The difference between debt and credit on a credit account.

Authorized User2017-06-12T20:49:39+00:00

Person permitted by a credit cardholder to charge goods and services on the cardholder’s account but who is not responsible for repayment of the debt. The account displays on the credit reports of the card holder as well as the authorized user. If you wish to have your name permanently removed as an authorized user on an account, you will need to notify the credit grantor.

Asset2017-06-12T20:49:33+00:00

An article of property owned by a person that can be used to settle debts. These are of special importance in bankruptcy cases.

Annual percentage rate (APR)2017-06-12T20:49:33+00:00

A measure of how much interest credit will cost you, expressed as an annual percentage.

Annual fee2017-06-12T20:49:29+00:00

www.scoreinc.com

Credit card issuers often (but not always) require you to pay a special charge once a year for the use of their service, usually between $15 and $55.

Amount Owed2017-06-12T20:49:29+00:00

Total monetary obligated displayed in a public record in your credit report if the record type is not bankruptcy.

AKA ( Also Known As )2017-06-12T20:49:27+00:00

Describes as individual’s alias or other name he or she used at one period in time; AKA names are commonly contained in credit files of women who have married, to capture either their married or maiden name.

Adverse Action2017-06-12T20:49:21+00:00

An unfavorable action, such as the denial of credit, insurance or employment, taken by a creditor or other entity, affecting a consumer. Under the Fair Credit Reporting Act, creditors must disclose the reasons for any adverse action.

Adjustment2017-06-12T20:49:21+00:00

Percentage of the debt that is to be repaid to the credit granters in a Chapter 13 Bankruptcy.

Account Review2017-06-12T20:49:15+00:00

Inquiries made into a consumer’s credit history by creditors, with whom the consumer has a current relationship. These inquiries are not included in the business version of a consumer’s credit report.

Accounts in Good Standing2017-06-12T20:49:15+00:00

Credit items that have a positive status and should reflect favorably on your creditworthiness.

Account Number2017-06-12T20:49:08+00:00

The unique number assigned by a creditor to identify your account with them. Experian removes several digits of each account number on the credit report as a fraud prevention measure.

Account Condition2017-06-12T20:49:07+00:00

Indicates the present state of the account, but does not indicate the payment history of the account that led to the current state. (i.e. open, paid, charge off, repossession, settled, foreclosed, etc.)

Account2017-06-12T20:49:04+00:00

An account represents a contractual relationship between a company (the account owner) and consumer, where the consumer incurs a debt for the purchase of a product or service and agrees to repay that debt over time.

Account Designator2017-06-12T20:49:02+00:00
  • Describes the contractual ownership of an account. It includes:
  • Authorized user of shared account, for which another party has contractual responsibility
  • Joint contractual liability
  • Individual account for sole use of applicant
  • Account for which subject is liable but co-maker becomes liable if maker defaults
  • Participant in shared account that cannot be designated as joint account or authorized account
  • Account for which subject is co-signer and becomes liable if maker defaults
  • Association with account terminated
  • Undesignated (not used on accounts opened after June of 1977)
  • Business/Commercial
  • Deceased
  • Delete borrower